Budgets Assist Managers in the Areas of Planning, Controlling, Evaluating

question 59

True/False

Budgets assist managers in the areas of planning, controlling, evaluating, and decision-making.

---

Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within a year.

Notes Receivable

Financial assets representing amounts owed to the company by others, where the terms of repayment are defined in formal documents called notes.

Accounts Receivable

Amounts due to a firm from its clients for goods or services already supplied but not yet paid for.

Dishonored Note

A promissory note that has not been paid by the maker at its maturity date.