The classified balance sheet will show which asset subsections? ...

[tatyanajohnson]

The classified balance sheet will show which asset subsections?
 a. current assets and other equity
  b. current assets and property, plant, and equipment
  c. current liabilities and short-term assets
  d. other revenues and property, plant and equipment

Question 2

Describe the benefits of preparing an operating budget to an organization.
 
  What will be an ideal response?

[mathjasmine]

Answer to Question 1

b

Answer to Question 2

Answer: A well-prepared operating budget should serve as a guide for a company to follow during the budgeted period. It is not set in stone. If new information or opportunities arise, the budget should be adjusted.

A well-prepared operating budget assists management with the allocation of scarce resources. It can help management see trouble spots in advance, and then management can decide where to allocate its limited resources.

A well-prepared operating budget fosters communication and coordination among various segments of the company. The process of preparing a budget requires managers from different functional areas to work together and communicate performance levels they both want and can attain.

A well-prepared operating budget can become the performance standard against which firms can compare the actual results.