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vichka [17]
1 year ago
5

Which primary management responsibility includes the process of creating budgets?

Business
1 answer:
sladkih [1.3K]1 year ago
8 0

Planning is the primary management responsibility which includes the process of creating budgets.

Planning provides a framework for a businesses financial objectives typically for the next three to five years. Thus, budgeting details how the plan will be carried out month to month and covers items such as expenses, revenue, expenses, potential cash flow and debt reduction.

A budget helps create financial stability. So by tracking expenses and following a plan, a budget can make it easier to pay bills on time, build an emergency fund, and save for major expenses etc.

Hence, a budget planning puts a person on stronger financial footing for both the day-to-day and the long term.

To learn more about budget here:

brainly.com/question/18803390

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True.

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Standard direct labour cost = $20.00   per hour

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On jan. 2, callie company received a $700 payment from a customer previously billed for services performed. the journal entry to
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To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.

<h3>What is Journal entry?</h3>

A journal entry exists as an act of keeping or creating records of any transactions either economic or non-economic. Transactions exist listed in an accounting journal that indicates a company's debit and credit balances. The journal entry can consist of several recordings, each of which exists either a debit or a credit.

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Hence, To record On Jan 2, Callie Taylor received a $700 payment from a customer formerly billed for services performed. The journal entry to record this transaction would contain a debit to the cash account and a credit to the Accounts Receivable account.

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Hope it helps

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