Match the following. List-I List-II a. Performance budgeting 1. Fixed budget b. Zero base budgeting 2. Production oriented c. Summary of all functional budgets 3. Jimmy Carter d. Remain unchanged irrespective of level of activity actually attained 4. Master budget

The correct answer is: D. a-2, b-3, c-4, d-1

• Performance budgeting is a type of budgeting that focuses on measuring and reporting the performance of an organization or program. It is often used in government and nonprofit organizations.
• Zero-base budgeting is a budgeting method that requires managers to justify all of their budget requests from scratch each year, as if the program or activity were being started for the first time. It was first developed by Peter Phyrr in the 1960s and was adopted by the U.S. federal government under President Jimmy Carter in the 1970s.
• A master budget is a comprehensive financial plan for an organization for a specific period of time, usually a year. It is a summary of all functional budgets, such as the sales budget, the production budget, and the cash budget.

Here is a more detailed explanation of each option:

• Performance budgeting is a type of budgeting that focuses on measuring and reporting the performance of an organization or program. It is often used in government and nonprofit organizations. Performance budgeting can be used to improve efficiency, effectiveness, and accountability.
• Zero-base budgeting is a budgeting method that requires managers to justify all of their budget requests from scratch each year, as if the program or activity were being started for the first time. It was first developed by Peter Phyrr in the 1960s and was adopted by the U.S. federal government under President Jimmy Carter in the 1970s. Zero-base budgeting can be used to improve efficiency and effectiveness by forcing managers to carefully consider all of their budget requests.
• A master budget is a comprehensive financial plan for an organization for a specific period of time, usually a year. It is a summary of all functional budgets, such as the sales budget, the production budget, and the cash budget. The master budget is used to plan and control an organization’s financial resources.

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