Variance Reporting and Sources of Finance

Variance Reporting and Sources of Finance

KG - 12th Grade

15 Qs

quiz-placeholder

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Variance Reporting and Sources of Finance

Variance Reporting and Sources of Finance

Assessment

Quiz

Social Studies

KG - 12th Grade

Medium

Created by

Tony Jongue

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

A variance reort is a report that:

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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