The basic difference between a static budget and flexible budget is that

Which of the following statements regarding static methods are correct?
1. Static methods are difficult to maintain, because you can not change their implementation.
2. Static methods can be called using an object reference to an object of the class in which this method is defined.
3. Static methods are always public, because they are defined at class-level.
4. Static methods do not have direct access to non-static methods which are defined inside the same class.

A

1 and 2

B

2 and 4

C

3 and 4

D

1 and 3

What is the basic difference between a static budget and a flexible budget?

A

A static budget is based on one specific level of production and a flexible budget can be prepared for any production level within a relevant range

B

A static budget is for an entire production, but a flexible budget is applicable only to a single department

C

Flexible budget allow management latitude in meeting goals, where as a static budget is based on a fixed standard

D

A flexible budget considers only variable costs, but a static budget considers all costs

Difference between flexible budget amount and corresponding static budget amount is classified as

A

sales revenue variance

B

cost profit variance

C

profit volume variance

D

sales volume variance

Difference between corresponding static budget and flexible budget amount is called

A

sales volume variance

B

sales mix variance

C

sales quantity variance

D

market share variance

Difference between static budget amount and flexible budget amount is named as

A

sales mix variance

B

sales volume variance

C

flexible budget variance

D

static budget variance

If static budget is $208000 and flexible budget amount is $305000, then sales budget variance will be

A

$67,000

B

$97,000

C

$57,000

D

$47,000

If sales budget variance for operating income is $68000 and static budget amount is $19000, then flexible budget amount will be

A

$47,000

B

$57,000

C

$87,000

D

$97,000

If sales budget variance is $57000 and flexible budget amount is $97000, then static budget amount will be

A

$40,000

B

$154,000

C

$164,000

D

$124,000

The primary difference between a fixed budget and a variable (flexible) budget is that a fixed budget:

A

Includes only fixed costs, while a variable budget includes only variable costs

B

Is concerned only with future acquisitions of fixed assets, while a variable budget is concerned with expenses which vary with sales

C

Cannot be changed after the period begins, while a variable budget can be changed after the period begins

D

Is a plan for a single level of sales (or other measure of activity), while a variable budget consists of several plans, one for each of several levels of sales (or other measure of activity)

What is the difference between "vote-on-account" and "interim budget"? 1. The provision of a "vote-on-account" is used by a regular Government, while an "interim budget" is a provision used by a caretaker Government. 2. A "vote-on-account" only deals with the expenditure in the Government's budget, while an "interim budget" includes both expenditure and receipts. Which of the statements given above is/are correct?

A

1 only

B

2 only

C

Both 1 and 2

D

Neither 1 nor 2

The basic difference between a static budget and flexible budget is that

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