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B Com Exam  >  B Com Tests  >  Test: Controlling - 2 - B Com MCQ

Test: Controlling - 2 - B Com MCQ


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10 Questions MCQ Test - Test: Controlling - 2

Test: Controlling - 2 for B Com 2024 is part of B Com preparation. The Test: Controlling - 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Controlling - 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Controlling - 2 below.
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Test: Controlling - 2 - Question 1
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What is the primary focus of this chapter regarding control techniques?

Detailed Solution for Test: Controlling - 2 - Question 1
This chapter primarily focuses on budgetary control. While financial control was covered in detail in previous chapters, this one concentrates specifically on budgetary control.
Test: Controlling - 2 - Question 2
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What is one of the advantages of budgeting and budgetary control mentioned in the text?

Detailed Solution for Test: Controlling - 2 - Question 2
One of the advantages of budgeting and budgetary control is that it compels management to think about the future. It forces them to set out detailed plans for achieving targets and gives the organization purpose and direction.
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Test: Controlling - 2 - Question 3
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Which type of responsibility center is focused on measuring performance by comparing revenues and expenditures?

Detailed Solution for Test: Controlling - 2 - Question 3
A profit center is a responsibility center where performance is measured by the difference between revenues (outputs) and expenditures (inputs). Inter-departmental sales are often made using "transfer prices."
Test: Controlling - 2 - Question 4
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According to the Institute of Cost and Management Accountants (CIMA), how is budgetary control defined?
Detailed Solution for Test: Controlling - 2 - Question 4
Budgetary control, as defined by CIMA, involves the establishment of budgets relating the responsibilities of executives to policy requirements and the continuous comparison of actual results with budgeted results.
Test: Controlling - 2 - Question 5
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What is the key feature of a good budget, as mentioned in the text?
Detailed Solution for Test: Controlling - 2 - Question 5
A good budget is characterized by flexibility. It should allow for changing circumstances and adjustments as needed.
Test: Controlling - 2 - Question 6
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Which part of the budget organization and administration is responsible for controlling the budget administration, dealing with budgetary control problems, and ensuring that deadlines are met?
Detailed Solution for Test: Controlling - 2 - Question 6
The budget officer is responsible for controlling the budget administration, dealing with budgetary control problems, and ensuring that deadlines are met.
Test: Controlling - 2 - Question 7
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What is the purpose of a cash budget in financial management?
Detailed Solution for Test: Controlling - 2 - Question 7
The primary purpose of a cash budget is to maintain control over a firm's cash requirements, including managing stock and debtors and arranging for investment and loan facilities.
Test: Controlling - 2 - Question 8
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In the context of budget preparation, what does the term "zero base budgeting (ZBB)" refer to?
Detailed Solution for Test: Controlling - 2 - Question 8
Zero base budgeting (ZBB) is a budgeting approach that starts from scratch and requires justification for all resources, without assuming the continuation of existing resources.
Test: Controlling - 2 - Question 9
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In cost control, what is the term used to describe the difference between actual costs and budgeted costs for an item due to variations in price or usage?
Detailed Solution for Test: Controlling - 2 - Question 9
The term "budget variance" is used to describe the difference between actual costs and budgeted costs for an item, which can result from variations in both price and usage.
Test: Controlling - 2 - Question 10
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Why is it important to analyze both price and usage variances in cost control?
Detailed Solution for Test: Controlling - 2 - Question 10
Analyzing both price and usage variances is important because they provide valuable insights into cost control. Price variances may indicate issues with procurement or supplier negotiations, while usage variances can reveal inefficiencies in resource utilization.
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