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Assistance in Paper F2 Budgeting!

Forums › ACCA Forums › ACCA MA Management Accounting Forums › Assistance in Paper F2 Budgeting!

  • This topic has 1 reply, 2 voices, and was last updated 10 years ago by John Moffat.
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  • Author
    Posts
  • September 2, 2014 at 7:43 am #193264
    Shams
    Member
    • Topics: 16
    • Replies: 17
    • ☆

    Question) Which of the following statements about the budgets and costing standards is/are true?
    1. Budgets and standards are similar because they can both be used in all situations, even if output cannot be measured.
    2. A standard need not be expressed in monetary terms, whereas a budget is expressed in money terms.
    3. Budgets are used for control purposed, standards are not.
    4. A budget gives the planned total aggregate costs for a functional cost center whereas a standard shows the unit resource usage for a single.

    a) All four statements are true.
    b) None of the statements are true.
    c) Statements 2 & 4 are true.
    d) Statements 1 & 3 are true.

    Question) Which of the following would probably not be contained in a budget manual?

    a) A timetable for budget preparation.
    b) The allocation of a staff to a job.
    c) An organization chart.
    d) Specimen budgetary control reports.

    I would appreciate your assistance on this. Thanks, Shams

    September 2, 2014 at 7:58 am #193268
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54702
    • ☆☆☆☆☆

    The answer to the first question is (C)

    The answer to the second question is (D)

    (Does the book you found these question in not also give the answers? 🙂 )

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    Posts
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