Which of the following statements is true? Multiple Choice O Planning involves gathering feedback that enables organizations to make modifications as circumstances change. O The definition of planning states that managers should be held responsible for those items-and only those items-that the manager can actually control. O Planning involves developing goals and preparing various budgets to achieve those goals. O Planning is usually done independent from the budgeting process.Which of the following statements is false with respect to the selling and administrative expense budget? Multiple Choice 0 It estimates the cash disbursements for selling and administrative expenses That appear in the cash budget 0 It excludes depreciation expense because selling and administrative expenses are period costs and not product costs. 0 It includes estimated variable and xed selling and administrative expenses. 0 It impacts the budgeted net operating income reported on the income statement. Assume a merchandising company provides the following information from its master budget for the month of May: I{Sash balanceJ May '1 Cash collections 'From customers I{Sash disbursements for merchandise purchases Cash disbursements for selling and administrative expenses Depreciation included in the selling and administrative expense budget Based solely on the information provided, what is the company's excess {deficiency} of cash available over disbursements at the end of May? Multiple Choice 0 O O 0 $15,000 $25,000 $20,000 $30,000 $29,999 $99,999 $35,999 $49,999 $ 5,999