Which of the Following Refers to the Rules and Procedures

question 98

Multiple Choice

Which of the following refers to the rules and procedures governing the content and form of financial reports?

• A) National bookkeeping standards
• B) Core competencies for accounting
• C) Accounting and financial rules
• D) National guidelines of accounting principles
• E) Generally accepted accounting principles

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Definitions:

Spending Variance

The difference between the actual amount of money spent and the expected (or budgeted) amount during a certain period, usually analyzed for cost control purposes.

Budgeting

The process of creating a plan to spend your money, enabling you to determine in advance whether you will have enough money to do the things you need or want to do.

Planning Budget

A financial plan that estimates future revenues, expenses, and resource needs for a specific period.

Refurbishing Materials

Refurbishing materials are materials and supplies used in the process of renovating and restoring products or buildings to good condition.