(C): Determine whether each of the following statements is true or false and correct the false statement(s): No. The statements T/F Correction 1 The balance sheet is a comprehensive plan for all activities of the firm for a future period (often one year). 2 There are two main types of budgets are operating budget (for investment projects).and capital budget (for operating activities) 3 The budget represents the financial position on specific date; it represents the past and includes actual financial data, while balance sheet represents a plan for the coming period, it includes predictions for all activities. 4 Abudget is an estimation of revenue and expenses over a specified future period of time and is usually compiled and re- evaluated on a periodic basis