ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Focuses on each cost and revenue item
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Outlines how a business receives and spends money
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Reported by weekly or monthly
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Constructed for the specific program element
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Detailed explanation-1: -The income statement primarily focuses on a company’s revenues and expenses during a particular period. Once expenses are subtracted from revenues, the statement produces a company’s profit figure called net income.
Detailed explanation-2: -What are Budgeted Financial Statements? Budgeted financial statements contain the expected financial results, financial position, and cash flows of a business. These budgeted financials include an income statement, balance sheet, and statement of cash flows.
Detailed explanation-3: -Operating budget An operating budget shows a business’s projected revenue and the expenses associated with it for a period of time. It’s very similar to a profit and loss report. It includes fixed cost, variable cost, capital costs, and non-operating expenses.
Detailed explanation-4: -Revenue is the money a company earns from the sale of its products and services.
Detailed explanation-5: -Balanced Budget. A budget is deemed a balanced one if the expected government expenses equal the estimated government receipts during a given financial year. Surplus Budget. The second of the three types of budgets are the surplus budget. Deficit Budget. 31-Jan-2023