A Continuous Budget Is a Moving 12-Month Budget

question 97

True/False

A continuous budget is a moving 12-month budget.

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Definitions:

Settlement of Liabilities

The process of discharging obligations by transferring assets, providing services, or other means, effectively resolving the liabilities.

Disposal of Assets

The sale, retirement, or abandonment of a physical or intangible asset that is part of a company's operations.

AASB 8

An Australian Accounting Standards Board regulation setting out the requirements for the disclosure of operating segments, products and services, geographical areas, and major customers in financial reports.

IFRS 8

An International Financial Reporting Standard that requires particular types of entities (chiefly those with publicly traded securities) to disclose information about their operating segments.