Accounting-01 Roehampton

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Accounting-01 Roehampton

Accounting Year 01 Roehampton University

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Double entry in Accounting means _________________? Entry at two separate dates in a financial statement Entry of two aspects in a financial transaction Erroneous entry in the income statement or statement of the financial position. Entry for both cash and credit transaction.
The following are basic characteristics of a Financial Transaction EXCEPT? Expense Profit Revenue Asset.
Why is the managing of Cash-flows more valuable than the determination of profits? None of the above Because profitability does not really measure business performance Because cash is safely kept in the bank and profit is only distributed to shareholders Because liquidity fuels current business operations.
Budgets are based on Total purchases shown in the income statement Costs changing over time Statement of Financial Position Long-term organisational objectives.
The income statement is also known as Statement of Financial Position Statement of Cash-flow Profit & Loss Account Balance Sheet.
Cost Behaviour analysis is related to which of the following? How costs change over time, trending up or down How costs change as new products are introduced How costs change as output changes How costs change as products are not moving.
Which is NOT TRUE on the differences between Management Accounting (MA) and Financial Accounting (FA)? Information is only provided to internal stakeholders in MA while it is provided to mostly external stakeholders Information is timely and based on future estimates in MA while it is delayed and based on historical transactions in FA. Reports produced in MA and FA both contain financial information useful for making business decisions. Reports produced in MA and FA are both required to follow very strict guidelines from professional and regulatory bodies.
Which of the following is NOT a major type of Budgeting Method? Activity-based Budgeting Zero-based Budgeting Incremental Budgeting Performance-based Budgeting.
The control mechanism employed to systematically breakdown the divergence of actual results from planned activities is: Depreciation Debenture Control Revenues and expenses Analysis Variance Analysis .
As volume decreases, total fixed costs are ____________________? Increase Constant and cost per unit decreases Constant and cost per unit increases Decrease.
Which group is NOT an External Stakeholders for Sainsbury’s Plc? Employees Customers Shareholders Suppliers.
What is budget slack? Spare machine capacity that is not budgeted to be utilised Additional time built into the planning process to ensure that all budgets are prepared according to the timetable Additional revenue built into the sales budget to motivate the sales team Additional costs built into an expenditure budget to guard against overspending.
The differences between Feedback (FB) and Feedforward (FF) Budgetary Control Systems are the following EXCEPT? The nature of the Budget is flexible for FB and Fixed for FF The reports are usually presented in a Quarterly Business Review for FB and in a Daily Strategic Dialogue for FF Use of historical book valuations for FB and update of regular market announcements for FF Periodic monitor of performance metrics for FB and the continuous monitor of lead indicators for FF.
Variance Analysis in management accounting is ________________? It is a control mechanism employed to systematically breakdown the divergence of actual results from planned activities. All of the above The investigation of the deviations in financial performance from the set standards defined in budgets. It is the isolation of different causes for the discrepancy in revenue and expenses over a given period from initial targets.
Which of the following are variable costs? Annual bonus salary upon commission Company jet lease, $1,500 per day, booked ten times in a month Credit card fees Part time staff salaries Depreciation (18%) on manufacturing equipment Loan payments Employees’ salaries Rent for the year on office building Sales commission Seasonal supplies .
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