Question Five The following information is obtained from the financial reports of BIG DEAL plc. as a 31 March 2015. This company has been operating for the past 3 years. It uses fixec budgeting met hodology in the preparation of the budgetary control reports. You, as the recently appointed Human Resource Director, would like to be educated by the Chie Finance Officer on some issues regarding the report. Budgetary control report for BIG DEAL plc as at 31.03.2015 Ltd can be as follows: SALES TURNOVER AND EXPENSES Actual Budget K'O00 000. i. Sales 5,901,500 2.910,000 il. Materials 2.789,400 1.567.354 1,876,490 178,900 iii. Labor 1,234,560 1, 165,000 Fixed Overheads iv. REQUIRED: Calculate the following: Budgeted and Actual profit or loss- Determine and interpret variances in figures and percentages 5 Marks 5 Marks ii. The Chief Finance Officer has told you that a team will be constituted to consider virement. Explain what he meant by virement and suggest how this can be applied from the report for BIG DEAL Pc 5 Marks iv. Contrast between feedback and feed forward 10 Marks TOTAL 25 MARKS Question Five The following information is obtained from the financial reports of BIG DEAL plc. as a 31 March 2015. This company has been operating for the past 3 years. It uses fixec budgeting met hodology in the preparation of the budgetary control reports. You, as the recently appointed Human Resource Director, would like to be educated by the Chie Finance Officer on some issues regarding the report. Budgetary control report for BIG DEAL plc as at 31.03.2015 Ltd can be as follows: SALES TURNOVER AND EXPENSES Actual Budget K'O00 000. i. Sales 5,901,500 2.910,000 il. Materials 2.789,400 1.567.354 1,876,490 178,900 iii. Labor 1,234,560 1, 165,000 Fixed Overheads iv. REQUIRED: Calculate the following: Budgeted and Actual profit or loss- Determine and interpret variances in figures and percentages 5 Marks 5 Marks ii. The Chief Finance Officer has told you that a team will be constituted to consider virement. Explain what he meant by virement and suggest how this can be applied from the report for BIG DEAL Pc 5 Marks iv. Contrast between feedback and feed forward 10 Marks TOTAL 25 MARKS