In the Budgeting Process, Which Budget Is Typically Prepared First

question 53

Multiple Choice

In the budgeting process, which budget is typically prepared first?

• A) Cash budget
• B) Summary budget
• C) Sales budget
• D) Production budget

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Definitions:

Strict Liability

Legal responsibility placed on an individual for the results of his actions irrespective of whether he was culpable or at fault.

Breached A Duty

Occurs when an individual or entity fails to fulfill their obligations or duties as required by law or contract.

Plaintiff

An individual or party who initiates a lawsuit or legal action against another party in a court of law.

Ultrahazardous Activity

An activity that poses an inherent risk of serious harm to people or property, even when utmost care is exercised to prevent harm.