MCQ On Internal Controls Accounting

1. In budgeting plans, better administration of budget requires

Intelligent interpretations

Participation

Persuasion

All of Above

2. Compelling strategic plan, promoting coordination and providing framework of performance are classified as

Advantages of budget

Disadvantages of budget

Advantages of costing method

Disadvantages of costing method

3. Master budget includes all projections of budget of company and focuses on

Serial correlation

Marketing plan

Financial plan

Both B and C

4. Practice which makes target more achievable by underestimating revenues or overestimating cost is classified as

Cost slack

Target slack

Budgetary slack

Revenue slack

5. Budgeted income statement and supporting budget schedules is classified as

Focused statement

Slack statement

Budgeted income statement

Operating budget