Match Each Phrase That Follows with the Term (A-E) It

question 24

Short Answer

Match each phrase that follows with the term (a-e) it describes.
-Integrated set of operating and financial budgets for a period of time
A)Static budget
B)Flexible budget
C)Master budget
D)Sales budget
E)Production budget

• A)Static budget
• B)Flexible budget
• C)Master budget
• D)Sales budget
• E)Production budget

---

Definitions:

Accrual Basis

An accounting method where revenue and expenses are recorded when they are earned or incurred, regardless of when cash transactions occur.

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is received or paid.

Income Taxes Payable

Liabilities owed to the government for income taxes, not yet paid by the company.

Income Tax Expense

The total amount of income tax a company is obligated to pay to the government, reported on its income statement.