Question Completion Status: Past performance is the best overall basis for evaluating current performance and assessing the need for corrective action True False QUESTION 11 5 point A formal written statement of management's plans for the future, expressed in financial terms, is a a responsibility report b. budget oc performance report Od gross profit report 5 points QUESTION 12 A budget procedure that provides for the maintenance at all times of a twelve-month projection into the future is called master budgeting True False