A budget is:Group of answer choicesthe process relating to the longer term planning for a business.all of the options are true.a financial statement prepared for external users.a quantitative expression of an entity's future plans.
Question
A budget is:Group of answer choicesthe process relating to the longer term planning for a business.all of the options are true.a financial statement prepared for external users.a quantitative expression of an entity's future plans.
Solution
A budget is a quantitative expression of an entity's future plans. It is a financial statement prepared primarily for internal use in a business, but can also be used for external users such as investors and creditors. It involves the process of longer-term planning for a business, including forecasting income and expenses, and setting financial targets. Therefore, all of the options are true.
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