answer true or false

1- The Traditional Approach to classifying transactions is a method of grouping similar transactions in to accounts according to whether they are assets, liabilities, capital, revenues and expenses

2-A budget is an outline of expectations for what a company wants to achieve for a particular period, usually one month.

3- One of the challenges of budgeting is that it focuses on the quantitative aspect of the business or improving the profitability of the company and does not consider the subjective or qualitative aspect.

4- Whenever the business Purchases Goods they should always Debit the Goods Account

5- A Financial Forecast does not illustrate whether the company is reaching its budget goals, but indicates where the company is heading in the future.

6 - Management Accounting makes elaborate cost records regarding various products, operations & functions

7- Participative budgeting is a roll-up approach where employees work from the bottom up to recommend targets to the executives.

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