Consider the Following Statements About Budget Administration

Consider the following statements about budget administration.
i. Regardless of size, the budgeting process in all organisations must be a formal process.
ii. The budget manual is prepared to communicate budget procedures and deadlines to employees throughout the organisation.
iii. Good internal control procedures require that the manager responsible for managing the budget process be an individual other than the chief accountant.
Which statement/s is/are true?

A) i
B) ii
C) iii
D) i and iii

Correct Answer:

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