Which Of The Following Is NOT A Purpose Of The Income Statement

To Determine The Income Of The Owner

How Do Budgets Differ From Other Accounting Reports?

Budgets Report Future Events And Use Predictions

What Are The Two Main Budgeted Reports?

Budgeted Income Statement & Cash Budget

Hypothetical: You're going to an after-deb party What do you bring? This includes you Mr. Grbic

Cruisers, Whatever's 20% off, A fine bottle of aged whiskey

1. Prepare Budgeted Reports 2. Prepare Actual Reports 3. Variance Reports 4. _________

Decisions Are Made To Improve The Next Period's Performance

studbud

Accounting Budgets and Profit - Unit 1/2 Income Statements/Receipts and Payments

11 termsStudBud Administration84 plays

Budgets Budget Accounting Budgeting Budgets Budget Accounting Budgeting Budgets Budget Accounting Budgeting Budgets Budget Accounting Budgeting Budgets Budget Accounting Budgets #Accounting #Income #Statements #Variance #Reports #Profit #Surplus #Revenue #Expense #Balance #Sheet

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Questions 11

Answers

1
Which Of The Following Is Not A Revenue?
Fees Earned
Interest Revenue
Capital Contribution
Small Business Prize
2
Which Of The Following Is NOT A Purpose Of The Income Statement
Aid Decision Making
Assist In Planning
Assess Whether The Business Is Meeting Its Targets
To Determine The Income Of The Owner
3
Advertising: Budgeted: 10490 Actual: 10320. This is _______
More Information Is Needed
Unfavourable
Close Enough
Favourable
4
This Is An Example Of What Sort Of Statement?
Classified Balance Sheet
Statement Of Receipts and Payments
Unclassified Balance Sheet
Variance Report
5
What Is The Next Line In A Statement Of Receipts And Payments After "Cash Surplus/(Deficit)"
"Cash Surplus/(Deficit)" Is The Last Line
Favourable/Unfavourable
Bank Balance at End
Add Bank Balance at Start
6
How Do Budgets Differ From Other Accounting Reports?
Budgets Regard The Owner And The Business As The Same Entity
Budgets Are Really Easy
Budgets Aren't Considered Reports
Budgets Report Future Events And Use Predictions
7
What Actions Can Be Taken By The Owner To Prepare For A Budgeted Net Loss?
Alter Spending To Achieve A GST Refund
Use Credit For The Purchase Of Non-Current Assefs
Examine Staff Rosters
Reduce Their Drawings
8
What Are The Two Main Budgeted Reports?
Budgeted Cash Receipts & Budgeted Cash Payments
Budgeted Income Statement & Cash Budget
General Budget & GST Budget
Budgeted Income Statement & Balance Budget
9
Hypothetical: You're going to an after-deb party What do you bring? This includes you Mr. Grbic
Cruisers
Whatever's 20% off
Some JD's from Liqourland
A fine bottle of aged whiskey
10
What Is The Equation For Profit?
Profit = Revenues - Payments
Profit = 1+2
Profit = Assets + Owners Equity
Profit = Revenues - Expenses
11
1. Prepare Budgeted Reports 2. Prepare Actual Reports 3. Variance Reports 4. _________
Problems/Unfavourable Outcomes Are Identified In The Budgets
Next Period's Budgeted Reports Are Prepared
The Books Are Cooked So The Budgets Match Actual Reports
Decisions Are Made To Improve The Next Period's Performance

Accounting Budgets and Profit - Unit 1/2 Income Statements/Receipts and Payments Flashcards | StudBud

Accounting Budgets and Profit - Unit 1/2 Income Statements/Receipts and Payments

11 termsStudBud Administration84 plays

Flashcards11 cardsFPractice quizPHost liveL

Questions 11

Answers

1
Which Of The Following Is Not A Revenue?
Fees Earned
Interest Revenue
Capital Contribution
Small Business Prize
2
Which Of The Following Is NOT A Purpose Of The Income Statement
Aid Decision Making
Assist In Planning
Assess Whether The Business Is Meeting Its Targets
To Determine The Income Of The Owner
3
Advertising: Budgeted: 10490 Actual: 10320. This is _______
More Information Is Needed
Unfavourable
Close Enough
Favourable
4
This Is An Example Of What Sort Of Statement?
Classified Balance Sheet
Statement Of Receipts and Payments
Unclassified Balance Sheet
Variance Report
5
What Is The Next Line In A Statement Of Receipts And Payments After "Cash Surplus/(Deficit)"
"Cash Surplus/(Deficit)" Is The Last Line
Favourable/Unfavourable
Bank Balance at End
Add Bank Balance at Start
6
How Do Budgets Differ From Other Accounting Reports?
Budgets Regard The Owner And The Business As The Same Entity
Budgets Are Really Easy
Budgets Aren't Considered Reports
Budgets Report Future Events And Use Predictions
7
What Actions Can Be Taken By The Owner To Prepare For A Budgeted Net Loss?
Alter Spending To Achieve A GST Refund
Use Credit For The Purchase Of Non-Current Assefs
Examine Staff Rosters
Reduce Their Drawings
8
What Are The Two Main Budgeted Reports?
Budgeted Cash Receipts & Budgeted Cash Payments
Budgeted Income Statement & Cash Budget
General Budget & GST Budget
Budgeted Income Statement & Balance Budget
9
Hypothetical: You're going to an after-deb party What do you bring? This includes you Mr. Grbic
Cruisers
Whatever's 20% off
Some JD's from Liqourland
A fine bottle of aged whiskey
10
What Is The Equation For Profit?
Profit = Revenues - Payments
Profit = 1+2
Profit = Assets + Owners Equity
Profit = Revenues - Expenses
11
1. Prepare Budgeted Reports 2. Prepare Actual Reports 3. Variance Reports 4. _________
Problems/Unfavourable Outcomes Are Identified In The Budgets
Next Period's Budgeted Reports Are Prepared
The Books Are Cooked So The Budgets Match Actual Reports
Decisions Are Made To Improve The Next Period's Performance