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Which of the following statements is correct? a) Budgets are limited to projecting cash inflows and outflows b) GAAP standards are used in budget development

Which of the following statements is correct?

a) Budgets are limited to projecting cash inflows and outflows

b) GAAP standards are used in budget development

c) Budgets serve as the standard by which estimated performance is compared

d) Budgets serve as a planning and control tool

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