Which If the Following Elements Is Primarily Found in Program

question 21

Multiple Choice

Which if the following elements is primarily found in program budgeting (compared to other budgeting systems) ?

• A) Opportunity cost
• B) Diminishing marginal returns
• C) Equity
• D) Efficiency

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Definitions:

Proprietorship

A business structure owned by a single individual, where the owner is entitled to all profits and responsible for all debts and liabilities.

Business Entity Assumption

An accounting principle that treats a business as an entity separate from its owners, meaning its financial transactions are recorded distinctly from those of its owners or other businesses.

Economic Unit

An entity, such as an individual, household, or organization, considered in economic analysis and decision-making.

FASB

Financial Accounting Standards Board, an organization responsible for establishing accounting and financial reporting standards in the U.S.