An Officially Adopted Budget Is Generally Called

question 25

Multiple Choice

An officially adopted budget is generally called

• A)An appropriation bill.
• B)An operating budget.
• C)A capital budget.
• D)None of the above.

---

Definitions:

Total Liabilities

The sum of all financial obligations a company owes to outside parties, including loans, accounts payable, and any other debts.

IFRS

International Financial Reporting Standards, which are global accounting standards for preparing financial statements, making it easier to compare entities internationally.

Current Liability

An obligation that a company is required to pay off within the current fiscal year or operating cycle, essentially a rephrased definition of current liabilities.

Bank Indebtedness

A financial obligation or debt owed to a bank by an individual or corporation, usually in the form of loans or lines of credit.