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Sagot :
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.
Know more about budgeted income statements here:
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