Notet ALL $5$ questions are compulsory and MUST be attempted. Each questi

marks $($Tetal $20$ marks$).$

$11.$ Deseription of Budget:

A$.$ Detatled plan for the future

B$.$ Expressed in quantitative terms

C$.$ Future plans with drill down information about money matters

D$.$ Deals with estimating the values of parameters

E$.$ Based on the measured business

G$.$ A process of approximating inical data

H$.$ Applied for equipment replacemen costs

$12.$ CVP is useful for studying senst value decisions

A$)$ Fixed Costs

B$)$ Variable Costs

C$)$ Profitability

D$)$ Sales Volume

E$)$ Cost of Goods sold

F$)$ Finished Goods

G$)$ Direct Labor

H$)$ Applied Overhead

$13.$ A number of assumptions commonly underlie CVP analysis:

A$)$ Selling price is constant.

B$)$ In multiproduct companies, the sales mix is constant.

C$)$ Costs are linear but cannot be accurately divided into variables

D$)$ The price of a product or service will change as volume changes.

E$)$ The variable element is not constant per unit

F$)$ The fixed element is not constant in total over the entire relevant range.

G$)$ In manufacturing companies, inventories do not change.

H$)$ The number of units produced cannot be equals the number of units sold.

$14.$ Elements of just$-$in$-$time system:

$($A$)$ Limited number of suppliers

B$)$ Improving plant layout

C$)$ Reduced setup time

D$)$ Law level of PPE

E$)$ Capital stock account

F$)$ Limited number of buyers

$($G$)$ Permanent changes in Liability accounts

H$)$ High level of defect products

$15.$ Which of the following associated with flexible budget?

A$.$ Differs from static budget

B$.$ It geared toward only one level of activity

C$.$ It does not confine itself to only one level of activity, but rather i activities

D$.$ Incorporates anticipated values about inputs and outputs that are co costs correctly in case of any change in circumstances

E$.$ Actual results are always compared against budgeted costs at the question begins budget activity level

F$.$ Actual results do not have to be compared against budgeted costs level

G$.$ Prepared under the assumption that all conditions will remain una