Answer the following statements true (T) or false (F)
1. Budget preparation is best determined in a top-down managerial approach.
2. The task of preparing a budget should be the sole task of the most important department in an organization.
3. The responsibility for coordinating the preparation of a master budget should be assigned to the Chief Executive Officer.
4. Larger, more complex organizations usually require a longer time to prepare their budgets than smaller organizations because of the considerable effort to coordinate the different units within the business.
5. A rolling budget is a specific budget application relevant only to a merchandising company.
1. FALSE
2. FALSE
3. FALSE
4. TRUE
5. FALSE
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