When Discussing the Roles of Budgets,a Planning Role in the Budgeting

question 19

Multiple Choice

When discussing the roles of budgets,a planning role in the budgeting process includes:

• A)measuring outcomes against planned amounts.
• B)developing the master budget.
• C)assessing performance.
• D)reporting actual amounts at the end of the budgeting period.

Understand the structure and purpose of a T account.

Determine the normal balance of various account types.

Analyze the transaction to record it appropriately in the accounting system.

Understand the expanded basic accounting equation.

---

Definitions:

Innovation

The successful introduction and adoption of a new product or process; the economic application of inventions and marketing techniques.

New Product

A product that has been recently developed or introduced to the market.

Process

A series of actions or steps taken in order to achieve a particular end.

Private Owner

An individual or entity that exclusively owns the rights to a property, business, or asset, without governmental sharing or interference.