5. In terms of the general ledger and financial reporting cycle, which of the following sequences is in the correct order? create trial balance, perform bank reconciliation, prepare adjusting journal entries, conduct financial reporting prepare adjusting journal entries, create trial balance, perform bank reconciliation, conduct financial reporting perform bank reconciliation, create trial balance, prepare adjusting journal entries, conduct financial reporting create trial balance, prepare adjusting journal entries, perform bank reconciliation, conduct financial reporting c o o Soo oo Which of the following statements regarding budgets is true? More aggregate budgets are more difficult to plan. More aggregate budgets have sound usefulness during monitoring of performance due to the abundance of information they provide. Budgets can be set at two levels. Budgets can be set for each different type of revenue and expense for each division as contained in the chart of accounts. 7. An inability to retain existing staff members: Allows for generational change to take place Provides opportunities for existing staff members Leads to expensive and disruptive staff replacements All of the options are correct ro doo 8. Which of the following documents is/are given to customers? (i) shipping notice (ii) sales invoice (iii) remittance advice (iv) goods packing slip. (i) (ii) (iii) only (ii) (iii) (iv) only (ii) (iii) only (i)(ii) (iii) (iv) 9. Which of the following regarding the setting of budget targets is true? When setting budget targets, more emphasis should be put on what is desired in terms of performance. When setting budget targets, more emphasis should be put on what is thought to be possible. When setting budget targets, there should be a balance between what is desired in terms of performance and what is thought to be possible When setting budget targets, neither what is desired in terms of performance nor what is thought to be possible should be considered. o o 6. Which of the following statement regarding business processes is correct? a. Business processes represent the series of discrete activities that deliver something of value to external customers b. Business processes represent the series of discrete activities that deliver something of value to both internal and external customers C. Business processes represent the series of interlocking activities that deliver something of value to internal customers d. Business processes represent the series of interlocking activities that deliver something of value to both internal and external customers