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

Proper petty cash management requires recording every expenditure with a receipt and performing regular reconciliations to ensure accountability and accuracy.

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

Verifying receipts and policy compliance before submission ensures accurate reimbursement and prevents audit issues or policy violations.

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

Effective budget preparation combines historical data analysis, forward-looking forecasting, and alignment with organizational goals to create a realistic financial plan.

Question 4

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

Accepted Answer

The difference between budgeted amounts and actual spending

Answer

A variance report compares planned budget figures against actual expenditures to identify overspending or underspending and prompt corrective action.

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

Three-way matching of invoice, purchase order, and receiving documents ensures the company only pays for what was actually ordered and delivered.

(EAC) Executive Assistant Certification Practice Test

(EAC) Executive Assistant Certification Practice Test

EAC EAC Financial Administration & Budget Management