A detailed forecast used to monitor and control expenses is called a(n)____________.
A)balance sheet
B)profit and loss account
C)budget
D)income and expense statement

Question

A detailed forecast used to monitor and control expenses is called a(n)____________. ​
A)balance sheet
B)profit and loss account
C)budget
D)income and expense statement

Quizplus · Accepted Answer

A budget is a comprehensive financial plan used to forecast future revenues and expenditures, providing a detailed forecast of all the expenses that will be incurred, which can be monitored and adjusted as necessary to ensure that expenses remain within the available resources. A balance sheet is a statement of assets, liabilities, and equity at a particular point in time, while a profit and loss account or income and expense statement provides a summary of revenues and expenses over a specific period. Therefore, the best choice is C, budget.

A Detailed Forecast Used to Monitor and Control Expenses Is