1. Identify and list the five (5) fundamental principles of budgetary control.

2. Briefly explain the following forecasting techniques that are used to prepare operational budgets:

a. Delphi method/technique

b. Trend analysis

3. As determined by ASX Corporate Governance Council, what are eight (8) central principles and practices of corporate governance?

4. a. What does statistical analysis mean? answer in a single sentence.

b. List three (3) ways statistical analysis can be done.

c. What is the purpose of these methods? answer in a single sentence.

5. a. Explain plus and minus conventions of variance.

b. How would you respond to these budget variances?

6. a. What is the purpose of "Revenue - Accounts Receivable Policy and Procedure"?

b. What is the purpose of financial forecasting procedures?

c. Identify and list any six (6) main types of expenditure in forecasting and budgeting.

7. Define the following terms related to budget:

• cash
• expenditure
• revenue items.

8. When allocating budgets to individual cost centres or teams, what key steps are required to be taken? List four (4).

9. How is budget information discussed and clarified with the stakeholders?

10. a. What are the benefits of Key Performance Indicators (KPI's) in budgeting?

b. How can Key Performance Indicators (KPI's) help in forecasting budget accurately?

11. How can you distribute a quarterly budget report to the stakeholders of the company? List any one.

12. a. what is Budget variance analysis.

b. List six (6) steps to be implemented to carry out variance analysis.