Applicable budgets for an accounting firm are likely to include:
A) budgeted balance sheet.
B) expenses budget.
C) labour budget.
D) each of the above budgets.

Question

Quizplus · Accepted Answer

An accounting firm's budgeting process should include all three budgets: budgeted balance sheet, expenses budget, and labor budget. The budgeted balance sheet will help the firm plan its overall financial position and determine how much financing it will need. The expenses budget will outline the anticipated costs of running the firm, including rent, utilities, salaries, and other expenses. The labor budget will detail the firm's anticipated payroll costs, both for existing employees and any new hires that may be necessary. By including all three budgets in its planning process, an accounting firm can make informed decisions about its business operations and ensure that it has the financial resources necessary to achieve its goals.

Applicable Budgets for an Accounting Firm Are Likely to Include