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Classifying Items of Financial Statements

A statement o...

Question

A statement of expected results and resources allocated for a specified time period is known as ______________.

A

Budget

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B

Ratio

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C

Accounting process

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D

Agenda

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Solution

The correct option is B Budget
A statement of expected results and resources allocated for a specified time period is known as a budget. In simple words, it is an estimate of incomes and expenses over a period of time. It serves as a plan of action.

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