Which of the following statement about budgeting is correct?

		Effective Budgeting requires only high levels of management to plan ahead on a recurring basis.
		The essentials of effective budgeting includes management acceptance, research and analysis, sound organization structure and top-down budgeting.
		Production budget, cash budget, budgeted income statement and other budgets in the master budget depend on sales budget.
		Lower-level managers are less likely to perceive results as fair and achievable under a participative budgeting approach.