Equity financing and long-term borrowings are considered financing requirements and used for buying assets.            True/ False 

Overhead unit managers usually prepare flexible or variable budgets.                     True/ False 

“What is the aging of our trade receivables” could be considered a statement of income planning assumption.                     True/ False 

Effectiveness indicators measure the goal-related accomplishments of an organization.                            True/ False 

Incremental budgeting has two key flaws: first, it is difficult to relate the budget to specific goals and plans and second, corporate priorities may get lost in the shuffle.            True/ False