16.In the income statement reports, once budgets are set up – Select one: a. actual amounts...
16.In the income statement reports, once budgets are
set up –
Select one:
a. actual amounts are always given as a percentage of
the budgeted amounts
b. actual amounts are always greater than the budgeted
amounts
c. actual amounts are always less than the budgeted
amounts
d. budgeted amounts may be omitted from the
reports
17.Automatic fixed monthly payments such as auto
lease, insurance premiums and mortgage –
Select one:
a. should be recorded in the adjustments
journal
b. can be recorded in the account reconciliation
journal or in the general journal
c. must be recorded with a normal general journal
entry
d. should be recorded as cash payments because they
involve withdrawals from the bank account
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16.In the income statement reports, once budgets are
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