Management Assertions in the Acquisition and Expenditure Business Process Are

question 99

Multiple Choice

Management assertions in the acquisition and expenditure business process are

• A)existence or occurrence - for both classes of transactions and account balances
• B)completeness - for account balances
• C)valuation and allocation - for classes of transactions
• D)rights and obligations - for classes of transactions
• E)accuracy - for account balances

---

Definitions:

Operating Budgets

Detailed projections that outline the expected income and expenses for an organization over a specific period, guiding its business operations.

Labour

The physical and mental effort used in the production of goods and services.

Equipment

Tools, machinery, or other apparatus necessary for the performance of specific tasks.

Zero-based Budget

A budgeting method that starts from zero each new period, requiring all expenses to be justified for each new period.