YouWhich one is true ? A budget is A determines and evaluates the cost of specific products or activities in a businessB is used to determine if a product should be continued or discontinuedC compiles actual costs for a given periodD quantifies management's plans
Question
YouWhich one is true ? A budget is A determines and evaluates the cost of specific products or activities in a businessB is used to determine if a product should be continued or discontinuedC compiles actual costs for a given periodD quantifies management's plans
Solution
The statement "A budget determines and evaluates the cost of specific products or activities in a business" is true. A budget is a financial plan for a defined period, often one year, that is prepared and approved prior to the period to which it applies. It includes planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities, and cash flows. It provides a focus for the organization, and helps to ensure that all members of the organization are working towards the same goals.
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