Which statement best defines a continuous budget? Select one: O a. It is used in companies that experience no change in sales. O b. It is a budget that the accountant is always working on. O c. . It is prepared for a range of activity so that the budget can be adjusted for changes in activity. O d. It is a plan that is updated monthly or quarterly, dropping one period and adding another. O e It is a strategic plan that does not change. Which statement best defines a participative budget? Select one: O a. It is NOT critical to the success of a budgeting program. O b. It is NOT subject to review by higher levels of management since to do so would contradict the participative aspect of the budgeting processing. . Given to shareholders to review and evaluate. O d. It is NOT subject to review by higher levels of management except in specific cases where the input of higher management is required. It is subject to review by higher levels of management in order to prevent the budgets from becoming too loose. O e. Which of the following formulas correctly calculates the production budget? Select one: O a. budgeted sales plus beginning finished goods inventory plus targeted ending finished goods inventory. O b. last year's sales plus beginning finished goods inventory plus targeted ending finished goods inventory. O c. budgeted sales less beginning finished goods inventory plus targeted ending finished goods inventory. O d. budgeted sales plus beginning finished goods inventory less targeted ending finished goods inventory. e. budgeted sales less beginning finished goods inventory less targeted ending finished goods inventory