EBK ACCOUNTING PRINCIPLES
EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Chapter 24, Problem 4Q

(a)

To determine

Budgeting: A process to prepare statement that represents the financial data for future periods is called budgeting. It is used for evaluation purposes as well based on deviation in the planned estimates and actual amounts.

Accounting: The process to record and report the financial events in a company during a specified period is called accounting. It reflects the financials during that period.

To identify: Whether the statement “accounting plays a relatively unimportant role in budgeting” is correct or not.

(b)

To determine

To identify: The responsibilities of management in budgeting.

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What is Budgeting? | Budgetary control | Advantages & Limitations of Budgeting; Author: Educationleaves;https://www.youtube.com/watch?v=INnPo0QPXf4;License: Standard youtube license