1) What id budgeting variance? a) It is the difference between the actual and the expected (budgeted) cost  b) It is not the difference between the actual and the expected (budgeted) cost  c) It is the difference between the actual and the expected (budgeted) life  d) It is the change between what a business thought it  was going to spend and what it spent 2) Is an adverse variance ' When the actual cost is higher than the expected (budgeted) '? a) Yes b) No 3) Is a favourable variance ' When the actual cost is higher than the expected (budgeted) '? a) No b) Yes 4) What is  a budget? a) It is a financial document that sets out the costs and revenues that are expected to be incurred or earned by future periods  b) It is not a financial document that sets out the costs and revenues that are expected to be incurred or earned by future periods  c) It is a financial document that sets out the costs and incomes that are expected to be incurred or earned by next periods  5) What are the REASONS FOR BUDGETING? a)   Authorisation     b) Forecasting c) Planning d) Communication and co-ordination e) Motivation f) Evaluation

Budgeting Quiz - Elements of Costing- AAT 2

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