What is an operating budget?
A. the amount an organization has left after all the costs of making the product and running the business have been deducted
B. a blueprint that states how managers intend to use organizational resources to achieve organizational goals efficiently
C. the amount of money the business's owners are willing to spend during a fiscal year
D. a measure of how much profit a company is earning on sales
E. the actual cost of running the business for a specified time period
Answer: B
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Fill in the blanks with correct word
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Refer to the following section of the comparative balance sheet: Valentine Corp Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Increase/(Decrease) Cash $45,000 $27,000 $18,000 Accounts Receivable 48,000 45,000 3,000 Merchandise Inventory 180,000 132,000 48,000 Total Assets $273,000 $204,000 $69,000 How will the change in Merchandise Inventory be shown on the statement of cash flows? A) addition to net income under the operating activities section B) subtraction from net income under the operating activities section C) positive cash flow under the financing activities section D) negative cash flow under the investing activities section
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Indicate whether the statement is true or false