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To Enable the Budget to Be Used as a Control

question 40

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To enable the budget to be used as a control tool to monitor the entity's achievements of its plans,the classification of items in the master budget needs to:


Definitions:

Welfare

Government programs that supplement the incomes of the needy.

Price Buyers Pay

The amount of money that consumers are required to pay to acquire a good or service.

Price Sellers Receive

The amount of money that producers get from selling one unit of a good or service, after considering all costs and expenses.

Consumer Surplus

The dissimilarity in what consumers intend to pay for a good or service versus what they actually spend.

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