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Q1. An 'Adverse Variance' occurs when...
An income or expenditure figure is worse than it was predicted/budgeted to be
An income or expenditure figure is better than it was predicted/budgeted to be
A predicted/budgeted income or expenditure item, does not actually occur
A predicted/budgeted income item, is omitted from the accounts
Q2. What is the purpose of a Cash Flow Statement?
It shows the profit a business has made in the last year
It shows the total non-cash profit made by the business
It shows the difference between the cash entering and leaving the business
It shows the total cost of manufacturing our products
Q3. In a Club, what is a 'Special Purpose' Profit & Loss Account?
An account that will not be shown to the members
An account that is only used for a small period of time
An account that is required by law
An account for a small portion of the club (e.g the Bar)
Q4. What is a 'Compensating Error'?
When a figure is entered on the incorrect side of an account
When two errors in the accounts cancel each other out
When a figure is placed in the incorrect category of account (e.g an expense is recorded as an asset)
When a figure is left out of the accounts
Q5. What does 'IASB' stand for?
The International Accounting Standards Board
The International Accounting Standards Body
The Irish Accounting Standards Board
The Irish Accounting Standards Body
Q6. Prudence and Consistency are examples of...
Q7. An 'accrual' is...
An expense that we have prepaid
An asset that has been fully depreciated
A payment that is due to someone
A liability that has been paid
Q8. A Private Limited Company is identified using the letters...
Q9. In Farm Accounts, an 'EU Subsidy for Sheep' is recorded as...
An Expense in the Income and Expenditure Account
A Fixed Asset in the Balance Sheet
A Long-Term Liability in the Balance Sheet
An item of Income in the Enterprise Analysis Account for Sheep
Q10. A business that has borrowed €20,000 of it's €100,000 start-up capital, would be said to have...
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