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Which of the following statement about budgeting is correct? ...

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Accounting

Which of the following statement about budgeting is correct?

Effective Budgeting requires only high levels of management to plan ahead on a recurring basis.

The essentials of effective budgeting includes management acceptance, research and analysis, sound organization structure and top-down budgeting.

Production budget, cash budget, budgeted income statement and other budgets in the master budget depend on sales budget.

Lower-level managers are less likely to perceive results as fair and achievable under a participative budgeting approach.

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