A Process in Which Lower-Level Managers Anticipate Their Department's Resource

question 146

True/False

A process in which lower-level managers anticipate their department's resource needs and pass them to top management for approval is called top-down budgeting.

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Definitions:

Sales Account

An account in the general ledger that records the revenue from goods sold or services rendered to customers.

Accounts Receivable

The balance of money owed to a firm for goods or services delivered or used but not yet paid for by customers.

Credit Sale

A transaction in which goods or services are provided to a customer with an agreement to pay at a later date.

Accounts Receivable

Accounts receivable is the money that is owed to a company by its customers for goods or services that have been delivered but not yet paid for.