Asked by Tyson Fisher on Jul 20, 2024
Verified
Budget reports comparing actual results with planned objectives should be prepared only once a year.
Budget Reports
Financial statements that compare budgeted data to actual financial performance over a specific time period.
Planned Objectives
Specific, measurable goals that an organization or individual aims to achieve within a set timeframe.
- Gain insight into the reasons behind and intervals for generating budget reports.
- Recognize the importance of comparing actual results with budgeted objectives for effective budgetary control.
Verified Answer
PS
Poderoso SiendoJul 20, 2024
Final Answer :
False
Explanation :
Budget reports comparing actual results with planned objectives should be prepared on a regular basis, typically on a monthly, quarterly, or annual basis, to allow for timely adjustments and corrective actions.
Learning Objectives
- Gain insight into the reasons behind and intervals for generating budget reports.
- Recognize the importance of comparing actual results with budgeted objectives for effective budgetary control.