Final answer:
Delegation involves managers assigning both the responsibility for tasks and the authority needed to complete them to other individuals, often subordinates, which is indeed true.
Step-by-step explanation:
The question 'Delegation is the process whereby managers transfer authority and responsibility' refers to a principle of organizational management within businesses and is true. In delegation, managers assign the responsibility for specific tasks, along with the corresponding authority required to complete those tasks, to other individuals, typically subordinates. This allows for a more efficient organization by distributing work amongst individuals according to their skills and abilities. It also encourages subordinates' professional growth by giving them more autonomy and responsibility.