a. Cash in the most frequently budgeted asset.
b. Budgets always cover a 12 month period.
c. The cash budget is prepared using the accrual basis of accounting.
d. Budgets must be prepared using the Generally Accepted Accounting Practices.
e. Budgets are an integral part of a company’s external financial reports.

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What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why? Does the size of the company make a difference? Explain how. What would be the advantages and disadvantages of using one basis of accounting over the other?

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