Topic: Budgeting

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ICMA – Nov 2024 – L1 – Q2b – Working Capital

Calculates total amount held in working capital excluding cash and equivalents.

Question

Working Capital Calculation
A company has annual sales revenues of GH¢45 million and the following working capital periods:

Working Capital Item	Period (months)
Inventory conversion period	2.5
Accounts receivable collection period	2.0
Accounts payable payment period	1.5

Production costs are 70% of sales revenue.

Required:
Calculate the total amount held in working capital excluding cash and cash equivalents.

Answer

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Tags: Accounts Payable, Accounts Receivable, Budgeting, Costing, Inventory
Level: Level 1

Topic: Budgeting, Cost and Cost Behaviour
Series: Nov 2024

MI – Nov 2020 – L1 – SB – Q1 – Budgeting

Prepare the cash budget for the first three months of the year based on provided sales, expenses, and additional company details.

Question

WXYZ is preparing for the first half of the next year. The following information was available:

a. Sales – 15% of monthly sales are in cash, while the balance is sold on credit. Collections from receivables are 50% in the first month after sales, 30% in the second month, and the balance in the third month after sales.
b. Purchases are usually 55% of sales and paid in the month of purchase.
c. Insurance company is expected to pay the sum of N525,000 in February based on the company’s accidented vehicles.
d. Salary deductions are paid on a preceding-month basis.
e. Company income tax of N475,550 will be paid in March.
f. Cash and cash equivalent balance as at December is N502,760.
g. Bank charges are 1% of total payments for the month.
h. Additional Information:

Month	October (N)	November (N)	December (N)	January (N)	February (N)	March (N)
Sales	750,000	600,000	850,000	520,000	670,000	800,000
Net Salaries	230,000	200,000	250,000	210,000	240,000	270,000
Other Expenses	200,700	187,500	197,500	177,200	187,500	192,700
Salaries Deductions	29,400	28,400	39,400	28,700	32,750	27,650

Required:
Prepare the cash budget for the first three months of the year. (Total 20 Marks)

Answer

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Tags: Cash Budget, Forecasting, Payables, Purchases, Receivables, Sales
Level: Level 1

Topic: Budgeting
Series: NOV 2020

PSAF – May 2018 – L2 – Q5 – The Budgeting Process in the Public Sector

Explains the concept of a national budget, surplus and deficit budget implications, and challenges in the implementation of national budgets in Nigeria.

Question

In government’s quest to optimally develop and efficiently manage available resources, national budgets are usually prepared to put economic development firmly on course.

Required:

a. Describe briefly a national budget. (3 Marks)

b. Explain briefly the implication of each of the following for the performance of the economy: i. A surplus budget ii. A deficit budget (4 Marks)

c. Explain FOUR problems to be encountered in the effective implementation of national budgets in Nigeria. (8 Marks)

Answer

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Tags: Budget Implementation, Deficit Budget, National Budget, Surplus Budget
Level: Level 2

Topic: Budgeting
Series: MAY 2018

PSAF – May 2018 – L2 – Q2 – The Budgeting Process in the Public Sector

Prepare a proposed budget for Imafidon Local Government Authority Happiness and Social Centres for the year ended December 31, 2019.

Question

The Local Development Authorities (LDAs) of Imafidion Council agreed to transfer
their Social Centres for the purpose of adequate maintenance to the state
government‟s Ministry of Happiness. The state government accepted to take over
the centres and therefore requested for their 2019 budget. The following were
supplied by the Social Centres to the government through the Director of Accounts,
Ministry of Happiness.
Actual salaries, wages and overhead expenses (2018)

Other details provided include:

ii. The wages were for 5 employees (known as Happiness Assistants) paid on
hourly basis with maximum of 20 hours per week at N1,260 per hour, plus over
time bonus as follows:

The guideline for the budget has been given as follows:
i. Rent to remain as for last year since the lease would still be running for two
years, but security service providers would charge only N0.6m next year;
ii. No festival would be planned for the following year and as a result there
would be no promotion expenses and grant in the following year;
iii. Though same number of visitors would come to the centre, the rate of
admission fees would go up by 10 percent for the following year;
iv. There would be an increase of 5% on other incomes. The budget for Artifact
for sale would increase by the same proportion as the Sales in the Centre
budget which would increase by 20%;
v. Power/electricity and rates would increase by 8% and 2% respectively while
other supplies would increase by 2.5%;
vi. There would be 2.60% increase in wages, while the National Insurance
contributions would increase to 12% of salaries instead of the current 10%
and pension contribution would be 15% of salaries;
vii. Director of Finance, Ministry of Happiness would not be due for salary
increment but the Social Officer would earn increment of N0.088m;
viii. There would be no overtime payment; and
ix. Service level agreement was fixed at N2.948m.
You are required to prepare a proposed budget for Imafidon Local Government
Authority Happiness and Social Centres for the year ended December 31, 2019 (use
same format as in the Question). (Total 2O Marks)

Answer

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Tags: Budget Preparation, Expenditure, Local Government Finance
Level: Level 2

Topic: Budgeting

MI – Nov 2015 – L1 – SB – Q2 – Budgeting

Compiles functional budgets for sales, production, and material purchases for six months.

Question

ABC Limited is engaged in the production of AiBiCi product and the following data were extracted from the Budget Committee’s Report:

i. Sales is expected to be 20,000 units each in months 1 and 2, this will increase by 10% each in months 3 and 4, and 5% each in months 5 and 6.

ii. Unit selling price is currently estimated at N250, and due to increased awareness, the price will move up to N300 in the fourth month.

iii. To produce one unit of AiBiCi, the following materials are required:

2kgs of A @ N20/kg
5kgs of B @ N5/kg
2kgs of C @ N10/kg

iv. The company keeps 10% of estimated sales as closing inventory for the month. Assume no opening inventory for month 1.

You are required to compile, in tabular form, the following functional budgets for the next 6 months:

a. Sales in quantity and value. (6 Marks)

b. Production in quantity. (6 Marks)

c. Material purchase in quantity and the total cost. (8 Marks)

(Total 20 Marks)

Answer

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Tags: Budget Committee, Budgeting, Cost Management, Financial planning, Functional Budgets, Material Purchase, Production Budget, Sales Budget
Level: Level 1

Topic: Budgeting
Series: NOV 2015

MI – Nov 2015 – L1 – SA – Q12 – Budgeting

Identifies which option is not considered a functional budget.

Question

he following are functional budgets EXCEPT:
A. Distribution cost budget
B. Production budget
C. Sales budget
D. Material purchase budget
E. Cash budget

Answer

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Tags: Budgeting, Cost Management, Functional Budgets
Level: Level 1

Topic: Budgeting
Series: NOV 2015

MI – Nov 2015 – L1 – SA – Q1 – Budgeting

Identifies the term for intentionally underestimating revenues or overestimating costs in budgeting.

Question

A situation where budgeted revenues are intentionally under-estimated or budgeted costs are intentionally over-estimated is known as:
A. Participatory budget
B. Surplus budget
C. Budget slack
D. Deficit budget
E. Imposed budget

Answer

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Tags: Budget Slack, Budgeting, Cost Estimation
Level: Level 1

Topic: Budgeting
Series: NOV 2015

MI – May 2018 – L1 – SB – Q2 – Budgeting

Preparation of a cash budget for Orok Trading Company.

Question

Orok Trading Company sells cement bags at N2,000 each. According to projections, it would sell 100 bags each in October, November, and December; and 120 bags per month in the succeeding months.

The company sells on credit, with customers paying 50% in the month following sale, and the balance 30 days later.

Other expected inflows are:

Sale of plant, N80,000 in January and N50,000 in February
Insurance claim, N50,000 in February
Damages from a lawsuit, N60,000 in March

The company purchases its products from a supplier who gives two months’ credit. The company’s cost of sale is 60%.

Projected outflows are:

Salaries of N30,000, paid monthly
Rent of N25,000, paid monthly
Other administrative expenses of N55,000 per month are settled as they arise.
Income tax of N25,000 payable in January
New asset, N40,000 to be purchased in January

The bank balance on December 31 is N235,000 negative.

You are required to:

Prepare a monthly Cash Budget for January to March. Show all workings.

Answer

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Tags: Cash Budget, Projections
Level: Level 1

Topic: Budgeting
Series: MAY 2018

MI – May 2018 – L1 – SA – Q12 – Budgeting

Understanding the purpose of cash budgeting.

Question

Which of the following is NOT a purpose of cash budgeting?
A. To ensure availability of working capital throughout the period concerned
B. To determine the timing of cash inflows and outflows in advance
C. To plan on investing surplus cash whenever it arises
D. To plan against likely cash deficits during the budget period
E. To reduce cost of operation

Answer

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Tags: Cash Budgeting, Working Capital
Level: Level 1

Topic: Budgeting
Series: MAY 2018

MI – May 2018 – L1 – SA – Q10 – Budgeting

Distinguishing between a budget and a forecast.

Question

What is the difference between a budget and a forecast?
A. They mean the same and they are used interchangeably
B. A budget is for internal use while a forecast is for external use
C. A budget is qualitative while a forecast is quantitative
D. A budget is a plan whereas a forecast is the actual
E. A budget is a plan of where a business wants to go while a forecast is the indication of where it is actually going

Answer

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Tags: Budgeting, Forecasting

Topic: Budgeting
Series: MAY 2018

IMAC – April 2022 – L1 – Q2 – Budgeting

Preparation of functional budgets for Dampare Ltd and explanation of principal budget factor.

Question

a) Dampare Ltd manufactures three products namely A, B, and C. The information given below relates to the month of November 2020.

Product	Quantity (Units)	Price/Unit (GH¢)
Sales:
A	1,200	80
B	2,400	96
C	1,800	112

Materials used in company’s Products:

Material	MA	MB	MC
Unit cost	GH¢3	GH¢5	GH¢8

Quantity used in:	MA (Units)	MB (Units)	MC (Units)
Product A	5	3	1
Product B	4	4	3
Product C	3	2	2

Finished Stock:

Product A (Units)	Product B (Units)	Product C (Units)
Opening stock	1,200	1,800
Closing stock	1,320	1,980

Material Stock:

Material	MA (Units)	MB (Units)	MC (Units)
Opening stock	31,200	24,000	14,400
Closing stock	37,440	28,800	17,280

Required: Prepare the following functional budget for the month of November 2020 for: i) Sales in quantity and value, including total value ii) Production quantities iii) Material usage in quantities iv) Material purchases in quantities and value, including total value. (15 marks)

b) Principal budget factor is such an important factor in the budgetary control process. It is essential to identify the principal budget factor before the preparation of budgets.

Required: i) Explain the term “Principal budget factor” as used in budgetary control. (2 marks) ii) Identify THREE (3) examples of Principal budget factor from financial institution. (3 marks)

Answer

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Tags: Material Purchases Budget, Material Usage Budget, Principal Budget Factor, Production Budget, Sales Budget
Level: Level 1

Topic: Budgeting
Series: APR 2022

IMAC – APRIL 2022 – L1 – Q1 – Budgeting | Process Costing

Computation of costs and preparation of Process X account using the weighted average method, and preparation of functional budgets for a manufacturing firm.

Question

a) The following information has been extracted from the records of a company for the half-year ended 31 March 2021. A product, Capital Q, goes through two processes, X and Y:

Details relating to Process X for the period: Input units: 5,000 Finished units transferred to Process Y: 3,200 Closing WIP: 840 Normal losses: 10%

Normal losses have an estimated resale value of GH¢4 per unit.

Costs incurred during the period:

	GH¢
Direct materials	31,250
Direct labour	21,200
Overheads	17,325

Abnormal Losses and Closing WIP had the following degrees of completion at the end of the period:

	Direct materials	Direct labour	Overheads
Abnormal Losses	100%	80%	50%
Closing WIP	100%	80%	50%

Required: Using the weighted average method: i) Compute the cost per unit for each of the element of costs. (5 marks)

b) Compute the value of the complete units transferred to Process Y. (5 marks)

c) Compute the value of the closing WIP. (5 marks)

d) Prepare Process X Account for the period. (5 marks)

Answer

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Tags: Abnormal Loss, Cost per Unit, Functional Budgets, Principal Budget Factor, Process Account
Level: Level 1

Topic: Budgeting, Process Costing
Series: APR 2022

IMAC – Nov 2021 – L1 – Q5 – Budgeting | Forecasting

Analysis of a regression equation related to absenteeism, seasonal variation in production output, and variance analysis for overheads.

Question

a) A large manufacturing company is investigating the cost of sickness amongst production workers who the company has employed for more than one year. The following regression equation, based on a random sample of 50 for such production workers, was derived for 2018:

$y = 15.6 - 1.2 x$

where $y$ represents the number of days absent in a year because of sickness and $x$ represents the number of years’ employment with the company.

Required: i) Explain the meaning of each component of the regression equation. (2 marks)
ii) Predict the number of days of absence through sickness to be expected of an employee who has been with the company for eight years. (2 marks)
iii) Explain TWO (2) limitations or problems of using this equation in practice. (4 marks)

b) A statistician is carrying out an analysis of a company’s production output. The output varies according to the year’s season, and, from the data, she has calculated the following seasonal variations in units of production:

QUARTER	1	2	3	4
Year 1			+11.2	+23.5
Year 2	-9.8	-28.1	+12.5	+23.7
Year 3	-7.4	-26.3	+11.7

Required: i) Calculate and explain the average quarterly variation for each quarter. (5 marks)
ii) If the trend output in the 4th Quarter of Year 3 is expected to be 10,536 units, what is the forecast output? (2 marks)

c) KK Ltd operates a standard absorption costing system and has provided the following costs data in relation to its prime product, Qwikpass:

Standard Cost Card:

	GH¢
Direct Material 4kg @ GH¢3/kg	12
Direct Labour 3hrs @ GH¢5/hr	15
Variable Overheads 3hrs @ GH¢3/hr	9
Fixed Overheads 3hrs @ GH¢2	6
Total Cost per Unit	42

Budgeted Units: 6,000

Actual Results:

	GH¢
Units produced	6,400
Direct Materials Purchased and used 32,000kg	144,000
Direct Labour 30,720hrs	199,680
Variable Overheads	138,240
Fixed Overheads	45,000
Total costs	526,920

Required: i) Compute the Variable Overheads Expenditure Variance. (1 mark)
ii) Compute the Fixed Overheads Expenditure Variance. (2 marks)
iii) Compute the Fixed Overheads Volume Variance. (2 marks)

Answer

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Tags: Absenteeism, Employment Years, Regression Analysis, Seasonal Variations, Sickness, Standard Costing, Variance Analysis
Level: Level 1

Topic: Budgeting, Forecasting
Series: NOV 2021

IMAC – NOV 2021 – L1 – Q2 – Budgeting

Preparation of a flexed budget for Nam & Co. and identification of rules in a budget manual.

Question

Notes:
i) The fixed cost in the semi-variable cost is GH¢10,000.
ii) The budgeted units were 10,000, but actual units for the quarter were 17,000.

Required:
Prepare a Flexed Budget for the first quarter. (15 marks)

b) In the budget preparation process, the Budget Manual is an important element. This is because it guides everyone in the budget preparation value chain.

Required:
Identify FIVE (5) rules and instructions that a Budget Manual will set out. (5 marks)

Answer

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Tags: Budget Manual Rules, Flexed Budget
Level: Level 1

Topic: Budgeting
Series: NOV 2021

IMAC – NOV 2021 – L1 – Q1 – Budgeting

CVP analysis with calculation of contribution/sales ratio, total fixed costs, and breakeven sales value. Preparation of a flexed budget and identification of budget manual rules.

Question

a) Cost-Volume-Profit (CVP) analysis is a way to find out how changes in variable and fixed costs affect a firm’s profit. Companies can use CVP to assess the impact on profit taking into consideration some assumptions.

Required:
State FIVE (5) assumptions underlying Cost-Volume-Profit Analysis. (5 marks)

b) The following data has been extracted from the operating records of Sharp Production Ltd:

Year	Costs (GH¢)	Profit (GH¢)
2019	402,000	54,000
2020	510,000	90,000

Required: i) Calculate the contribution/sales ratio for the company. (5 marks) ii) Compute the total fixed costs per annum. (5 marks) iii) Compute the sales value required to breakeven. (5 marks)

Answer

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Tags: Breakeven Analysis, Budget Manual, Contribution/Sales Ratio, CVP Analysis, Fixed Costs, Flexed Budget
Level: Level 1

Topic: Budgeting
Series: NOV 2021

IMAC – MAY 2021 – L1 – Q2 – Budgeting | Cost and Cost Behaviour | Relevant Cost and Revenue

QR activity-based budgeting system for products Q and R, and working capital calculation for a company.

Question

a) QR uses an activity based budgeting (ABB) system to budget product cost. It manufactures two products, product Q and product R. The budget details for these two products for the forthcoming period are as follows:

	Product Q	Product R
Budgeted production (units)	80,000	120,000
Number of machine setups per batch	4	3
Batch size (Units)	5,000	4,000

The total budget cost of setting up the machine is GH¢74,400.

Required: i) State and explain THREE (3) objectives of budgeting. (6 marks)

ii) Calculate the budgeted machine setup cost per unit of product Q and R. (5 marks)

iii) State THREE (3) benefits and TWO (2) limitations of using an activity-based budgeting system. (5 marks)

b) A company has annual sales revenues of GH¢30 million and the following working capital periods:

Period	Months
Inventory conversion period	2.5
Accounts receivable collection period	2.0
Accounts payable payment period	1.5

Production costs represent 70% of sales revenue.

Required: Calculate the total amount held in working capital excluding cash and cash equivalents. (4 marks)

Answer

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Tags: Activity Based Budgeting, Irrelevant Costs, Machine Setup Costs, Management Information Systems, Objectives of Budgeting, Relevant Costs, Working Capital
Level: Level 1

Topic: Budgeting, Cost and Cost Behaviour, Relevant Cost and Revenue
Series: MAY 2021

IMAC – MAY 2020 – L1 – Q2 – Budgeting

Explain objectives of budgeting, prepare production and material budgets, and describe principal budget factor.

Question

a) Budgeting has several objectives:
i) Planning;
ii) Control;
iii) Performance evaluation;
iv) Motivation.

Required:
Explain TWO (2) of the above objectives of budgeting and how the TWO (2) objectives explained could conflict with each other. (4 marks)

b) A company produces two products, A1 and A2, that are sold to retailers. The budgeted sales volumes for the products are as follows:

Product	Units
A1	32,000
A2	56,000

The inventory of finished goods is budgeted to increase by 1,000 units of A1 and decrease by 2,000 units of A2 by the end of the quarter.

Materials B3 and B4 are used in the production of both products.
The quantities required of each material to produce one unit of the finished product and the purchase prices are shown in the table below:

Material	B3	B4
A1	8kg	4kg
A2	4kg	3kg
Purchase price per kg	GH¢1.25	GH¢1.80
Budgeted opening inventory	30,000kg	20,000kg

The company plans to hold inventory of raw materials, at the end of the quarter, of 5% of the quarter’s material usage budget.

Required:
Prepare the following budgets for the quarter:
i) The production budget (in units) (2 marks)
ii) The material usage budget (in kg) (4 marks)
iii) The material purchases budget (in kg and GH¢) (6 marks)

c) Explain the term “Principal Budget Factor” as used in budgeting control and give TWO (2) examples from a financial institution. (4 marks)

Answer

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Tags: Budgeting Objectives, Material Purchases, Material Usage, Principal Budget Factor, Production Budget
Level: Level 1

Topic: Budgeting
Series: MAY 2020

IMAC – NOV 2019 – L1 – Q2 – Budgeting

Explain purposes of budgeting, stages in budgeting process, and differences between master and functional budgets.

Question

Question:
You have been approached by the Managing Director of a small company that has recently been set up. The company is hoping to obtain a significant amount of bank finance to support its activities and it has been asked to supply various documentations as part of its funding application. The Managing Director has provided all of the required information except that of the forthcoming year. He has explained to you that he really doesn’t understand why this has been requested and further confesses that he is unsure about how exactly a budget is prepared.

Required:
a) State and explain THREE (3) purposes of budgeting. (6 marks)
b) State the stages in the budgeting process. (6 marks)
c) Differentiate between master budget and functional budget and identify TWO (2) advantages and ONE (1) disadvantage associated with these budgets. (8 marks)

Answer

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Tags: Budgeting Process, Master Budget, Purposes of Budgeting
Level: Level 1

Topic: Budgeting
Series: NOV 2019

Topic: Budgeting

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ICMA – Nov 2024 – L1 – Q2b – Working Capital

Calculates total amount held in working capital excluding cash and equivalents.

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MI – Nov 2020 – L1 – SB – Q1 – Budgeting

Prepare the cash budget for the first three months of the year based on provided sales, expenses, and additional company details.

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PSAF – May 2018 – L2 – Q5 – The Budgeting Process in the Public Sector

Explains the concept of a national budget, surplus and deficit budget implications, and challenges in the implementation of national budgets in Nigeria.

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PSAF – May 2018 – L2 – Q2 – The Budgeting Process in the Public Sector

Prepare a proposed budget for Imafidon Local Government Authority Happiness and Social Centres for the year ended December 31, 2019.

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MI – Nov 2015 – L1 – SB – Q2 – Budgeting

Compiles functional budgets for sales, production, and material purchases for six months.

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MI – Nov 2015 – L1 – SA – Q12 – Budgeting

Identifies which option is not considered a functional budget.

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MI – Nov 2015 – L1 – SA – Q1 – Budgeting

Identifies the term for intentionally underestimating revenues or overestimating costs in budgeting.

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MI – May 2018 – L1 – SB – Q2 – Budgeting

Preparation of a cash budget for Orok Trading Company.

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MI – May 2018 – L1 – SA – Q12 – Budgeting

Understanding the purpose of cash budgeting.

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MI – May 2018 – L1 – SA – Q10 – Budgeting

Distinguishing between a budget and a forecast.

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IMAC – April 2022 – L1 – Q2 – Budgeting

Preparation of functional budgets for Dampare Ltd and explanation of principal budget factor.

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IMAC – APRIL 2022 – L1 – Q1 – Budgeting | Process Costing

Computation of costs and preparation of Process X account using the weighted average method, and preparation of functional budgets for a manufacturing firm.

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IMAC – Nov 2021 – L1 – Q5 – Budgeting | Forecasting

Analysis of a regression equation related to absenteeism, seasonal variation in production output, and variance analysis for overheads.

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IMAC – NOV 2021 – L1 – Q2 – Budgeting

Preparation of a flexed budget for Nam & Co. and identification of rules in a budget manual.

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IMAC – NOV 2021 – L1 – Q1 – Budgeting

CVP analysis with calculation of contribution/sales ratio, total fixed costs, and breakeven sales value. Preparation of a flexed budget and identification of budget manual rules.

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IMAC – MAY 2021 – L1 – Q2 – Budgeting | Cost and Cost Behaviour | Relevant Cost and Revenue

QR activity-based budgeting system for products Q and R, and working capital calculation for a company.

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IMAC – MAY 2020 – L1 – Q2 – Budgeting

Explain objectives of budgeting, prepare production and material budgets, and describe principal budget factor.

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IMAC – NOV 2019 – L1 – Q2 – Budgeting

Explain purposes of budgeting, stages in budgeting process, and differences between master and functional budgets.

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