Identify which one is True and False. 1. Padding the budget refers to the practice of underestimating revenues or overestimating costs so that budgets targets are easier to achieve. 2. A cash budget shows the inflows and outflows of cash movement for receipts and payments. 3. Budgeting is the process of allocating funds and monitoring of actual performance against budget. 4. A budget committee comprise divisional heads, chief operating officer and accounts clerk. 5. A production budget shows the movement of raw materials in terms of purchases. 6. Participative budgeting is also known as 'bottom-up' budgeting. 7. The budgeting process is part of strategic planning. 8. Budgets can be used to evaluate performance and control costs