Question 1
This financial statement reports an operation's sales, expenses, and profits or losses for a period of time, such as a month, a quarter, or a year.
◦ Income Statement
◦ Balance Sheet
◦ Annual Budget
◦ Statement of Cash Flow
Question 2
Today, budgets are seen by managers as
◦ an action plan.
◦ a burden to produce.
◦ something that must be strictly adhered to.
◦ a process with no application.