Which of the Following Is Not a Step in the Household

question 14

Multiple Choice

Which of the following is not a step in the household budgeting process?

• A)Compare budgeted with actual figures.
• B)Review results for reasonableness and finalize budget.
• C)Compare projected cash outflows with goals and adjust.
• D)Compute net cash flow.
• E)All of the above are steps in the household budgeting process.

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Definitions:

Reported

Refers to information or data that has been officially announced or presented.

Matching Principle

An accounting principle that states expenses should be recognized in the same period as the revenue they helped generate.

Recorded

The act of entering financial transactions or information into accounting records.

Adjusting Entries

Entries made in the accounting records at the end of an accounting period to allocate incomes and expenses to the period in which they actually occurred.