What Is a Common Feature of Most Budgets

question 70

Multiple Choice

What is a common feature of most budgets?

• A)The budget period is broken into months.
• B)A columnar format
• C)A section for non-cash expenses such as doubtful debts and depreciation
• D)Both A and B

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Definitions:

GAAP

Generally Accepted Accounting Principles, which are a set of rules and standards for financial reporting followed by companies in the United States.

Principles-Based

An approach to accounting and regulation that emphasizes general guidelines and values to govern behavior rather than precise rules.

Internal Control Standards

The policies and procedures implemented by a company to ensure the integrity of financial and operational information, promote accountability, and prevent fraud.

Sarbanes-Oxley

The Sarbanes-Oxley Act is a U.S. federal law enacted in 2002 to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to securities laws, and to prevent corporate and accounting fraud.