A budget that gives a summary of all the functional budgets and projected Profit and Loss A/c is known as

Related MCQs

• In comparing a fixed budget with a flexible budget, what is the reason for the difference between the profit figures in the two budgets?
• If budgets are prepared of a business concern for a certain period taking each and every function separately such budgets are called _________.
• Which of the following is not an example of functional budget?
• When budget allowances are set without the involvement of the budget owner, the budgeting process can be described as:
• AB company budgets for fixed overhead of Rs. 24,000 and Production of 4800 units. Actual Production is 4200 units. If fixed overhead cost increased is Rs. 22,000, the Fixed overhead volume variance will be
• The budgets are classified on the basis of
• Revision of budgets is
• Akash Ltd. is preparing its cash budget for the period. Sales are expected to be Rs. 1,00,000 in April, 2016; Rs. 2,00,000 in May 2016 Rs. 3,00,000 in June 2016 and Rs. 1,00,000 in July 2016. Half of all sales are cash sales and the other half are on credit. Experience indicates that 70% of the credit sales will be collected in the month following the sale, 20% the month after that and, 10% in the third month after the sale. The budgeted collection for the month of July, 2016 is:
• In a system whereby all activities are revaluated each time a budget is formulated and starts with the assumption that requirement of funds does not exist is called
• Which one of the following is not to be considered for preparing a production budget?