A Managerial Accounting Report That Presents Predicted Amounts of the Company's

question 55

Multiple Choice

A managerial accounting report that presents predicted amounts of the company's revenues and expenses for the budget period is called a:

• A) Master plan.
• B) Continuous profit statement.
• C) Budgeted balance sheet.
• D) Budgeted income statement.
• E) Rolling income statement.

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Definitions:

Cumulative Effect

The aggregate impact of an accounting change or policy adjustment over the period before the adjustment is implemented, often recognized immediately in financial statements.

Income Tax Expense

The amount of money that companies or individuals owe the government based on their earnings.

Disposal Of A Segment

The act of selling, disposing of, or eliminating a certain portion or division of a company's operations.

Income Statement

A financial report showing the company’s revenues, expenses, and profits over a specific period of time.