1. Budgets are long term financial plans that generally cover over more than a one-year period. True/False

2. a company's history indicates that 20% of its sales are for cash and the remainging 80% are on credit. collections on credit sales are 30% in the month of the sale and 70% the following month. projected sales for january, february, and march are $75,000, $92,000, and %60,000 respectively. the march expected cash receipts are $80,500. True/False

3. the master budget includes individual budgets for sales, production, and purchases, various expenses, capital expenditures, and cash. True/False

4. the budget process rarely coincides with the accounting period. True?false