True or False

1) Budgets are statements of management plans expressed in financial terms.

2) A budget can be used as a basis for evaluating performance.

3) The budget as such and the budget administration are the responsibility of the accounting department.

4) Effective budgeting requires clearly defined lines of authority and accountability.

5) The longer the budget period, the more reliable the estimates of future results will be.

6) The "master budget" consists of operational and financial budgets.