The income and expense statement looks forward in time,while a budget is backward looking.

Name: The income and expense statement looks forward in time,while a budget is backward looking.
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Question

Quizplus · Accepted Answer

The income and expense statement and budget both look forward in time, but the main difference is that the income and expense statement shows actual revenue and expenses incurred during a specific time period, while a budget is a plan for expected revenue and expenses for a future time period.

The Income and Expense Statement Looks Forward in Time,while a Budget