A zero-based budget is one that is continuously updated to account for the upcoming 12 months of operations. The statement is false.
Peter Pyhrr, a former account manager at Texas Instruments, invented zero-based budgeting in the 1960s. Zero-based budgeting, in contrast to traditional budgeting, starts at zero and justifies each spending for a reporting period. Instead of the incremental budget increases observed in standard budgeting, zero-based budgeting starts from fresh and analyzes each individual demand of the business.
Zero-based budgeting has many benefits as an accounting technique, including targeted operations, decreased expenses, budget flexibility, and strategic execution. Managers become more aware of the top revenue-generating operations when they consider how each dollar is spent.
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