Which of the following statements about a budget is correct?
A) It is an entity's short-term plan expressed quantitatively.
B) It is an entity's long-term plan expressed quantitatively.
C) Budget targets are always impossible to meet.
D) Budgets must be prepared by all types of entities.

Question

Quizplus · Accepted Answer

Budgets are typically short-term plans, usually for a year, expressed in quantitative terms to guide an entity's financial decisions and actions.

Which of the Following Statements About a Budget Is Correct