The Budget Is Usually Divided into Two Classes of Expenses

question 70

Multiple Choice

The budget is usually divided into two classes of expenses, __________.

• A) fixed and variable
• B) common and general
• C) long-term and short-term
• D) mandatory and compulsory

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Definitions:

Key Management Personnel

Individuals with authority and responsibility for planning, directing, and controlling the activities of an entity, typically at a high level.

Related Party Transactions

Financial transactions or arrangements between the reporting entity and any related parties, such as its management, significant shareholders, or affiliates.

Remuneration

Payment or compensation received for services rendered or employment, including salaries, wages, and benefits.

Ultimate Controlling Entity

The parent institution or entity at the highest level that exercises control over a group of companies.