All of the Following Are Operating Budgets Except

question 75

Multiple Choice

All of the following are operating budgets except:

• A) the budgeted income statement
• B) the purchases budget
• C) the capital budget
• D) the cost of goods sold budget

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Definitions:

GAAS Auditing

Standards that guide the conduct of audits on the financial statements of companies, known as Generally Accepted Auditing Standards.

Adverse Opinion

An auditor’s opinion that states that deviations from generally accepted accounting principles are so serious that an unqualified opinion is impossible and a qualified opinion is not justified.

GAAP

Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in any given jurisdiction.

FASB

Stands for Financial Accounting Standards Board, an organization responsible for establishing accounting and financial reporting standards for companies and non-profit organizations in the United States.