Which of the Following Is NOT Contained in a Typical

question 59

Multiple Choice

Which of the following is NOT contained in a typical time-phased budget?

• A)total expenses for each activity
• B)total expenses for each time unit
• C)cumulative expenses for each time unit
• D)cumulative time for each expense

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Definitions:

Work Sheet

An informal document used by accountants during the accounting cycle to compile information from the general ledger for the preparation of financial statements and adjusting journal entries.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company’s accounts for the next period.

General Journal

A comprehensive accounting record of all transactions made by a company, listed in chronological order and used in preparing financial statements.

Work Sheet

A document used by accountants to gather information for year-end financial reports, facilitating the preparation of financial statements and adjustments.