A budget report provides which of the following?
a. A basis for analyzing and revising spending activities of a company by comparing actual sales or costs with figures that were budgeted for those sales or costs.
b. Provides budget reports weekly, others monthly, and perhaps evenly quarterly.
c. Information from the accounting department in the form of a budget report after the accounting department closes the books.
d. All of the above.
Question 2
Which of the following statements is not part of the budgeting process?
a. Budgets may be developed for short periods such as a month or long periods such as a year.
b. Usually budgeting procedures begin at the department level and move downward.
c. The ultimate result in the budgeting process is to create a master budget.
d. A budget committee reviews and revises various estimates of income and expenses submitted by other employees.
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