Budget

Method in which a budget established at the beginning of an accounting period is continuously amended to reflect variance that arises due to changing circumstances.

• Short term budget

• Long term budget

• Current budget

• Rolling Budget

The _____________ is a summary of company’s plans that sets specific targets for sales, production, distribution and financing activities.

• Sales budget

• Master budget

• Purchase budget

• Research & Development budget

Fund Procurement is part of ___________stage of budget cycle.

• Preparation

• Execution

• Evalutation

• Audit

Which of below is NOT factors affecting budget planning

• Accommodation available

• Seating capacity

• Excess labour

• Quality of management

Formula for Forecasting room revenue is ______________.

• Rooms in hotel X RevPAR X occupancy percentage

• Rooms sold X occupancy percentage X ADR

• Rooms available X occupancy percentage X ARR

• Rooms available X occupancy percentage X ADR

Execution stage occurs six months after the start of the fiscal year.

• TRUE

• FALSE

Zero based budget is a type of budget classified according to expenditure.

• TRUE

• FALSE

Research & Development Budget used for development or enhancement of a product or service.

• TRUE

• FALSE