The Report That Shows Actual Amounts and Budgeted Amounts Is

question 6

Multiple Choice

The report that shows actual amounts and budgeted amounts is .

• A)Budget Overview
• B)Budget vs.Actuals
• C)Company Snapshot
• D)Both A and B

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Definitions:

Permanent/Temporary

Categories of accounts in accounting; permanent accounts are balance sheet accounts that carry their balances throughout multiple accounting periods, while temporary accounts are income statement accounts that are cleared to zero at the end of each accounting period.

Normal Balance

The side (debit or credit) on which increases to the account are recorded, depending on the type of account.

Financial Statement(s)

Formal records of the financial activities and position of a business, person, or other entity, presented in a structured manner.

Normal Balance

The side of an account (debit or credit) where increases in the account are recorded.