The Practice of Maintaining Budgets for the Same Number of Future

question 3

Multiple Choice

The practice of maintaining budgets for the same number of future periods, revising those budgets as each period is completed and adding a new budget each period, is called:

• A) Master budgeting.
• B) Cyclical budgeting.
• C) Zero-based budgeting (ZBB).
• D) Rolling budgets (or, rolling financial forecasts).
• E) Kaizen (or continuous-improvement) budgeting.

Correctly treat common discrepancies in bank reconciliations.

Identify and classify items as cash, cash equivalents, and non-cash items according to accounting standards.

Understand the principles of internal control over cash and cash equivalents.

Analyze and apply internal control principles to cash disbursement and receipt processes.

---

Definitions:

Socialization

The process through which an organization communicates its values to new employees.

Organization

A group of people who work together in an organized way for a shared purpose.

Values

Core beliefs or principles that guide and motivate attitudes and actions, reflecting what is important to an individual or organization.

Networked Cultures

Social and organizational cultures that are formed and operate through digital networks and communication technologies, facilitating global connections.