Answer the below:

1. Usually, a company creates a Financial Plan before vision & objectives have been set.
2. A budget is a realistic plan for the future expressed in qualitative terms.
3. Accounting is the process of identifying, measuring & communicating economic information to permit informed judgments & decisions by users of the Information
4. Balance sheet includes assets, liabilities, & Income
5. Budgets are not considered as managers tool to plan, understand, & control operations.
6. An operating budget is the major part of a master budget that focuses on the income statement & its supporting schedules.
7. The major drawback of using historical results for judging current performance is that inefficiencies may be concealed in the past performance.
8. A budget is a quantitative expression of a plan of action.
9. Cash collections from customers include the current months cash sales minus collections on credit sales.
10. A sales budget is a prediction of sales, cost, & future profits under a given set of conditions.
11. Cash Receipts Section, cash budget, includes only the expected cash receipts from cash sales & collections on credit sales.
12. Direct Labor Budget Shows both the quantity of hours & cost of direct labor necessary to meet production requirements.