Which of the following statement is correct? Question 5Answer a. Expenditure classification is only necessary for presenting the budget to parliament b. The expenditure side of the budget only include investments, transfers, and other transactions between the budget and state-owned enterprises. c. Functional Budget Classification may include grants, compensation of employees, social benefits. d. Economic Budget Classification may include compensation of employees, use of goods and services, Interests.

Which of the following statement is correct? Question 5Answer a. Expenditure classification is only necessary for presenting the budget to parliament b. The expenditure side of the budget only include investments, transfers, and other transactions between the budget and state-owned enterprises. c. Functional Budget Classification may include grants, compensation of employees, social benefits. d. Economic Budget Classification may include compensation of employees, use of goods and services, Interests.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 2TP: It is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit...

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Concept explainers

Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.

Question

Which of the following statement is correct?

Question 5Answer

Expenditure classification is only necessary for presenting the budget to parliament

The expenditure side of the budget only include investments, transfers, and other transactions between the budget and state-owned enterprises.

Functional Budget Classification may include grants, compensation of employees, social benefits.

Economic Budget Classification may include compensation of employees, use of goods and services, Interests.

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