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.

III. 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.

Multiple Choice

Only statement I is true.

Only statement III is true.

All of the statements are true.