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BDL plc is currently preparing its cash budget for the year to 31 March 20X8. An extract from its sales budget for the same year shows the following sales values.?

??????????????????????????? ? $

March?????????????? ?60,000

April?????????????????? 70,000

May?????????????????? 55,000

June???????????????? ?65,000

40% of its sales are expected to be for cash. Of its credit sales, 70% are expected to pay in the month after sale and take a2% discount; 27% are expected to pay in the second month after the sale, and the remaining 3% are expected to be bad debts.

What is the value of sales receipts to be shown in the cash budget for May 20X7?

A

$60,532

B

$61,120

C

$66,532

D

$86,620

An extract from a company's sales budget is as follows:

?????????????????????????????????????????????? $

October???????????????????????????? 224,000

November???????????????????????? 390,000

December???????????????????????? 402,000

Ten per cent of sales are paid for immediately in cash. Of the credit customers, 30 per cent pay in the month following the sale and are entitled to a one per cent discount. The remaining customers pay two months after the sale is made.

What is the value of sales receipts shown in the company's cash budget for December?

A

$285,567

B

$286,620

C

$290,430

D

$312,830

Extracts from a company's budget are as follows:

?????????????????????????????????????????????????????????????????????????????????????? August????????????????????? ?September

Production units???????????????????????????????????????????????????????????? 12,600??????????????????????????? 5,500

Fixed production overhead cost incurred?????????????????????? ?$9,440?????????????????????????? $7,000

The standard variable production overhead cost per unit is $5. Variable production overhead is paid 70 per cent in the month incurred and 30 per cent in the following month.

Fixed production overhead cost is paid in the month following that in which it is incurred and includes depreciation of $2,280 per month.

What is the payment for total production overhead cost shown in the cash budget for September?

A

$32,220

B

$42,870

C

$45,310

D

$47,590

The following extract is taken from the production cost budget of S Co.

Production (units)?????????????? 2,000????????? ?? 3,000

Production cost ($)???????????? 11,100?????????? 12,900

What is the budget cost allowance for an activity level of 4,000 units?

A

$7,200

B

$7,500

C

$13,460

D

$14,700

The following details have been extracted from the payables' records of X Co:

Invoices paid?in?the month of purchase??????????????????????????????????????? 25%

Invoices paid?in?the first month after purchase??????????????????????????? ?70%

Invoices paid?in?the second month after purchase????????????????????????5%

Purchases for July to September are budgeted as follows:

July????????????????????? ?$250,000

August???????????????? ?$300,000

September????????? ?$280,000

For suppliers paid in the month of purchase, a settlement discount of 5% is received. What is the amount budgeted to be paid to suppliers in September?

A

$278,500

B

$280,000

C

$289,000

D

$292,500

Which of the following control actions could be taken to help eliminate an adverse direct labour efficiency variance?

(i) Employ more highly skilled labour

(ii) Ensure stricter supervision of labour workers

(iii) Ask employees to work paid overtime

A

(i) and (iii) only

B

(i) and (ii) only

C

(i), (ii) and (iii)

D

(ii) and (iii) only

X department is a division of W Plc. X department usually has a quarterly wages cost of $4,500,000. Quarterly material costs are usually around $2,000,000. W Plc made a central decision to award all employees a wages increase of 2%.Which of the following variances for the latest quarter are worth investigating?(i) Direct material price variance $400 (A)(ii) Labour rate variance $90,000 (A)(iii) Sales volume variance $4,000,000 (F)

A

(i) and (iii) only

B

(i) and (ii) only

C

(i), (ii) and (iii)

D

(iii) only

Which of the following BEST describes the purpose of a flexible budget?

A

To ensure managers are motivated

B

To facilitate control by establishing a budget relevant to actual activity levels

C

To facilitate control by preventing discretionary expenditure

D

To?enable accurate?reforecasting when actual costs are known

The following statements relate to fixed budgets and flexible budgets.

(i) If production levels far exceed those anticipated, relying on a fixed budget is likely to result in massive variances

(ii) Flexible budgets assist management control by providing dynamic, comparable information

(iii) Flexible budgets are always superior to fixed budgets Which statements are true?

A

(i)?only

B

(i) and (ii) only

C

(ii) and (iii) only

D

(i), (ii) and (iii)

articiPpation by staff in the budgeting process is often seen as an aid to the creation of a realistic budget and to the motivation of staff. There are, however, limitations to the effectiveness of such participation. Which of the following illustrates one of these limitations?

A

Participation allows staff to buy into the budget

B

Staff suggestions may be ignored leading to de-motivation

C

Staff suggestions may be based on local knowledge

D

Budgetary slack can be built in by senior manager as well as staff