One of the major benefits of formal budgeting is the positive effect it can have on employee attitudes applied correctly. True False Budgeting is an informal plan for future business activities. True False The process of evaluating performance can be improved by using budgets. True False Budget preparation is best determined in a top-down managerial approach. True False A rolling budget is a specific budget application relevant only to a merchandising company. True False The sequence of the budgets within the master budget are dictated by GAAP. True False