Budgeting and Budgetary Control
ICAN Management Information
11 Budgeting and Budgetary Control practice questions covering everything you need for ICAN.
Drill Budgeting and Budgetary Control →Sample Budgeting and Budgetary Control questions
Eko Dynamics Nigeria Limited (EDNL) is a manufacturing company based in Ikeja, Lagos, specializing in the production of industrial plastic packaging containers. The company operates a standard costing…
Abuja Plastics Limited budgeted to produce 40,000 units in Q1 2024 but actually produced 44,000 units. Budgeted fixed overhead was ₦8,000,000 and actual fixed overhead incurred was ₦8,500,000. What is…
Under a system of Zero-Based Budgeting (ZBB), which of the following statements is MOST accurate?
Lagos Beverages Plc sells a single product at ₦2,500 per unit. Variable cost is ₦1,500 per unit and budgeted fixed costs total ₦12,000,000 per annum. The company desires a budgeted profit of ₦8,000,00…
Kano Textiles Limited operates a system of budgetary control. At the end of March 2024, the budget committee reviews a report showing that the sales manager's department spent ₦3,200,000 against a bud…
Zenith Manufacturing Limited prepares a master budget for the year ended 31 December 2024. Which of the following CORRECTLY describes the master budget?
Port Harcourt Engineering Co. Ltd uses a flexible budget. At an activity level of 10,000 machine hours, budgeted costs are: fixed ₦5,000,000 and variable ₦1,200 per machine hour. Actual machine hours …
In preparing the production budget for Ibadan Foods Limited, the following data is available for April 2024: Budgeted sales = 25,000 units; Opening finished goods inventory = 4,000 units; Desired clos…
Enugu Steel Works Plc is preparing its cash budget for May 2024. Credit sales in March, April and May are ₦18,000,000, ₦22,000,000 and ₦26,000,000 respectively. The company's collection pattern is: 40…
Enugu Steel Works Plc is preparing its cash budget for May 2024. Credit sales in March, April and May are ₦18,000,000, ₦22,000,000 and ₦26,000,000 respectively. The collection pattern is: 40% in the m…
Port Harcourt Engineering Co. Ltd uses a flexible budget. At an activity level of 10,000 machine hours, budgeted costs are: fixed ₦5,000,000 and variable ₦1,200 per machine hour. Actual machine hours …