General Studies · Budgeting and Forecasting
Which of the following statements is INCORRECT regarding budgeting and forecasting?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Forecasting begins where budgeting ends, as budgeting provides the logical basis for forecasting.✓
- 2Forecasting is an inference about future probable events, whereas a budget represents a quantitative plan.
- 3A Master Budget is the summary of various functional budgets.
- 4Zero-Based Budgeting (ZBB) was first used in corporate budgeting in the 1960s.
Correct answer
Forecasting begins where budgeting ends, as budgeting provides the logical basis for forecasting.
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