There are two main approaches to the budgeting process: departmental and corporate. True False Question 37 (5 points) The three major types of profit are gross profit, operating profit, and net profit--all of which can be found on the income statement. True False Question 38 (5 points) Accounting is a storytelling system that describes the position a business is in with is assets and obligations. It also describes how the business has been performing, True False