1.

Major financial reports include the balance sheet (BS) and the income statement (IS). Which of the following depicts the nature of these statements as to whether it relates to a point in time, or a period of time (such as a quarter or year?

Point in time Period of time

a BS IS

b IS BS

c BS,IS neither

d neither BS,IS

Group of answer choices

a. d

b. b

c. a

d. c

2. Benefits of operating budgets do not include:

a. defines the mission of the company

b. force managers to think and plan ahead

c. aid in the implementation of the organizations plans

d. allow for evaluation of departments and managers