The following statements relate to budgeting: (i) A forecast is an attempt to predict what will...
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The following statements relate to budgeting: (i) A forecast is an attempt to predict what will happen (ii) A budget is a plan of what is intended to happen (iii) All budgets are prepared in financial terms (iv) The master budget consists of a budgeted statement of profit or loss and budgeted statement of financial position (v) A flexible budget adjusts both fixed and variable costs for the level of activity Which of the following is true? O a. Statements (i) and (ii) are correct O b. Statements (ii), (iii) and (iv) are correct O c. All statements are correct O d. Statements (i), (iii) and (v) are correct The following statements relate to budgeting: (i) A forecast is an attempt to predict what will happen (ii) A budget is a plan of what is intended to happen (iii) All budgets are prepared in financial terms (iv) The master budget consists of a budgeted statement of profit or loss and budgeted statement of financial position (v) A flexible budget adjusts both fixed and variable costs for the level of activity Which of the following is true? O a. Statements (i) and (ii) are correct O b. Statements (ii), (iii) and (iv) are correct O c. All statements are correct O d. Statements (i), (iii) and (v) are correct
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Related Book For
Economics of Money, Banking and Financial Markets
ISBN: 978-0321598905
9th Edition
Authors: Frederic S. Mishkin
Posted Date:
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