Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts. To explain: Whether the statement “the only difference between budgeting and long-range planning is time” is correct or not with reasons.

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Chapter 23, Problem 6Q

To determine

Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts.

To explain: Whether the statement “the only difference between budgeting and long-range planning is time” is correct or not with reasons.

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