One Advantage of Using Standard Times to Develop a Budget

question 34

True/False

One advantage of using standard times to develop a budget is they are simple to compile, are based solely on the past actual history, and do not require expected future changes to be taken into account.

---

Definitions:

Petty Cash Fund

A small amount of cash kept on hand for making immediate payments for miscellaneous, small expenses instead of writing checks.

Replenish

To fill up or restore to a previous level, often used in the context of inventory or supplies.

Internal Control

A process designed to ensure the safety and efficiency of the financial operations of a company, along with compliance with laws and accuracy in reporting.

Sales Clerks

Employees responsible for assisting customers, processing transactions, and managing products within a retail environment.