(Drury) The Budgeting Process - A detailed illustration
12 important questions on (Drury) The Budgeting Process - A detailed illustration
What does the sales budget entail?
It provides the predictions of total revenue from which cash receipts from customers will be estimated, and it also supplies the basic data for constructing budgets for production costs, and for selling, distribution and administrative expenses.
Why is the sales budget the most important budget?
If the sales budget is not accurate, the other budget estimates will also be unreliable.
What is characteristic of the production budget?
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What is the objective of the production budget?
What is the direct labour budget?
Where different grades of labour exist, these should be specified separately in the budget.
The budget rate per hour should be determined by the industrial relations department.
How are the budgeted expenditure for the variable overhead items determined?
It is assumed that all variable overheads vary in relation to direct labour hours.
Who is responsible for the selling and administration budgets?
Sales manager = selling budget
Distribution = distribution expenses
Chief administrative officer = administration budget
What is the departmental budget?
Why are the actual monthly expenditures compared with the budgeted amounts?
What does the master budget do?
What are cash budgets?
Why are cash budgets helpful? (2)
2. Cash deficiencies can also be identified in advance, and steps can be taken to ensure that bank loans will be available to meet any temporary shortfalls.
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