WorksheetsBudgets
Total questions: 10
Worksheet time: 5mins
What is a budget?
A budget is a rule that accountants have to follow
A budget shows budgeted and actual sales/purchases for a business
A budget shows data about suppliers
A budget shows data about their competitors
Why are budgets important?
They are important for suppliers to hit their targets
They are important so that the shareholder gets a dividend
They are important as data is important
They are important for managers and the business to hit their targets
Examples of accounting data is....
data, statistics, charts
statement of financial position, double entry, income statements
double entry, petty cash, supplier invoices
income statement, invoices, data on banks
What are examples of functional areas for a business... (done in grade 11)
HR, MARKETING, PRODUCTION, FINANCE
FINANCE, SALES, PROMOTION, HR
SALES, HR, FINANCE, SHAREHOLDER
What stakeholder checks the financial statements the most
shareholders/investors
owners
suppliers
banks
Who deals with the budgets for a business?
HR employees
Accountants
Finance employees of the business
The owner
What is the formula for gross profit margin?
sales / gross profit x 100
Gross profit / sales x 365
gross profit / sales x 100
sales / gross profit x 365
Debtors Collection Days Formula....
Debtors / gross profit x 365
Debtors / net profit x 365
Debtors / credit sales x 365
Debtors / cost of goods sold x 365
Asset Turnover formula?
assets/revenue
assets/sales
sales/liabilities
turnover/assets
Fixed Asset turnover ratio?
Turnover - (fixed assets - depreciation)
Current Assets / (fixed assets - depreciation)
Turnover / (fixed assets - current assets)
Revenue / (fixed assets - depreciation)
