Budgets
Budget x 2
Budget Variances
Variance Calcs
Disney Trivia
100
This is the first budget prepared when creating a budget.
The Sales/Revenue Budget
100
This budget determines the number of units that need to be made during a period.
Production Budget
100
The highest level variance between the actual results and budget is called?
Static Budget Variance
100
What is the Fixed Overhead Spending Variance?
$1,000 U
($14,000 - $13,000)
100
What does Cinderella's fairy godmother turn into a carriage?
Pumpkin
200
A flexible budget is prepared using what actual input?
Sales Units
200
The main component of the financial budget is?
Cash Budget
200
A variance is considered favorable or unfavorable based on it's effect on what?
Net Income
200
What is the DL price variance?
$5,000 U
($18.25 - $17.00) x 4,000
200
What is the name of the boy who has the toy Buzz Lightyear in Toy Story?
Andy
300
This is a budget technique that involves gathering anonymous projections and evaluating them.
The Delphi Technique
300
This type of budgeting involves gathering information from managers and employees throughout the organization.
Participative Budgeting
300
All Flexible Budget Variances can be explained by differences in two things. What are they?
Price and Efficiency
300
What is the DM Efficiency Variance?
$250.00 U
(150 - (50*2)) * $5.00
300
What song does Elsa sing while building the castle in Frozen?
Let It Go
400
Company A has sales of $40,000 and they expect to receive $25,000 in cash. They have cash payments of:
How much would they need to borrow in order to maintain a $15,000 cash balance?
$1,300
$25,000 - 2,500 - 800 - 6,000 - 2,000 = $13,700
$15,000 -$13,700 = $1,300
400
Company A expects to produce 500 units, each unit takes 3 feet of material and material costs $2 per foot. Ending inventory for the month is expected to be 400 feet and beginning inventory is 350 feet. Calculate the raw materials purchases.
$3,100
400
What is the formula for the Fixed Overhead Spending Variance?
Actual FOH - Budgeted FOH
400
What is the Variable Overhead Efficiency Variance?
$1,440 F
(600 hours - (30 units x 24 hours)) x $12
400
What does Dumbo use to fly?
A Feather
500
Company A has sales in the month of January of $10,000 and the month of February of $15,000. Cash sales are estimated to be 75%. Credit sales are collected over two months with 70% being in the month of sale and 20% the following month.
What are the cash receipts for the month of February?
Assuming they maintain a cash balance of $15,000 how much will they need to borrow?
$14,375
($15,000x75%)+($15,000x25%x70%)+
($10,000x 25% x 20%)
500
Determine the COGS using the following data:
$1,100
=$500+(30*((10*$2.50)+(.75*$16)+$3))-600
500
This variance arises solely because of the difference in units sold?
Sales-Activity Variance
500
Compute the Production Volume Variance.
$20,600 U
FOH Application Rate: $412,000/40,000 = $10.30
$412,000 - (38,000 X $10.30) = $20,600
500
In Robin Hood, what type of animal was Robin?
A fox