Question $3$

$\frac{0\mathrm{.}0}{0\mathrm{.}6}$ points $($graded$)$

Which of the following statements relating to budgeting is NOT true?

A budget is a formal document that quantifies a company's plans for achieving its goals.

Budgets are useful in the control process because they provide a basis for evaluating performance.

A bottom$-$up approach to budgeting involves substantial input from lower level managers.

Most managers believe that budgeting is more successful when a top$-$down approach rather than a bottom$-$up approach is used.

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