Quiz 1

ACC516 * NOVEMBER 2016

Name:________________________________________________________________
Student I/D:______________________________________________

Instruction: Please answer the following questions in the space provided.

1. Define the term budget.
(2 marks)

2. State any three (3) purposes of for business entreprise.

(3marks)

3. Give two (2) examples of functional budget.

(2 marks)

4. State three (3) advantages of preparing annual budget.

(3marks)

5. Identify three (3) components of master budget.

(3marks)

6. State two (2) objective of preparing cash budget.

(2marks)

(Total: 15marks)