Exam 11: Operational Budgets

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In 2010, OSW budgeted its sales volume at 10,000 units. Actual volume was 9,800 units. If OSW uses the static budget to calculate variances and assuming that inventory levels are insignificant, which of the following statements is true?

(Multiple Choice)

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Question 81

Participative budgeting involves customers and managers at all levels in the organisation.

(True/False)

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Question 82

Which of the following must managers develop prior to preparing a budgeted income statement?

(Multiple Choice)

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Question 83

Which of the following is a simple version of a flexible budget?

(Multiple Choice)

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Question 84

The principles of activity-based costing can be applied to the budgeting process.

(True/False)

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Question 85

Planning Systems, has forecast the following unit sales and production for the next year, by quarter: A finished unit requires one unit of material A and two units of material B. There should be enough material on hand at the end of each quarter to meet 20% of the next quarter's production needs. There are no work-in-process inventories. What is the ending inventory for material A for quarter 2?

(Multiple Choice)

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Question 86

If actual activities do not follow plans, a variance is likely to result.

(True/False)

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Question 87

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In 2010, OSW budgeted its sales volume at 10,000 units. Actual volume was 9,800 units. If OSW uses the static budget to calculate variances and assuming that inventory levels are insignificant, which of the following statements is true?

Participative budgeting involves customers and managers at all levels in the organisation.

Which of the following must managers develop prior to preparing a budgeted income statement?

Which of the following is a simple version of a flexible budget?

The principles of activity-based costing can be applied to the budgeting process.

If actual activities do not follow plans, a variance is likely to result.

The Role of Accounting Information in Management Decision Making

Cost Concepts, Behaviour and Estimation

A Costing Framework and Cost Allocation

Cost-Volume-Profit Cvp Analysis

Job Costing Systems

Process Costing Systems

Absorption, Variable and Throughput Costing

Activity Analysis: Costing and Management

Relevant Costs for Decision Making

Standard Costs, Flexible Budgets and Variance Analysis

Strategy and Control

Planning and Budgeting for Strategic Success

Capital Budgeting and Strategic Investment Decisions

The Strategic Management of Costs and Revenues

Strategic Management Control: a Lean Perspective

Responsibility Accounting, Performance Evaluation and Transfer Pricing

The Balanced Scorecard and Strategy Maps

Rewards, Incentives and Risk Management

Sustainability Management Accounting

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