Which of the Following Statements Is Correct

question 136

Multiple Choice

Which of the following statements is correct?

• A) Budgets serve as a planning and control tool.
• B) Budgets are limited to projecting cash inflows and outflows.
• C) GAAP standards are used in budget development.
• D) Budgets serve as the standard by which estimated performance is compared.

Identify the components and purpose of key financial statements.

Understand the difference between service, retail, and manufacturing businesses.

Distinguish between internal and external users of financial statements.

Grasp the basic concepts of income, expenses, and profit in accounting.

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Definitions:

Identical Twins

Genetically identical individuals born from the same fertilized egg, sharing 100% of their DNA.

Leptin

A hormone produced by fat cells that is involved in regulating appetite and energy balance.

Body Mass Index (BMI)

A measure of weight relative to height.

Energy Intake

The amount of energy derived from foods or beverages consumed in a given period, typically measured in calories or joules.