A budget is useful in the planning process because it

determines who is to blame for poor operations.

forces managers to think about goals and objectives and means of achieving them.

identifies budget padding.

creates budget slack.

Which of the following transactions will affect the cash budget for a particular month in which each transaction occurs?

Sale of a product when payment will be received in 60 days

Payment for direct labor

Amortization of prepaid insurance

Depreciation of a piece of equipment that was purchased last year