T-level admin and mgt: Finance tracking & controlling

Which of the 5 types of budgets used to develop forecasts is used to plan the acquisition of the materials to produce the goods for resale.

• Workforce

• Sales

• Purchasing

• Cash

Spend authorisation process is also known as:

• Spend Approvals (SA) process

• Purchase Order (PO) process

• Production Order (PO) process

• Sales Acquisition (SA) process

The purpose of a revenue audit is to:

• ensure the presentation of gross and net income complies with HMRC requirements

• ensure the presentation of gross and net income complies with shareholder requirements

• ensure the presentation of gross and net income complies with competitor's gross and net income

• ensure the presentation of gross and net income complies with accounting standards

In the Spend Authorisation process, the first step is to

• Receive request to order goods/service

• Issue PO with unique reference number to supplier

• Receive invoice match with PO and packing note

• Process invoice for payment if no queries

Two of the 5 types of budgets used to develop forecasts are:

• Cash and Workforce

• Profit and Loss

• Income and Expenditure

• Personal and Business

Consider the following statements and select the correct answer:

A - Sales budget considerations include previous sales levels and market research

B - Production budget considerations include plant/machinery utilisation and levels of work-in-progress

• Only statement A is correct

• Only statement B is correct

• Both statement A and B are correct

• Neither statement A nor B are correct

The process of organising and administering budgets involves fours steps:

1 - Set up budget responsibility centres

2 - Appoint a budget control officer

3 - Appoint a budget committee

4 - ?

• Create a budget handbook

• Sign-off the budget

• Develop a new budget

• Create a budget app

Considering the following statements and select the correct answer:

A - Forecasting forces management to look to the future

B - Forecasting is one of the least important processes in a business

• Only statement A is correct

• Only statement B is correct

• Both statement A and B are correct

• Neither statement A nor B is correct

Budgets set out the resources needed for _____ in a specific _____.

• competitors activities; tax year

• business activities; month

• business activities; accounting period

• shareholders; accounting period

An example of Fiduciary risk is:

• managers making poor business decisions

• a lack of awareness of GDPR requirements by a business data controller

• goods not being paid for by debtors

• investors not utilising funds for their intended purpose