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.
Question : Assertion: Budgeting is a continuous process of resource allocation.
Reason: Budgets are prepared only once at the beginning of the fiscal year.
Question : Assertion: Budgeting helps in controlling expenditures.
Reason: Budgeting does not involve any control measures.
Question : Assertion: Budgeting is a part of the planning process.
Reason: Budgets are prepared after the implementation phase of a plan.
Question : Assertion: Budgets help in allocating resources in a planned manner.
Reason: Budgets are related to resource allocation.
Question : Assertion: Planning provides direction for an organization.
Reason: Planning eliminates the need for effective communication within an organization.
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