Zero Base Budgeting requires: MCQ with Answer and Explanation
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Question #1
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If a transaction is recorded in the Journal Proper, which of the following is the most likely scenario?
Correct Answer: Option A
Explanation:
Credit purchases of assets (like machinery) do not go into the Purchases Book (which is only for trading goods) or Cash Book (as it's a credit transaction). They are recorded in the Journal Proper.
Credit purchases of assets (like machinery) do not go into the Purchases Book (which is only for trading goods) or Cash Book (as it's a credit transaction). They are recorded in the Journal Proper.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is a feature of standard costing?
Correct Answer: Option B
Explanation:
Standard costing uses predetermined (standard) costs to compare with actual costs, allowing for variance analysis and cost control.
Standard costing uses predetermined (standard) costs to compare with actual costs, allowing for variance analysis and cost control.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Recoverable Amount' is the higher of:
Correct Answer: Option D
Explanation:
Recoverable amount = higher of (fair value less costs of disposal) and (value in use).
Recoverable amount = higher of (fair value less costs of disposal) and (value in use).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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