Budgeting Rests Primarily on

question 18

Multiple Choice

Budgeting rests primarily on

• A) Accounting, finance, and economics
• B) Management, marketing, and economics
• C) Finance, operations management, and economics
• D) Accounting, management, and marketing
• E) Accounting, finance, and marketing

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Definitions:

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made periodically, typically at the end of a reporting period.

Periodic

In accounting, periodic refers to a system or method where financial information and inventory levels are updated at specific intervals, rather than continuously.

Purchases

The total amount spent on goods and materials bought for resale or use in production during an accounting period.

Perpetual

A system of inventory management where records are updated immediately following a sale or purchase of goods.