Question

The budgeted income statement is typically prepared before the budgeted balance sheet. True or false?.

Answer 1

The budgeted income statement is typically prepared before the budgeted balance sheet: TRUE

What is a budgeted income statement?

• A budgeted income statement (also known as a budget income statement) is a document that estimates and evaluates a company's revenue and expenses.
• It's a planning tool that many businesses use at the start of the fiscal year to prepare and complete their annual budgets.
• Typically, the budgeted income statement is created before the planned balance sheet.
• We must calculate budgeted statistics such as budgeted net sales, budgeted cost of products sold, budgeted sales expenditures, budgeted administrative expenses, and other budgeted expenses and incomes in order to prepare a budgeted income statement.

Therefore, the statement "the budgeted income statement is typically prepared before the budgeted balance sheet" is TRUE.

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