In a Company That Employs Continuous Budgeting on a Quarterly

question 100

Multiple Choice

In a company that employs continuous budgeting on a quarterly basis and has an accounting period that ends December 31 of each year, what period would the first revision and update to the January through December 2017 budget cover?

• A) December 2017-November 2018
• B) February 2017-January 2018
• C) March 2017-February 2018
• D) April 2017-March 2018
• E) January 2018-December 2018

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Definitions:

CRA

Canada Revenue Agency; responsible for administering tax laws for the Government of Canada and for most provinces and territories.

Depreciate

The process of allocating the cost of a tangible asset over its useful life, reflecting its decrease in value over time.

Cash Flow From Assets

The total amount of money being transferred into and out of a business, especially affecting the operational activities involving its assets.

Operating Cash Flow

Cash generated from a company's normal business operations.