limiting factor is a major constraint on all the operational activities of an organi 569111

. State whether the following statements are true or false

1. A budget is nothing but an estimate.
2. Budgets are drawn up by the chief accountant.
3. Budgets are blueprints for action.
4. A budget manual is a summary of all the functional budgets.
5. Budgetary control system does not suit small businesses.
6. Limiting factor is a major constraint on all the operational activities of an organization.
7. The budget relating to the key factor should be prepared last.
8. For control purposes, long term budget should be prepared.
9. Estimate of the sales given in the sales budget is mere guesswork.
10. A fixed budget is useful only when the actual level of activity corresponds to the budgeted level of activity.