Consider the following statements about budget administration: The budgeting process is a very formal process in all organizations regardless of an organization's size. The budget manual is prepared to communicate budget procedures and deadlines to employees throughout an organization. Effective internal control procedures require that the budget director be an individual other than the controller. Which of the above statements is (are) true?

Multiple Choice

I and II.

III only.

II only.

I only.

I and III.