What Is the Purpose of "Continuing Resolutions

question 27

Multiple Choice

What is the purpose of "continuing resolutions"?

• A) presidential veto of only some budget provisions
• B) bipartisan support for the yearly budget
• C) uninterrupted functioning of the federal government
• D) timely completion of the budget process

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Definitions:

Deferral

Recognition of revenue or expenses in a period different from when the transaction actually occurred, usually related to prepaid expenses or unearned revenue.

Recognition

Recognition in accounting refers to the formal acknowledgment of a transaction or event in the financial statements, often involving the recording of revenue or expense.

Expense

Costs incurred by a business in the process of earning revenues.

Deferral Adjusting Entry

An accounting entry made to defer revenue or expense to a future period.