A budget is a detailed financial plan that quantifies future expectations Group of answer choices True False Flag question: 2 21 Budgets must follow a particular GAAP-approved format Group of answer choices True False Flag question: 3 31 Creating detailed budgets is usually not worth the expense of time and effort because future costs and revenues are always uncertain Group of answer choices True False Flag question: 4 41 A general mental budget is usually adequate if well followed Group of answer choices True False Flag question: 5 51 Careful budgeting can help avoid cash flow issues and also help in identifying bottlenecks Group of answer choices True False Flag question: 6 61 Budgets should be created to reflect the anticipated revenues and costs for each business unit Group of answer choices True False Flag question: 7 71 Budgets should not be used to evaluate manager performance Group of answer choices True False