A zero-based budget is a budget that is continuously updated so that the next 12 months of operations are always budgeted.
The given statement is False.
- With zero-based budgeting (ZBB), instead of starting with the prior budget and making adjustments as needed, all expenses must be justified for a new period or year starting from zero.
- When your income minus your expenses is zero, you are using a zero-based budget.
- The zero-based budgeting (ZBB) methodology helps companies match their spending to their strategic objectives. According to this methodology, firms must create their yearly budget from scratch each year in order to ensure that all of its components are affordable, pertinent, and capable of generating increased savings.
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