Which of the Following Statements Is Correct About Budgets -

question 18

Multiple Choice

Which of the following statements is correct about budgets -

• A)there is a module window for journals that use budgets
• B)budget settings are entered on the budget module settings screen
• C)budget amounts do not affect journal transactions
• D)all of the above

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Definitions:

Gross Profit

The financial performance metric that subtracts the cost of goods sold (COGS) from revenue, indicating how efficiently a company produces or sources its products.

Gross Margin

The difference between sales revenue and cost of goods sold, shown as a value or percentage, indicating the efficiency of sales relative to production costs.

Gross Sales

Gross sales represent the total sales revenue of a company without any deductions for returns, allowances, or discounts.

Periodic Inventory System

A method of inventory accounting where updates to inventory levels are made periodically at the end of an accounting period, rather than continuously.