Goyal Brothers Prakashan solutions for कमर्शियल स्टडीज [इंग्रजी] इयत्ता १० आयसीएसई chapter 9 - Budgeting [Latest edition]

______ budget contains details about the quantity and quality of various things which the firm needs to purchase during the coming year.

Which of the following is not the part of master budget?

Which budget is also known as summary budget?

Production budget is dependent on ______.

Sales budget shows the sales details as ______.

______ is a detailed budget of cash receipts and cash expenditure incorporating both revenue and capital items.

A budget is tool which helps the management in planning and control of ______.

What is the primary purpose of creating a budget?

Budgeting is the process of preparing ______.

The starting point in preparation of master budget is ______.

A ______ is a quantitative plan prepared in advance for a future time period.

Budgets are an important tool of ______.

A budget relates to a ______ period.

It is the basis for preparing plans and budgets.

Production budget is prepared to achieve which of the following objectives?

It helps to ensure that the required items are available as and when needed for smooth functioning of the business.

This budget is a summary statement of the firm's expected inflows and outflows of cash over a future time period.

A ______ is a judgement that can be made by anybody while a ______ is a plan that requires authority of management.

A ______ represents a state of control. On the other hand, a ______ represents events over which no control can be exercised.

A ______ is an estimate of probable events that can be made by anybody.

The ______ budget is a summary of all the budgets.

The process of preparing budgets is known as ______.

The ______ budget contains an estimate of the total volume of production week wise, month wise and product-wise.

Which factors are taken into consideration while preparing production budget?

Budgets bring ______ to the working of a business firm.

The budget that forms the fundamental basis of all budgets and lays down the revenue goals of an enterprise is the ______.

ASSERTION: A forecast is a detailed plan of operations for some specific future period.

REASONING: A forecast is a statement of probable events.

This budget does NOT require the approval of the Budget Committee before it is put into operation:

1. Sales Budget
2. Master Budget
3. Summary Budget
4. Cash Budget

The two main problems in the preparation of a production budget:

1. It lays down the revenue goals of the enterprise.
2. Determining the annual output required.
3. Prorating the annual output required throughout the year.
4. Estimate of the total volume of production product-wise and week or month-wise.

Which of the following is NOT a utility of budgeting?

It is said that budget is an impersonal policeman that maintains ordered effort in the organisation.

Imagine you are the Sales Manager and responsible for the preparation and execution of the Sales budget. What are the objectives that you will try to achieve?

Production budget shows the break-up of total sales product-wise, territory-wise, and month-wise.

It also helps to ensure that the required items are available as and when needed for smooth functioning of the business ______.

Observe the image and identify the utility of budgeting.

Observe the given image and identify the trait prevented by budgeting.

Use of budgets for evaluation and control of performance is known as ‘budgetary control’.

Sales Budget involves a projection of future cash receipts and cash payments over different time intervals.

Observe the image and write the other name of this budget.

ASSERTION: Budgets act as a safeguard.

REASONING: By providing an automatic check on the judgement of executives.

Forecasting more detailed than budgeting.

Observe the image and identify the utility of budget.

ASSERTION: Forecasting is prepared in consultation with one another.

REASONING: Budgeting help in achieving co-ordination between different departments of the enterprise.

Which of the following is NOT the characteristic of budgeting?

1. To anticipate future financial outcome.
2. It is a statement of planned events.
3. Can be made by anyone.
4. Is a statement of probable events.

Rishav prepared a detailed plan of operations for a specific future period. Identify the process.

Explain the term ‘budget’.

What is a Master Budget?

What is a cash budget?

Explain ‘sale budget’.

State two limitations of a budget.

Discuss the advantages of budgets.

Distinguish between budget and forecast.

State any two factors to be kept in mind while preparing the sales budget of an organisation.

Distinguish between budget and forecast.

Why is a Master Budget also known as a Summary Budget?

Distinguish between a Production Budget and a Sales Budget.

Write a short note on the production budget.

Explain the main types of budgets used in business enterprises.

Discuss the advantages of budgets.

State two limitations of a budget.

How can the management of an organisation use the budgetary control system for planning and control?

What is a Budget?

Discuss any eight uses of a budget to a business enterprise.

Discuss the advantages of budgets.

Explain the main types of budgets used in business enterprises.

Discuss the advantages of budgets.

Distinguish between budget and forecast.

Discuss the advantages of budgets.

Visit a business house and meet its Chief Executive. Find out how and what types of budgets are prepared by the House. Ask the Chief Executive the reasons for use of budgets in spite of the fact that budgets involve estimates and may have to be revised frequently due to changes in business conditions.

Ask your parents how they prepare the monthly budget of your family. Do they consult you in preparing the budget? How much share of the budget is spent on your needs?

Distinguish between a cash budget and a cash flow statement.

Distinguish between a Production Budget and a Sales Budget.

Distinguish between production budget and material budget.

Discuss the advantages of budgets.

Why is a Master Budget also known as a Summary Budget?

State two limitations of a budget.

Write short note on Purchase Budget.

It is said that a budget helps in the delegation of authority and effective control. Explain this statement.

A well-planned production programme is required to ensure sufficient stock for sales, to keep inventory within reasonable limits and to manufacture goods in the most economical manner. Justify this statement.

Imagine you are a Sales Manager of Company XYZ. Explain Sales Budget and your responsibility as a Sales Manager?