Set of flashcards MC 2 (Page 1 of 1)

Flashcards	10
Language	English
Category	Quizzie
Level	University
Created / Updated	03.08.2014 / 07.08.2017
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Management by exception is:

a. a management tool to save time and effort

b. a technique that focuses on unplanned results

c. made possible by establishing benchmarks

d. All of the options given

A variable selling expense is:

a. All of the options given

b. an expense that never changes

c. an expense that is directly proportional to sales

d. an expense that is indirectly proportional to sales

If cash is collectd at the sale:

a. the operating cycle will be shorter than if sold on credit

b. the account receivable will be increased as a result of the sale

c. the account payable will be decreased as a result of the sale

d. the operating cycle will be longer than if sold on credit

The master budget for a service business:

a. excludes the projected financial statements

b. excludes the cash budget

c. excludes a purchases budget

d. excludes a sales budget

Budgeting is:

a. a management accountability process

b. a tax compliance process

c. a decision making process

d. a share holder accountability process

When a business sells land, buildings or equipment, it is reported in the ________ section of the statement of cash flows

a. operating

b. financing

c. expense Account

d. investing

An operating cycle is:

a. The average time before a business must reorder inventory

b. An entire year

c. The time it takes for a business to realize a profit

d. The average time it takes for a business to buy inventory, sell it to customers and to collect cash from customers

Which of the following is an interrelated report associated with a master budget?

a. Activities associated with the operating cycle

b. Expected financial results

c. General and administrative expenses budget

d. Goals to be met

What is an example of a fixed expense?

Rent

Commission on sales

Cost of petrol

Cost of goods sold

Which of the following items would not appear in a budget?

Projected sales

Anticipated rent costs

How many products the business plans to sell

Actual sales

MC 2

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