Which of the following statements about budgeting is incorrect?1) In the conventional approach, the prior budget is used as the starting point. 2) In zero-based budgeting, the prior budget is adopted for the coming year with no changes. 3) All organizations use annual budgets, but most also use quarterly (or more frequent) budgets. 4) Out-year budgets are used more for planning purposes than for control. 5) Bottom-up budgets begin at the department level and then are approved by senior management.