Budget Frequencies Should Be Changed -

question 20

Multiple Choice

Budget frequencies should be changed -

• A)when you want to report income for a shorter period than the budget
• B)when you want to report income for a longer period than the budget
• C)when the business cycle changes
• D)whenever you change budget amounts

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Definitions:

Fiscal Period

A specific duration of time for which a business or government reports its financial performance, could be a quarter, a year, or any other defined period.

Salaries

Payments made to employees typically on a monthly or biweekly basis for their work or services.

Insurance

A contractual arrangement in which a company (insurer) provides compensation or coverage against losses or damages in return for payment of a premium.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditures to the appropriate period.