Which of the Following Is a Use of Budgets for Control

question 140

Multiple Choice

Which of the following is a use of budgets for control?

• A) Plans can be made for the future.
• B) If conditions change between the formation of the budget and the current time, budgets can be quickly adapted.
• C) Budgets set a standard against which results can be compared.
• D) Communication is improved.
• E) All of these.

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Definitions:

Conditional Contribution

A donation made with specified terms that must be met for the contribution to be retained by the recipient.

FASB

The Financial Accounting Standards Board (FASB) is an independent organization responsible for establishing accounting and financial reporting standards for companies and non-profit organizations in the United States.

Journal Entries

Records of financial transactions in accounting, marking debits and credits to accounts.

Medical Supplies

Items used in health care services, including consumables and durable medical equipment.