Variance Reporting and Sources of Finance

Variance Reporting and Sources of Finance

Assessment

Assessment

Created by

Tony Jongue

Social Studies

KG - 12th Grade

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Medium

15 questions

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1.

MULTIPLE CHOICE

20 sec • 5 pts

A variance reort is a report that:

2.

MULTIPLE CHOICE

20 sec • 5 pts

Variance reporting helps with:

A. Understanding a business' cashflow position.

B. Understanding the business' operating trends.

C. Decision making.

3.

MULTIPLE CHOICE

20 sec • 5 pts

Those who benefit from variance reports are _____?

4.

MULTIPLE CHOICE

10 sec • 5 pts

When are variance reports prepared?

A. Typically, monthly.

B. When actual figures are available.

5.

MULTIPLE CHOICE

10 sec • 5 pts

True or False: A favourable variance is when actual

cash inflows (receipts) are higher than budgeted.

6.

MULTIPLE CHOICE

10 sec • 5 pts

True or False: An unfavourable variance is when actual

cash outflows (payments) are lower than budgeted.

7.

MULTIPLE CHOICE

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:

8.

MULTIPLE CHOICE

20 sec • 5 pts

For June, the business budgeted $25000 for a vehicle purchase but ended up paying $33500. The variance was:

9.

MULTIPLE CHOICE

20 sec • 5 pts

True or False: Sources of finance is just another way of saying 'where the business obtains money to fund its business activity'.

10.

MULTIPLE CHOICE

30 sec • 5 pts

When a business has zero cash reserves, they are unable to:

A. Pay their expenses.

B. Buy stock and pay creditors.

C. Expand the business.

D. Pay their workers.

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