Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 7 A flexible budget is; A. A budget which by recognising different cost behaviour patterns is designed to change as the volume of activity

Question 7

A flexible budget is;

A. A budget which by recognising different cost behaviour patterns is designed to change as the volume of activity changes.

B. A budget for a defined period of time which includes planned revenues, expenses, assets, liabilities and cash flow.

C. A budget which is prepared for a period of one year which is reviewed monthly, whereby each time actual results are reported, a further forecast period is added and the intermediate period forecasts are updated.

D. A budget of semi-variable production costs only. Question 8

The term budget slack refers to the

A. Deliberate over-estimation of costs and under-estimation of revenues in a budget.

B. Lead time between the preparation of the functional budgets and the master budget.

C. Difference between the budgeted output and the breakeven output.

D. Additional capacity available which can be budgeted for.

Question 9

Which one of the Balanced Scorecards four generic perspectives focuses on staff training?

A. Financial.

B. Customer.

C. Internal Business Process.

D. Learning and Growth

Question 10 What is a strategy map in the context of the balanced scorecard?

A. A strategy map consists of identifying mission, vision, and values.

B. A strategy map means agreeing the strategy with the directors of the business.

C. A strategy map allows identifying causal links between the four perspectives of the balanced scorecard.

D. A strategy map consists of a visual representation of the business processes.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Committee Handbook

Authors: Louis Braiotta Jr.

3rd Edition

0471345768, 978-0471345763

More Books

Students also viewed these Accounting questions