When Constructing a Budget,you Should Take All the Following into Account

question 4

Multiple Choice

When constructing a budget,you should take all the following into account except for

• A)spending habits.
• B)extraordinary expenses.
• C)value of assets.
• D)income.

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Definitions:

Unearned Gym Memberships

Income received by a gym or fitness center from memberships that have been paid for but not yet fully utilized, considered a liability until the services are rendered.

Gym Memberships Revenue

Income received from customers for granting access and use of a gym's facilities.

Adjusting Journal Entry

An entry made in the books at the end of an accounting period to allocate income and expenditure to the correct period.

Accounting Equation

The foundational equation in accounting represented as Assets = Liabilities + Equity, illustrating the structure of a balance sheet.