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CHAPTER 2: BUDGETING
2.1 Which of the following may be considered to be objectives of budgeting?
(i) Co-ordination
(ii) Communication
(iii) Expansion
(iv) Resource allocation
A. All of them
B. (i), (ii) and (iv)
C. (ii), (iii) and (v)
D. (ii) and (iv)
Coordination (i) is an objective of budgeting. Budgets help to ensure that the
activities of all parts of the organisation are coordinated towards a single plan.
Communication (ii) is an objective of budgeting. The budgetary planning process
communicates targets to the managers responsible for achieving them, and it
should also provide a mechanism for junior managers to communicate to more
senior staff their estimates of what may be achievable in their part of the business.
Expansion (iii) is not in itself an objective of budgeting. Although a budget may
be set within a framework of expansion plans, it is perfectly possible for an
organisation to plan for a reduction in activity.
Resource allocation (iv) is an objective of budgeting. Most organisations face a
situation of limited resources and an objective of the budgeting process is to
ensure that these resources are allocated among budget centres in the most efficient
way.
2.2 What does the statement 'sales is the principal budget factor' mean?
A. The level of sales will determine the level of cash at the end of the period
B. The level of sales will determine the level of profit at the end of the period
C. The company's activities are limited by the level of sales it can achieve
D. Sales is the largest item in the budget
The company's activities are limited by the level of sales it can achieve. The
principal budget factor is the factor which limits the activities of an organisation.
Although cash and profit are affected by the level of sales, sales is not the only
factor which determines the level of cash and profit.
2.3 QT Co manufactures a single product and an extract from their flexed budget
for production costs is as follows.
Activity level
80% 90%
$ $
Direct material 2,400 2,700
Labour 2,120 2,160
Production overhead 4,060 4,080
8,580 8,940
What would the total production cost allowance be in a budget flexed at the 83%
level of activity? (to the nearest $)
A. $8,586
B. $6,888
C. $8,688
D. $6,266
Direct material cost per 1% = $30
Labour and production overhead:
$
At 90% activity 6,240
At 80% activity 6,180
Change 10% 60
Variable cost per 1% activity = $60/10% = $6
Substituting in 80% activity:
Fixed cost of labour and production overhead = $6,180 - (80 * $6) = $5,700

Flexed budget cost allowance:

$
Direct material $30 * 83 2,490
Labour and production overhead:
$
variable $6 * 83 498
fixed 5,700
8,688
2.4 Which of these statements is untrue?
A. Spreadsheets make the calculation and manipulation of data easier and quicker.
B. Spreadsheets are very useful for word-processing
C. Budgeting can be done very easily using spreadsheets
D. Spreadsheets are useful for plotting graphs.
Spreadsheets are NOT useful for word processing.
2.5 to 2.7

A B C D F G

1 Jan Feb Mar Apr May

2 Sales 15,000 13,400 16,100 17,200 15,300

3 Cost of sales 11,090 10,060 12,040 13,000 11,100

4 Gross profit 3,910 3,340 4,060 4,200 4,200

5 Expenses 1,500 1,500 1,500 1,500 1,500

6 Net profit 2,410 1,840 2,560 2,700 2,700

8 Net profit %

2.5 The fomula =C2-C3 will give the contents of which cell?
A C6
B C4
C C5
D C1
2.6 What would be the formula for March net profit?
A =D2-D3
B =B6+C6
C =D4-D5
D=D3*D8
2.7 What will be the formula to go in G8?
A =G6/G2*100
B =G4/100*G6
C =G2/G6*100
D=G6/G4*100
2.8 A company manufactures a single product. In a computer spreadsheet the cells
F1 to F12 contain the budgeted monthly sales units for the twelve m onths of next
year in sequence, with January sales in cell F1 and finishing with December sales
in F12. The company policy is for the closing inventory of finished goods each
month to be 10% of the budgeted sales units for the following month. Which of the
following formulae will generate the budgeted production (in units) for March next
year?
A =[F3 + (0.1*F4)]
B=[F3 – (0.1*F4)]
C=[(1.1*F3) – (0.1*F4)]
D=[(0.9*F3) + (0.1*F4)]
Budgeted production = budgeted sales + closing inventory - opening inventory. In
March, 10% of March's sales (found in cell F3) will still be inventory at the
beginning of the month and 10% of April's sales (cell F4) will be in inventory at
the end of the month. Production for March will therefore be
March's sales (F3) + 10% of April's sales (F4) - 10% of March's sales (F3)
Or
=[(0.9*F3) + (0.1*F4)]
2.9 Misty Co's budgetary control report for last month is as follows：

Fixed budget Flexed budget Actual results

$ $ $
Direct costs 61,100 64,155 67,130
Production overhead 55,000 56,700 54,950
Other overhead 10,000 10,000 11,500
126,100 130,855 133,580
What was the volume variance for last month?
A $4,755 (A)
B $2,725 (A)
C $4,755 (F)
D $2,725 (F)
The volume variance is the increase in cost resulting from a change in the volume
of activity, ie the difference between the original budget and the flexed budget. 
Volume variance = $126,100 - $130,855=$4,755 (A)
2.10 What was the expenditure variance for last month?
A $7,480 (F)
B $2,725 (F)
C $7,480 (A)
D $2,725 (A)
The expenditure variance is the difference between the flexed budget and the
actual results. Expenditure variance = $130,855 - $133,580=$2,725 (A)
2.11 The following question is taken from the July to December 2014 exam period
The standard cost card for a company's only product is given below:
$ per unit
Selling price 118
Direct labour 4 hours at $20 per hour 80
Direct material 3kg at $7 per hour 21
Fixed product overhead 5
Profit 12
For period, budgeted production and sales were 8,000 units, whilst actual
production and sales were 6,000 units. What is the flexed budget profit?
A $62,000
B $72,000
C $96,000
D $102,000
The correct answer of $62,000 can be calculated by multiplying the standard
contribution per unit by the actual output level and the subtracting the budgeted
fixed production overhead.
($118 - $80 – $21) × 6,000 units - $40,000 = $62,000.
2.12 The following question is taken from the January to June 2016 ex am period
Budget costs and revenues for output level of 4,000 units are given below. It is
known that after an output level of 5,000 units there is a step up in fixed costs of
$1,000:
$ per unit
Selling price 30
Variable cost 18
Fixed cost 4
Profit 8
What is the flexed budget profit at an output level of 6,000 units?
A $47,000
B $48,000
C $55.000
D $ 56.000
To arrive at this answer a candidate needs to understand that contribution
varies in linear proportion to volume, but that fixed costs do not. Accordingly they
need to calculate
that the contribution at 6,000 units will be $72,000 (6,000 x ($30 -$18)), and that
fixed costs will be
made up of the budgeted fixed costs at 4,000 units (4,000 x $4 = $16,000) plus the
step up fixed
costs of $1,000, making $17,000 in total. Profit at an output level of 6,000 units is
therefore
$72,000 - $17,000 = $55,000.
In short 6,000 units x ($30 -$18) – 4,000 units x $4 - $1,000 = $55,000
2.13 The following question is taken from the July to December 2016 exam period
The following spreadsheet shows the cal culation of a company's profit:
A B
1 $
2 Sale revenue 20,000
3 Variable production costs 5,000
4 Fixed production costs 3,000
5 Gross profit 12,000
6. Variable selling costs 1,000
7 Fixed selling costs 500
8 Profit 10,500
Which formula would calculate contribution?
A B2 -B3
B B5 – B6
C B8 + B7
D B8 + B7 + B4
Net profit = contribution – fixed cost
=> contribution= Net profit + fixed cost
= B8 + (B4 +B7)
Option D is true

2.14 The following question is taken from the July to December 2017 exam
period
 The following spreadsheet shows a profit centre's variances against budget for a
period. Some figures have been omitted (omitted figures are labeled ???).
A B C D E
1 Fixed budget Flexed budget Actual Variance
2.Sale/Production units 1,200 1,500 1,500 300
3 $ $ $ $
4 Sale revenue 60,000 75,000 74,000 -1,000
5 Direct material 21,600 ??? 24,000 ???
6 Direct labour 14,400 18,000 22,000 -4,000
7 Contribution 24,000 ??? 28,000 ???
8 Fixed costs 17,000 17,000 1 6,500 500
9. Profit 7,000 13,000 11,500 na
What figure should appear in cell E5?
A -2,400
B 2,400
C -3,000
D 3,000