A Budget Is A

question 15

Multiple Choice

A budget is a:

• A) plan that calculates the interest on loan.
• B) schedule of personal investments.
• C) list of prepaid expenses.
• D) detailed financial forecast.
• E) set of personal financial objectives.

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Definitions:

Recorded As Revenue

The process of recognizing the amount of money earned from providing goods or services in the financial records during a specific accounting period.

Rental Period

The span of time for which a tenant agrees to rent an asset, such as property or equipment, from a landlord or lessor.

Adjusting Entry

Journal entries made at the end of an accounting period to update accounts for accruals and deferrals not recorded during the period.

Depreciation

The systematic allocation of the diminution in the value of a tangible asset over its useful life.