Books,Budget & Appropriation Accounts objective questions for Appendix 3A, LDCE 30% & 70%

Books,Budget & Appropriation Account objective questions@

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What is a budget Mcq?
A budget is a detailed plan of operations for. future periods.
What are the types of budgeting Mcq?
cash budget.
production budget.
direct materials purchasing budget.
tax budget.

What is the function of budget?
Budget has five different functions: Planning; Facilitating communication and coordination across the organisation; Allocation resources; Controlling profit and operations; Evaluating performance and providing incentives. Planning: Planning is the first step for the business budget function.
What is called budget?
A budget is a spending plan based on income and expenses. In other words, it's an estimate of how much money you'll make and spend over a certain period of time, such as a month or year.

What items are included in the appropriation account?
Four items appearing on the Profit and Loss Appropriation account...
Interest on Drawings on the credit side;
Interest on Partner's Capital on the debit side;
Partner's salary on the debit side;
Partner's commission on the debit side.

What does appropriation mean in finance?
Appropriation: A law of Congress that provides an agency with budget authority. An appropriation allows the agency to incur obligations and to make payments from the U.S. Treasury for specified purposes. Appropriations are definite (a specific sum of money) or indefinite (an amount for "such sums as may be necessary").

What are the types of appropriations?
The three types of appropriations measures are regular appropriations bills, continuing resolutions, and supplemental appropriations bills.

What is appropriation balance?
Definition. • Appropriated Fund Balance – The amount of fund balance (assigned, restricted or unassigned) that management desires to legally authorize as a financing source to help fund specific expenditures. – Requires legal action by the Board, to authorize the use of fund balance for a specific purpose.