Which statement below describes the budgeted balance sheet?
A)It is a projection of financial position of the company at the end of the budget period.
B)It is developed from the budgeted balance sheet for the preceding year.
C)It is the last operational budget prepared.
D)It shows the costs incurred by the company for the current year.

Question

Quizplus · Accepted Answer

The budgeted balance sheet is a projection of the company's financial position at the end of the budget period, based on anticipated revenues, expenses, and assets. It is not developed from the previous year's balance sheet or focused on costs incurred.

Which Statement Below Describes the Budgeted Balance Sheet