Which of the following statements is true?

Budgets are used for the distinct purposes of planning and profit.

Control involves developing goals and preparing various budgets to achieve those goals.

A continuous or perpetual budget is a $12-$month budget that rolls forward one month $($or quarter$)$ as the current month $($or quarter$)$ is completed.

$($Ch $6-$LO $1)$

Question $6$ options:

Only statement III is true.

All of the statements are true.

Only statement I is true.

None of the statements are true.