132.Indicate whether each of the following statements is true or false. The accuracy of sales forecasts is critical to the effectiveness of a business' overall budgeting process. Sales estimates...

132.Indicate whether each of the following statements is true or false.


The accuracy of sales forecasts is critical to the effectiveness of a business' overall budgeting process.
Sales estimates to be used in the budgeting process are usually prepared by the accounting department.
Sales forecasts often are prepared using sophisticated computer programs and statistical techniques.
A company's senior vice president for sales would be held responsible for the sales budget.
Accompanying the sales budget is a schedule of cash payments for inventory, which is used in preparing the cash budget.
133.Indicate whether each of the following statements is true or false.


An inventory purchases budget is prepared based on sales projections from the sales budget.
The amount of budgeted purchases of inventory equals cost of goods sold plus the beginning inventory less ending inventory.
The inventory purchases budget generally includes a schedule of cash payments for the period.
The amount of cost of goods sold reported on the pro forma income statement comes from the inventory purchases budget.
The inventory purchases budget indicates the amount expected for ending inventory, which is reported on the pro forma income statement.