EAC EAC Financial Administration & Budget Management

Question 1

What is the primary responsibility of an executive assistant when managing petty cash for an office?

Accepted Answer

Track all disbursements with receipts and reconcile the fund regularly

Answer

Invest it in short-term securities

Answer

Combine it with the executive's personal funds

Answer

Deposit it into the executive's personal bank account

Question 2

An executive assistant is asked to process an expense report. What is the most important step before submitting it for reimbursement?

Accepted Answer

Verify all expenses have original receipts and comply with the company's expense policy

Answer

Estimate costs without supporting documents

Answer

Round up all figures to the nearest hundred

Answer

Submit it without executive review to save time

Question 3

When assisting in preparing a departmental budget, which approach is considered best practice?

Accepted Answer

Analyze historical spending, forecast needs, and align with strategic priorities

Answer

Copy last year's budget numbers without review

Answer

Base the budget solely on the executive's preferences

Answer

Ignore capital expenditure requests

Question 4

What does a 'variance report' in budget management measure?

Accepted Answer

The difference between budgeted amounts and actual spending

Answer

Employee attendance fluctuations

Answer

Differences in office temperatures across floors

Answer

Changes in vendor contract terms

Question 5

An executive assistant is asked to reconcile a vendor invoice against a purchase order. What is the main purpose of this process?

Accepted Answer

To confirm that goods or services received match what was ordered and billed

Answer

To negotiate a lower invoice price after the fact

Answer

To delay payment as long as possible

Answer

To process the payment without management approval

Question 6

Which financial concept describes spreading the cost of a major purchase (like office equipment) over several years rather than expensing it all at once?

Accepted Answer

Depreciation

Answer

Cash flow management

Answer

Payroll processing

Answer

Accounts receivable