As Far as the Length of a Budget Period Is

question 94

Multiple Choice

As far as the length of a budget period is concerned:

• A)Quarterly budgets usually provide for more flexibility than do annual budgets.
• B)The longer the budget period,the more accurate is the budget.
• C)Longer budget periods provide for closer managerial control than do short periods.
• D)It is a mistake to tie the budget period to a product's seasonality.
• E)None of these is correct.

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Definitions:

Balance Sheet

A report that outlines the assets, liabilities, and owners' equity of a business at a certain moment, offering an overview of its financial health.

Office Supplies

Items used in offices for daily operations, like stationery, paper, and other consumables.

Salaries Accrued

Salaries that have been earned by employees but have not yet been paid by the company, representing a liability on the balance sheet.

Accounting Period

A specific time period for which financial information is reported, often a quarter or a year.