In a company that employs continuous budgeting on a quarterly basis and has an accounting period that ends December 31 of each year, what period would the first revision and update to the January through December 2017 budget cover?
A) December 2017-November 2018
B) February 2017-January 2018
C) March 2017-February 2018
D) April 2017-March 2018
E) January 2018-December 2018

Question

Quizplus · Accepted Answer

The first revision and update to the January through December 2017 budget would cover the period April 2017-March 2018 because continuous budgeting is done on a quarterly basis and the accounting period ends December 31 of each year.

In a Company That Employs Continuous Budgeting on a Quarterly