TRUE OR FALSE 1. After the sales budget is prepared, the capital expenditures budget is normally prepared next. 2. The budgeting process is used to effectively communicate planned expectations regarding profits and expenses to the entire organization. 3. A budget procedure that provides for the maintenance at all times of a twelve- month projection into the future is called master budgeting. 4. The responsibility for coordinating the preparation of a master budget should be assigned to the CEO of a firm. 5.Budget preparation is best determined in a top-down managerial approach