OSP123 Budgeting exam paper

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OSP123 Budgeting exam paper
Fixed Costs
Budget
Static Budget
Master BudgetCost of Goods Sold BudgetSemi- Variable Costs
Sales BudgetFlexible BudgetOperating Budget
Cash BudgetsVariable CostsProduction Budget
Fees BudgetPurchases BudgetExpense Budgets
Direct Labour BudgetBudgeted Income StatementFactory Overhead Budget
NB: each term can only be used once and there are more terms than definitions
a)Budgets prepared to identify performance oat one level of activity
b)These costs contain a fixed component and a variable component
c)This is a combination of all the budgets of an organisation， each covering a different function， operations or activities
d)This budget shows the estimated production of a manufacturing business for a period
e)These budgets show the expected cash balance at the end of the period
f)A plan or a forecast of the anticipated results of a business for a specified period
g)This budget is usually prepared by companies who provide a service for a fee
h)This budget shows the estimated net profit for a business for a period
i)This budget shows the estimated sales for a business for a period
j)These costs remain the same for a period of time， regardless of the level of sales activity