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Which of the following states the first law of thermodynamics (conservation of energy) ?
Planning Budget
A financial plan that estimates the revenue and expenses for a specific period, often used for setting performance expectations.
Revenue and Spending Variance
The difference between the budgeted and actual amounts of revenue and expenditure over a specific period.
Net Operating Income
Income from a company's core business operations, excluding deductions of interest and taxes.
Flexible Budget
A budget that adjusts or flexes with changes in volume or activity levels of the business, allowing for more accurate budgeting and performance evaluation.
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