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:

Cultures

The shared beliefs, values, norms, and practices that define a group of people or an organization, influencing behavior and expectations.

Hedgehog Concept

A strategic framework suggesting that success is achieved by focusing deeply on the intersection of personal passion, what one can be the best at, and what drives the economic engine.

Competition

The rivalry among businesses or entities to attract customers, increase sales, and achieve a dominant position in the market.

Knowledge Management

The process of capturing, distributing, and effectively using organizational knowledge to enhance performance, innovation, and competitive advantage.