In a company that employs continuous budgeting on a quarterly basis and has an accounting period that ends December 31 of each year, what period would the first revision and update to the January through December 2017 budget cover

April 1, 2017 through March 31, 2018.

Explanation:

The company employs continuous budgeting on a quarterly basis. This means that they make budgets for the year in quarters and move with those quarters.

The first revision therefore for the year 2017 will happen on the first day of the second quarter which is April 1. On this date the first quarter will be removed from the budget because it has been passed. However, since the budget always has to be in total of a year, another quarter is included which will be the next quarter on the calendar, the January 1 2018 to the March 31st 2018 quarter.

The period will thus cover April 1, 2017 through March 31, 2018.

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