Question : Assertion: Budgeting is not an ongoing process in an organization.
Reason: Budgets are prepared only once at the beginning of a financial year.
Option 1:
Both assertion and reason are correct, and the reason is a correct explanation.
Option 2: Both assertion and reason are correct, and the reason is not correct explanation.
Option 3: Assertion is false, but the reason is correct.
Option 4: Assertion is correct, but the reason is false.
Correct Answer: Assertion is false, but the reason is correct.
Solution : The correct answer is (c) Assertion is false, but the reason is correct.
The assertion is false because budgeting is typically an ongoing process in an organization, involving regular monitoring, reviews, and adjustments to ensure alignment with organizational goals and changing circumstances. The reason is correct in stating that budgets are not prepared only once at the beginning of a financial year. Budgets are often revised and updated throughout the year to reflect changes in the business environment and organizational priorities.
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