Answer (C) is correct . Top management’s belief in and support of the planning and budgeting process is the single most important element in its success.
Answer (A) is incorrect because The lack of historical data is not fatal to an adequate planning and budgeting process.
Answer (B) is incorrect because Input from several levels of management is helpful, but not the most essential element of successful budgeting.
Answer (D) is incorrect because Willingness to adapt to changing circumstances is crucial to the success of any planning and budget system.
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