GoConqr has a new look! Let us know what you think.

Sign up free

Quiz

Monitoring & controlling performance with budgets quiz

sinead mccarthy-mason 8 questions Updated 6 Dec 2021

Take the quiz

This quiz has question types that open in the usual player.

Questions in this quiz (8)

  1. 1Incremental budgets use the previous period budget with adjustments for inflation?
    1. ATrue
    2. BFalse
  2. 2A long term budget produced in outline only
    1. AOperational budget
    2. BStrategic budget
    3. CProduction budget
  3. 3What two do you use to work out the direct material price variances?
    1. Astandard labour hours for actual production at standard rate
    2. Bstandard cost of the actual quantity of material used
    3. Cactual quantity of material used at standard price
    4. Dactual cost of the actual quantity of material used
  4. 4[blank_start]price[blank_end] variances are based on [blank_start]actual[blank_end] quantities, but [blank_start]usage[blank_end] variances are based on [blank_start]standard[blank_end] prices.
    1. Aprice
    2. Bpurchase
    3. Cproduction
    4. Dactual
    5. Eabsorbed
    6. Factivity
    7. Gusage
    8. Hunit
    9. Ilabour
    10. Jbudgeted
    11. Kstandard
    12. Lstepped
    13. Mfixed
    14. Nselling
    15. Oprofit
    16. Pmaterial
  5. 5Labour rate variance measures the cost difference due to the amount of labour time used.
    1. ATrue
    2. BFalse
  6. 6A fixed budget is one which is prepared for a specific level of activity, whereas a flexed budget is one which allows for a change in the level of activity
    1. ATrue
    2. BFalse
  7. 7A cash budget for December has the following assumptions to account for: Trade receivables will decrease by £1,500. Trade payables will increase by £100. Expenses paid will increase by £500. Inventroy of materials will increase by £450. What is the net impact on the cash flow?
    1. A£1650
    2. B£650
    3. C£1450
    4. D£450
  8. 8Stepped fixed costs of £300,000 apply to volumes up to 60,000 units. This is based on 12 steps. If the production rises to 75,000 units what will be the total stepped costs for this product.
    1. A£375,000
    2. B£25,000
    3. C£425,000

Information

Description
AAT Accounting Quiz on Monitoring & controlling performance with budgets quiz, created by sinead mccarthy-mason on 06/12/2021.
Language
English
Views
19
History
Created on 6 Dec 2021 · updated on 6 Dec 2021
Rating
No ratings yet
Rate this quiz
Rate this quiz

Feedback

What is it about?

What do you think of the new look?

How do you like it?