Which of the Following Documents Would Most Likely Come from a Planning

question 43

Multiple Choice

Which of the following documents would most likely come from a planning strategy meeting?

• A) income statement
• B) flow of cash statement
• C) balance sheet
• D) budget
• E) statement of projected earnings

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Definitions:

Unearned Interest

Interest that has been collected on a loan by the lender but not yet earned, often because the loan may be paid off early.

Estimated Property Taxes

An approximation of the property taxes due on real estate, often used for budgeting or accounting purposes before the actual tax bill is received.

Modified Cash Basis

An accounting method that combines elements of both accrual and cash basis accounting, recording some transactions on an accrual basis and others on a cash basis.