Which of the following is an advantage of budgeting? Budgets are used for two distinct purposes-dealing with emergencies and communicating the plans of lower-level managers to the executive team. The budgeting process provides a means of allocating resources to those parts of the organization n ere the tan be used most effe e Budgets coordinate the activities of the entire organization, but do not uncover potential bottlenecks before they occur Budgets are used for planning and defining goals and objectives, but not for controlling the organization's activities. QUESTION2 Which of the following statements is true with regard to self-imposed budgets? A self-imposed budget is a method of preparing budgets where the higher-level managers prepare the budgets which are then reviewed and approved by lower-level managers. Self-imposed budgets prevent lower-level managers from making suboptimal budgeting recommendations. A self-imposed budget is a budget that is prepared with the full cooperation and participation of managers at all levels. Self-imposed budgets prevent all managers from creating budgetary slack