Which of the following is NOT the characteristic of budgeting? I. To anticipate future financial outcome. II. It is a statement of planned events. III. Can be made by anyone. IV. Is a statement of probable events.

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I, III & IV Explanation: Budgeting is a formal statement of planned events requiring managerial authority to execute (Statement II). In contrast, anticipating future outcomes, being made by anyone, and stating probable events (Statements I, III, and IV) describe forecasting rather than budgeting.

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