A Budget That Is Continually Updated by Periodically Adding a New

question 70

Multiple Choice

A budget that is continually updated by periodically adding a new incremental time period such as a quarter, and dropping the period just completed is a

• A) short-range budget.
• B) long-range budget.
• C) capital budget.
• D) rolling budget.

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Definitions:

Consolidated Net Income

The combined net income of a parent company and its subsidiaries, after adjustments for intercompany transactions.

Noncontrolling Interest

A minority shareholding in a company where the shareholder does not have the majority of voting rights.

Acquisition-Date Fair Value

The value of an asset or liability at the time of acquisition, determined according to applicable accounting standards for fair value measurement.