Questions and answers for flexible budgeting exam 2024/2025
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Flexible budgeting
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Flexible Budgeting
Questions and answers for flexible budgeting exam
2024/2025
What is a static budget? - CORRECT ANSWER A static budget is a
budget developed at the beginning of some period of time based on
input standards, price standards, and expected sales and production
volume.
Describe the static budg...
Questions and answers for flexible budgeting exam
2024/2025
What is a static budget? - CORRECT ANSWER A static budget is a
budget developed at the beginning of some period of time based on
input standards, price standards, and expected sales and production
volume.
Describe the static budget revenues. - CORRECT ANSWER
Conceptually, the static budget revenues are the revenues we expected
based on budgeted sales volume. Mathmatically, static budget revenue
equals budgeted sales volume x budgted price
Describe the static budget variable costs. - CORRECT ANSWER
Conceptually, the static budget variable costs are the variable costs we
expect to incur based on budgeted sales volume. Mathmatically, static
budget variable cost equals budgeted sales volume x budgeted variable
cost per unit
Describe the static budget fixed overhead costs. - CORRECT ANSWER
Conceptually, the static budget fixed costs are the total fixed costs we
expect to incur for the year. They are not generally affected by changes
in sales volume.
What is a standard? - CORRECT ANSWER A carefully determine price,
cost, or quantity used as a benchmark for judging performance.
,What is a standard quantity of input for direct material? - CORRECT
ANSWER Expected quantity of direct material used per unit of product.
What is a standard input price for direct material? - CORRECT ANSWER
Expected price paid to purchase direct materials.
What is a standard cost of direct material per unit of output? - CORRECT
ANSWER Expected direct material cost of one unit of product as
determined by the price and input standard. Cost standard = input
standard x price standard
What is a standard quantity of input for direct labor? - CORRECT
ANSWER Expected quantity of direct labor used per unit of product.
What is a standard input price for direct labor? - CORRECT ANSWER
Expected price paid for each hour of direct labor.
What is a standard cost of direct labor per unit of output? - CORRECT
ANSWER Expected direct labor cost of one unit of product as
determined by the price and input standard. Cost standard = input
standard x price standard
, What is a standard quantity of input for variable overhead? - CORRECT
ANSWER Expected quantity of allocation based used per unit of
product.
What is the standard input price for variable overhead (variable
allocation rate)? - CORRECT ANSWER Expected price paid for each unit
of allocation base.
What is the standard cost of variable overhead per unit of output? -
CORRECT ANSWER Expected variable overhead cost of one unit of
product as determined by the price and input standard. Cost standard =
input standard x price standard
What is a flexible budget? - CORRECT ANSWER A flexible budget is a
budget developed using the same standards that were used to created
the static budget but based on actual production. It is essentially the
budget that would have been developed had the actual sales and
production output been known.
Describe the flexible budget revenues. - CORRECT ANSWER
Conceptually, the flexible budget revenues are the revenues we would
expect to have given actual sales volume. Mathmatically, flexible budget
revenue equals actual sales volume x budgeted price the difference
between static budget revenue and flexible budget revenue is the sales
activity variance for revenue.
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