If Budget Forecasts Are Incorrect You Can Change the Budget

question 4

Multiple Choice

If budget forecasts are incorrect you can change the budget amounts by -

• A) cancelling the budget this account feature
• B) processing an entry through the general journal
• C) editing amounts in the general ledger budget tab screen
• D) you cannot change the amounts once they are set for a period

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Definitions:

Goods And Services

Refers to the tangible products (goods) and intangible items (services) produced and offered in an economy.

Average Tax Rate

The total tax paid divided by the total income, often expressed as a percentage.

Total Income

The sum of all earnings or revenue generated by an individual or organization, including wages, profits, rents, and investment income.

Total Taxes

The sum of all taxes levied by various governmental entities on individuals or businesses, including income, sales, property, and other taxes.