Which of the following is the most important internal control procedure for acquisitions of property, plant, and equipment?

a. Establishing a written company policy to distinguish between capital and revenue expenditures.

b. Using a budget to plan, authorize, and control acquisitions.

c. Analyzing monthly variances between authorized expenditures and actual costs.

d. Establishing a property ledger.

e. Requiring approval of capital expenditures by the chief financial officer.