Question

Which of the following is true regarding the different types of plans that exist:

Options

• A budget is a statement of expenses, revenue and income for a specified period.

• Policy provides broad contours referring to future decisions defining the organisation's direction and scope in the long run.

• Single-use plans are designed to ensure that internal operations of an organisation run smoothly.

• A standing plan is developed to achieve specific objectives so non-recurring in nature and not likely to be repeated in future.

Answer 1

A budget is a statement of expenses, revenue and income for a specified period.