All of the following are true statements about the role of budgets and budgeting EXCEPT that:

Select one:

a. a budget is a quantitative summary of the expected allocations and financial consequences of the organization's short-term operating activities.

b. budgeting includes the process of estimating money inflows and outflows to determine a financial plan that will meet an organization's objectives.

c. the difference between actual results and the budget plan are called variances.

d. budgeting solves most business challenges because it coordinates activities and communicates the organization's short-term goals to its members.