Which of the Following Statements Is Correct

question 24

Multiple Choice

Which of the following statements is correct?

• A)Budgets are limited to projecting cash inflows and outflows.
• B)Budgets serve as a planning and control tool.
• C)GAAP standards are used in budget development.
• D)Budgets serve as a standard by which estimated performance is compared.

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Definitions:

Contractual Terms

The specific provisions, requirements, and clauses that are agreed upon by the parties forming the binding agreement of a contract.

Sale of Goods Act

A set of laws regulating the sale of goods that ensures rights, responsibilities, and protections for both buyer and seller.

Federal Legislation

Laws enacted by the national government of a country that apply to all individuals and entities within that country's jurisdiction.

Motor Vehicle Safety Act

Legislation aimed at ensuring the safety of vehicles and road users by setting standards and regulations for vehicle manufacturers and users.