Expenditures Should Be Budgeted by "Character

question 49

Multiple Choice

Expenditures should be budgeted by "character." An example of a character classification would be

• A)Current expenditures.
• B)Salaries.
• C)Public Safety.
• D)Police Department.

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Definitions:

Income Statement

A financial statement that shows a company’s revenue and expenses over a specified period of time, resulting in net profit or loss.

Liability

Financial obligations or debts owed by a business to external parties, which must be settled over time through the transfer of economic benefits including money, goods, or services.

Goods

Tangible products or merchandise that are manufactured, bought, and sold in commerce.

Services

The action of helping or doing work for someone, often producing intangible benefits.