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1 Question 5: Critical Thinking (11 marks) B wn 2. 3 What budget is...

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Accounting

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1 Question 5: Critical Thinking (11 marks) B wn 2. 3 What budget is the starting point for the entire budgeting process? Why? (2 marks) 4 5 6 Why are Fixed Costs the same in a Static Budget and Flexible Budget? (2 marks) 7 ooo 9 A Static Budget report shows the company produced less units than planned and a favourable variable cost variance. Should the manager be rewarded for controlling the variable costs? Explain. (3 marks) a 10 11 12 A Flexible Budget report shows an unfavourable direct materials cost variance. What are two reasons this could occur? (2 marks) 13 14 Name one managerial accounting concept that you learned about this semester that you think you could apply to your current job and/or your future career. Why/how could 15 you use the concept? (2 marks)

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