The following statements relate to aspects of budget administration:Statement (1). An important task of a budget committee is to ensure that budgets are properly coordinated Statement (2): A budget manual is the document produced at the end of the budget setting process Which of the following is true?
A. Only statement (1) is correct
B. Only statement (2) is correct
C. Both of them are correct
D. Neither of them is correct
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Which one of the following would probably not be contained in a budget manual?
A. The sequence in which budgets are to be prepared
B. Specimen reports
C. A list of individuals holding budget responsibilities
D. The production cost budget
Which of the following best describes a principal budget factor?
A factor that affects all budget centres
B. A factor that is controllable by a budget centre manager
C. A factor which limits the activities of an organisation
D. A factor that the management accountant builds into all budgets
Which one of the following is not a functional budget?
A. Marketing budget
B. Sales budget
Cash budget
D. Purchasing budget
Which of the following best describes a flexible budget?
A budget which shows variable production costs only
B. A monthly budget which is changed to reflect the number of days in the month
C. A budget which shows sales revenue and costs at different levels of activity
D. A budget that is updated halfway through the year to incorporate the actual results for the first half of the year
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