Question

Cash Budget and Master budget

14 Sep 2022
Answer :
Word Count : 354
Budget Type Definition Example
Cash budget A financial plan that shows the expected inflows and outflows of cash over a specific period of time. Forecasting the cash flows for the next six months.
Master budget A comprehensive financial plan that includes all of the company's budgets, including sales, production, expenses, and capital expenditures. Planning the entire financial performance for the next fiscal year.
Focus Cash budget focuses on cash inflows and outflows. Master budget focuses on all ____ __________ _________ _______ __________ ______ __________ _________ _________ __________.
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Related Questions

State the conditions under which the income statement prepared with absorption costing and marginal costing will give different results.

The Standard Cost of Chemical mixture ‘PQ’ is as follows: 40% of material P @ Rs.400 per kg. 60% of material Q @ Rs.600 per kg. A standard loss of 10% is normally anticipated in production. The following particulars are available for the month of March, 2004. 180 kgs of material P have been used @ Rs.680 per kg 220 kgs of material Q have been used @ Rs.360 per kg. The actual of production of ‘PQ’ was 369 kgs. Calculate the following variances:

a) Material Price Variance

b) Material Usage Variance

c) Material Mix Variance

d) Material Yield Variance

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The following additional information is also available:

i) The authorized capital of the company is 80,000 equity shares of Rs. 10 each of which 50% has been issued and has been recommended by the directors

ii) A dividend of 15% on the paid-up capital has been recommended by the directors.

iii) The closing stock of finished goods at cost is Rs. 5,60,000.

iv) The development rebate reserve is no longer required.

v) Depreciation on plant and machinery amounting to Rs. 43,000 on furniture amounting to Rs. 1,300 and on building amounting to Rs. 3,800 has been debited to miscellaneous expenses.

vi) Surplus in profit and loss account after proposed dividends, is to be transferred to general reserve.

vii) Income-tax assessment for a prior year has been completed, fixing the income tax liability at Rs. 1,55,000 (against which a provision of Rs. 80,000 and advances of income tax of Rs. 70,000 exists in the books). You are required to prepare:

i. Profit and loss account for the year ended 31st December, 2004; and

ii. Balance sheet in the prescribed form as on that date

In what ways can we analyse sales variances. Explain in detail.

State the conditions under which the income statement prepared with absorption costing and marginal costing will give different results.

Cash Budget and Master budget

Variable and Fixed costs

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