T.F. When managers plan, they use budget information to review variances that suggest waste In operatic activities. T.F. During the year, managers use budget information to communicate expectations about performance, to measure performance and motivate employees, and to coordinate activities and allot resources. T.F. A budget is a plan of action that reflects historical transactions, activities, and events in financial terms. T.F. Performance reports are used to compare actual operating results with planned results. T.F. A service organization does not have a direct materials budget T.F. Successful budget implementation depends on dear communication of performance expectations and budget targets, and on the support of top management. T.F. Participative budgeting is a process In which personnel at all levels of an organization actively engage in making decisions about the budget. A retail organization's operating budgets typically include all of the following except: Sales budget production budget purchases budget selling and administrative expense budget cost of goods sold budget. In developing a master budget, the last item prepared Is the: budgeted balance sheet budgeted Income statement capital budget cash budget none of the above