Which of the Following Statements Regarding Budgets Is True

Multiple Choice

Which of the following statements regarding budgets is true?

A) Budgets are detailed forward-looking financial reports based on expected income and expenses.
B) Budgets describe a person's financial position at a given point in time.
C) Budgets measure a person's financial performance at a given point in time.
D) Budgets describe a person's financial goals over time.
E) Budgets are historical documents that tell an individual how he or she has performed in the past.