Which one of the following statements describes a budget report?
A)It is the preparation of long-term plans.
B)It is a comparison of actual results with planned objectives.
C)It includes the valuation of inventories.
D)It is voted on and approved by the stockholders.

Question

Quizplus · Accepted Answer

A budget report is a comparison of actual results with planned objectives, which allows for analyzing deviations and making necessary adjustments. Option A is describing strategic planning, option C is describing inventory valuation, and option D is describing the approval of financial statements or dividends by stockholders.

Which One of the Following Statements Describes a Budget Report