 In this presentation, we will take a look at multiple choice questions related to budgeting. We'll go through the questions and then practice test taking skills with them. First question, report that presents estimated amounts of assets, liabilities, and equity as of the end of the budget period is either a, budgeted income statement, b, continuous balance sheet, c, budgeted balance sheet, d, cash balance sheet or e, operating balance sheet. Let's go through this again using the process of elimination. Report that presents estimated amounts of assets, liabilities, equity as of the end of the budgeted period. Now this question should be very familiar to us because in normal financial accounting as we go through it, this is clearly if you see assets, liability, and equity, it should ring in your head that that should be kind of a balance sheet type of thing, right? So the balance sheet should kind of pop in your head, the main financial statement, balance sheet income statement type of thing. Budgeted financial statements still have the same concept here because it's just now we're budgeting on either the balance sheet or the income statement. We're still finishing off with the financials, the balance sheet, the income statement, but now they are budgeted balance sheet and income statement. So that's what we would expect here. So let's go through them. A says a budgeted income statement. So it's not going to be the income statement that because it's not revenue and expenses. B says continuous balance sheet. Now that has the keyword balance sheet that we're looking for. So I'll keep that for now. C says budgeted balance sheet. That's that's almost too plain for it to be correct, but it seems pretty good. And then D says the cash balance sheet. Notice they're using our key term and all these here, right? The balance sheet items. So that eliminates A of course, the income statement. I'll keep that for now. And E says operating balance sheet. Again, they all seem like reasonable type terms in that they use the balance sheet. Let's go through it again. Report that presents estimated amounts of assets, liability and equity as of the end of the budget period is either A continuous balance sheet, B budgeted balance sheet, C cash balance sheet or E operating balance sheet. Now of those four continuous balance sheet doesn't sound about doesn't sound right to me. And then on the other three operating balance sheet, that kind of sounds like our maybe the normal operating type balance sheet and maybe not