Line-Item Budgeting Was Initiated During the 1930s and Is No

question 52

True/False

Line-item budgeting was initiated during the 1930s and is no longer popular.

---

Definitions:

Internal Control Structure

A set of processes and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Recording Transactions

The systematic process of documenting financial transactions in the accounting records of a business.

Accounting System

The methods and procedures used by a business to collect, classify, summarize, and report financial data for use by management and external users.

Voucher

A document representing an internal intent to make a payment to an external entity, detailing the specifics of the transaction.