Which of the following is not true about budgeting? a. It is a formal method of detailed financial planning. b. It is used to help a company reach long-term and short-term objectives. c. It aids in the efficient use of resources. d. All of the above are true. Budgeting provides the framework for: a. Process costing. b. Breaking semivariable costs into their fixed and variable components. c. Planning and control. d. Delegating authority to managers. The budget should use historical data: a. Only as a stepping-off point for aiding projections into the future. b. Because things don't really change. c. And add a 5% growth factor for each year. d. Because management is satisfied with historical results. Which of the following is not a requirement of budgeting? a. Goals must be realistic and possible to attain. b. There must be accountability for actual results. c. Management must clearly define its objectives. d. The budget must not be changed under any circumsta