13. All of the following are functions of the budget committee except ⦁    review the budgets it submits for approval in an organization. ⦁    determine the bonuses the organization awards to employees that achieve the target budget. ⦁    approve the final budget it expects the organization to implement. ⦁    remove unwarranted slack in the workplace.

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Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.