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Branches of Accounting
Costs
Break-even
Types of budgets
Budgeting Basics
100
________ and _________ are the two branches of accounting.
What are Financial and Management accounting?
100
This is the way different costs react to a change in the level of activity.
What is Cost behaviour?
100
This is the level of activity where revenues cover all fixed and variable costs; where the profit is zero.
What is break-even point
100
A budget that is continuously updated.
What is a rolling or continuous budget?
100
Budgeting is used to estimate future ________ & revenues.
What is expenditures?
200
These users don't work in an organization.
What are External Users?
200
Costs that do not change with changes in activity levels?
What are Fixed costs?
200
These two approaches are used to calculate the break-even point.
What is "unit contribution margin" and "contribution margin ratio"
200
Funding that we received in the past but haven’t used yet.
What is cash budget?
200
These are designed to convince a funder to consider your request.
What is Budget proposal or Inquiry letter?
300
These users are working in the business.
What are Internal Users?
300
This cost has elements of both variable and fixed costs.
What is Mixed Costs?
300
Sales that are _____ break-even, create profit
What is above.
300
When items such as cars or real estate provide benefits for the organization long after the budget period ends.
What is Capital expenditures budget?
300
This can be used to add positions or start a new program or initiative.
What is budget surplus?
400
Lenders and investors are examples of this branch of accounting.
What is Financial Accounting?
400
Rent, insurance, and management salaries are examples of this kind of cost.
What is Fixed Cost?
400
This is units sold = Fixed expenses + Operating income / Contribution margin per unit
What is the unit contribution margin?
400
This provides a blueprint for financial management and must be provided as documentation for most grant applications.
What is operating expense budget?
400
These steps may be necessary when your budget is in a deficit.
What is cut expenses by eliminating some things from your budget, collaborate with another organization to share costs, or use money from prior years?
500
This branch of accounting is used to make reports for managers and employees.
What is Management Accounting?
500
The volume of your favourite chocolate is 10 and the variable cost is 1.50. The total variable cost is _______.
What is $15.00?
500
This is sales in $ = Fixed expenses + Operating income / Contribution margin ratio
What is Contribution margin ratio
500
Government institutions and charitable organizations are examples of this type of budget.
What is Static budget?
500
This is a standard or point of reference against which things may be compared or assessed and is provided by budgeting.
What is a bench-mark?