TRUE AND FALSE QUESTIONS Agree with each of the statements or reject it and modify it so that it is acceptable. If the sales divi $10 recas the nerofit m 10 data and vide 4. 5. If planned uses of cash flow exceed planned sources and long-term external financing cannot make up the difference, the firm may need to reduce dividends or planned capital expenditures. 6. Budgets cannot be coordinated with the firm's projected financial statements. 7. Once a budget is agreed upon, managers should not attempt to change the document during the budget period. 8. Strategic planning is long term in nature and deals with the overall direction of the firm. 9. The operational plan begins with a series of financial plans. 10. Operational planning is crucial to a firm's survival in the short and long run. 11. Accounting income is the relevant sous ce of value in a firm