Higher Accounting - Budgets

Higher Accounting - Budgets

4th Grade

15 Qs

quiz-placeholder

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Higher Accounting - Budgets

Higher Accounting - Budgets

Assessment

Quiz

Fun

4th Grade

Hard

Created by

Chantelle Scott

Used 41+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
Which of the following is NOT a main objective of creating budgets?
To help plan ahead for the whole business
To help control by comparing actual with budget
To help increase participation and motivation of managers
To meet legal requirements to publish all financial resuls

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
There are three main types of budget you need to know how to calculate. Which one is calculated by adding purchases to opening inventory and then deducting closing inventory?
Cash
Sales
Production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
There are three main types of budget you need to know how to calculate. Which one is calculated by deducting opening inventory from sales and then adding closing inventory?
Cash
Sales
Production

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
The opening inventory of one month becomes the closing inventory of the next month in sales and production budgets.
True or False?
True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
Depreciation should be included in a cash budget 'overhead' payment figure.
True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
What is the name given to the amount of sales made to customers which is unlikely to be repaid?
Sales returns
Purchase returns
Bad debts
Write off

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
Which statement is correct about how to show the amount of sales irrecoverable from customers in a cash budget?
It should be shown as a negative figure in the Receipts section of the cash budget
It should be shown as a negative figure in the the Payments section of the cash budget
It should be deducted from the credit sales figure before sales is written into the cash budget
It should be added to the purchase of raw materials expense figures before written into the cash budget

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