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      Question

      Which of the following is not correct about budgeting?

      A Budgeting is a plan of action based on past performance and governed by rational judgment of factors that will influence the course of business in future Correct Answer Incorrect Answer
      B For budgeting the organisational structure must be clearly defined and responsibility should be assigned to identifiable units within the organisation Correct Answer Incorrect Answer
      C Budgeting does not facilitate in management by exception Correct Answer Incorrect Answer
      D Budgeting is quantifiable in monetary or quantity or both terms Correct Answer Incorrect Answer
      E All are correct Correct Answer Incorrect Answer

      Solution

      Budgeting is a plan for future. a properly prepared budget allows management to follow the management-by-exception principle by devoting attention to results that deviate significantly from planned levels.

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