Which of the following statement is incorrectO a. Revenue management is important in controlling government revenuess important iBudgets are only used for revenue controlsBudget is a critical tool for managing government revenue.b.c.O d. Government budget is a cyclical process.

Which of the following statement is incorrect: I O a. Revenue management is important in controlling government revenues Budgets are only used for revenue controls Budget is a critical tool for managing government revenue. b. c. O d. Government budget is a cyclical process.

Which of the following statement is incorrect: I O a. Revenue management is important in controlling government revenues Budgets are only used for revenue controls Budget is a critical tool for managing government revenue. b. c. O d. Government budget is a cyclical process.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 incorrect
O a. Revenue management is important in controlling government revenues
s important i
Budgets are only used for revenue controls
Budget is a critical tool for managing government revenue.
b.
c.
O d. Government budget is a cyclical process.

Expert Solution

Step 1: What is a budgets

Budgets play a crucial role in financial management.. They are comprehensive financial plans that organizations, including governments, use to estimate and allocate resources for specific periods, typically a fiscal year.

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