Performance Budgeting Places the Emphasis on Activities and Programs

question 21

True/False

Performance budgeting places the emphasis on activities and programs.The idea is to focus attention on how efficiently and effectively work is being done, rather than on the things that are being acquired.

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Definitions:

Land

It refers to the earth's surface extending downward to the center and upward to infinity, including permanently attached natural objects, and is considered a non-depreciable asset in accounting.

Journalizing

The process of recording transactions in the journal in chronological order, marking the first step in the accounting cycle.

Posting

The process of transferring journal entries to their respective accounts in the ledger.

Balancing

The act of ensuring that two sets of records (usually the credits and debits in an account) are in agreement.