Select the Incorrect Statement Concerning Responsibility Reports

question 48

Multiple Choice

Select the incorrect statement concerning responsibility reports.

• A) The reports should be stated in simple terms.
• B) The reports should show clearly the budgeted and actual amounts of controllable revenues and expenses.
• C) At the corporate level, responsibility reports generally include year-to-date contribution format income statements.
• D) The reports become more specific for higher levels within the organization.

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Definitions:

Money Supply

The total amount of monetary assets available in an economy at any given time, including cash, coins, and balances held in checking and savings accounts.

Credit Cards

Financial instruments that allow holders to borrow funds to pay for goods and services with the expectation of repaying the loan with interest.

Debit Cards

Plastic payment cards that allow users to make transactions by deducting money directly from their checking account, rather than incurring debt like a credit card.

Money

A medium of exchange that is widely accepted in transactions for goods and services, acting as a unit of account, a store of value, and sometimes, a standard of deferred payment.