The incorrect statement is:
A) A budget is a short-term plan.
B) A budget defines precise targets, e.g. level of sales, levels of inventory.
C) A budget is expressed in monetary terms.
D) A budget summarises past information.
Correct Answer:
Verified
Q45: The phases of an accounting system are:
A)
Q46: Financial accounting reports concentrate on:
A) future events.
B)
Q47: The set of financial reports made available
Q48: Which of these is not generally regarded
Q49: How many of these are differences between
Q51: Budgets are typically set for:
A) five years.
B)
Q52: Financial accounting reports, compared with management reports,
Q53: Four key qualitative characteristics of accounting information
Q54: Which accounting report is specifically designed to
Q55: The financial reports comprising the 'final reports'
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