Opening stock as on 1st April is expected to be 3,500 units

Question 138. : A factor which limits the activities of an undertaking and which is taken into account while preparing budget is known as – (A) Budget manual (B) Budget controller (C) Budget key factor (D) Budget centre Answer: (C) Budget key factor

Question 139. : A document which sets out the responsibility of the persons engaged in the routine of and the procedures, forms and records required for budgetary control is called- (A) Budget centre (B) Budget report (C) Budget controller (D) Budget manual Answer: (D) Budget manual

Question 140. : A budget that gives a summary of all the functional budgets and budgeted statement of profit and loss is called – (A) Flexible budget (B) Master budget (C) Performance budget (D) Zero base budget Answer: (B) Master budget

The opening stock of finished goods is 10,000 units and the company expects to maintain the closing stock of finished goods at 16,250 units at the end of the year. The production pattern in each quarter is based on 80% of the sales of the current quarter and 20% of the sales of the next quarter.

Question 142. : Budget which remains unchanged regardless of the actual level of activity is known as – (A) Fixed budget (B) Functional budget (C) Flexible budget (D) Cash budget Answer: (A) Fixed budget

The production for quarter IV will be – (A) 36,000 units (B) 42,000 units (C) 48,250 units (D) 38,250 units Answer: (C) 48,250 units

Question 143. : Estimated wages for January is ? 4,000 and for February ? 4,400. If the delay in payment of wages is 1 /2 month, the amount of wages to be considered in cash budget for the month of February will be – (A) ? 4,000 (B) ? 4,400 (C) ? 4,600 (D) ? 4,200 Answer: (D) ? 4,200

Question 148

Question 145. : Crown Ltd. has forecast its sales for the next three months as follows: April: 12,000 units, May: 15,000 units, June: 17,000 units. Closing stock should be equal to 20% of the coming month’s sales needs. The number of units required to be produced in May is- (A) 14,600 units (B) 11,500 units (C) 15,400 units (D) 13,600 units Answer: (C) 15,400 units

Question 146. : The basic difference between a static budget and a flexible budget is – (A) A static budget is based on one specific level of production and a flexible budget can be prepared for any production level within a relevant range (B) A static budget is for an entire production, but a flexible budget is applicable only to a single department (C) Flexible budget allows management latitude in meeting goals, whereas a static budget is based on a fixed standard (D) A flexible budget considers only variable costs, but a static budget considers all costs Answer: (A) A static budget is based on one specific level of production and a flexible budget can be prepared for any production level within a relevant range

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: X Ltd. has forecast its sales for the next three months as follows: May : 12,000 units June : 20,000 emits July : 25,000 units Opening stock as on 1 st April is expected to be 5,000 units. Closing stock should equal 20% of the coming month’s sales needs. How many units should be produced in June – (A) 20,000 Units (B) 11,000 Units (C) 21,000 Units (D) 25,000 Units Answer: (C) 21,000 Units

Question 149. : PQR Ltd. has prepared the budget for the production of one lakh units of the only commodity manufactured by them for a costing period as follows:

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