A variance reort is a report that:

Variance Reporting and Sources of Finance

Quiz
•
Social Studies
•
KG - 12th Grade
•
Medium

Tony Jongue
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Compares the assets and liabilities of a business.
Compares a business' actual financial outcomes against its budgeted financial outcomes.
Compares the debits and credits in balance sheet
Compares a business' cash inflow and its cash outflow.
2.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Variance reporting helps with:
A. Understanding a business' cashflow position.
B. Understanding the business' operating trends.
C. Decision making.
A & C
A only.
A, B, & C
B & C
3.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Those who benefit from variance reports are _____?
Accountants
Team Leaders
Generally those who make financial decisions on behalf of the business.
Shareholders.
4.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
When are variance reports prepared?
A. Typically, monthly.
B. When actual figures are available.
A
A & B
B
5.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
True or False: A favourable variance is when actual
cash inflows (receipts) are higher than budgeted.
True
False
6.
MULTIPLE CHOICE QUESTION
10 sec • 5 pts
True or False: An unfavourable variance is when actual
cash outflows (payments) are lower than budgeted.
True
False
7.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
A business has budgeted $6000 for 'receipt from debtors' for the month of July.
If the actual figure was 9000, the variance was:
3000 UF
2000 F
3000 F
2000 UF
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