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Budgeting And Accounting MCQs

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1

The difference between the budgeted amounts and the actual results is classified as __________?

Option A: standard deviation

Option B: variances

Option C: mean average

Option D: weighted average

Correct Answer: variances ✔


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2

A manager, who is responsible for the both cost and revenues belong to the department of

Option A: cost center

Option B: revenue center

Option C: profit center

Option D: investment center

Correct Answer: profit center ✔


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3

A manager who is responsible for only the cost of the company belongs to __________?

Option A: cost center

Option B: revenue center

Option C: profit center

Option D: investment center

Correct Answer: cost center ✔


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4

The larger number of manager subordinates and the higher level manager are termed as _________?

Option A: activity subordinates

Option B: broader responsibility center

Option C: broader subordinates

Option D: activity ordinates

Correct Answer: broader responsibility center ✔


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5

The use of variables to signal whether the strategies are effective or ineffective is classified as _________?

Option A: evaluating strategy

Option B: performing strategy

Option C: warned strategy

Option D: weighted strategy

Correct Answer: evaluating strategy ✔


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6

Which of the following is an example of revenue center?

Option A: sales department

Option B: investing center

Option C: marketing department

Option D: segment department

Correct Answer: sales department ✔


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7

The manager who is responsible only for the revenues of the company can be categorized under the __________?

Option A: profit center

Option B: investment center

Option C: cost center

Option D: revenue center

Correct Answer: revenue center ✔


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8

The significant feature of Kaizen Budgeting is __________?

Option A: employee suggestion

Option B: customer suggestion

Option C: cost suggestion

Option D: price suggestion

Correct Answer: employee suggestion ✔


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9

The system which measures the budget, action and plan of each responsibility center is known as __________?

Option A: budgeted accounting

Option B: action accounting

Option C: planned accounting

Option D: responsibility accounting

Correct Answer: responsibility accounting ✔


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10

The variance used by managers to check whether the company has performed well and properly implemented the strategies is considered as __________?

Option A: strategic implementation

Option B: proper implementation

Option C: performance evaluation

Option D: well evaluated

Correct Answer: performance evaluation ✔


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11

An arrangement of line of authority within the company is classified as __________?

Option A: company structure

Option B: organization structure

Option C: line of authority

Option D: line of responsibility

Correct Answer: organization structure ✔


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12

The variance, if used to alert managers before time of the problem is called _________?

Option A: varied warning

Option B: times warning

Option C: managers warning

Option D: early warning

Correct Answer: early warning ✔


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13

The segment of subunit of company, whose manager is responsible for specific set of instructions and activities perform is classified as _________?

Option A: subunit center

Option B: instruction center

Option C: responsibility center

Option D: activity segment

Correct Answer: responsibility center ✔


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14

An assignment of task for managers, who are accountable for their actions in controlling and budgeting of resources is classified as _________?

Option A: coordinating the company effort

Option B: action plan

Option C: action accountability

Option D: project accountability

Correct Answer: coordinating the company effort ✔


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15

The manager who is responsible for investments of the company, its costs and revenues is known as ______

Option A: profit center

Option B: investment center

Option C: cost center

Option D: revenue center

Correct Answer: investment center ✔


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