Answer the questions from the information provided. 2.1 Use the information provided below to calculate and comment on the following in respect of the project: 2.1.1 Cost variance 2.1.2 Cost variance % 2.1.3 Schedule variance %. INFORMATION The following information is available for a project undertaken by Midi Limited: The budget that has been authorised for the scheduled work to be completed R200 000 The value of work completed expressed in terms of approved budget allocated to that work R150 000 Total costs that were incurred to accomplish the work performed during the given time period R250 000 The total planned value of the project R600 000

Answer the questions from the information provided. 2.1 Use the information provided below to calculate and comment on the following in respect of the project: 2.1.1 Cost variance 2.1.2 Cost variance % 2.1.3 Schedule variance %. INFORMATION The following information is available for a project undertaken by Midi Limited: The budget that has been authorised for the scheduled work to be completed R200 000 The value of work completed expressed in terms of approved budget allocated to that work R150 000 Total costs that were incurred to accomplish the work performed during the given time period R250 000 The total planned value of the project R600 000

Name: QUESTION 2Answer the questions from the information provided.2.1 Use
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Description: QUESTION 2Answer the questions from the information provided.2.1 Use the information provided below to calculate and comment on the following in respect of theproject:2.1.1 Cost variance2.1.2 Cost variance %2.1.3 Schedule variance %.INFORMATIONThe f

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Brabham Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020, it budgeted to manufacture and sell 3,000 tires at a variable cost of $73 per tire and total fixed costs of $57,000. The budgeted selling price was $111 per tire. Actual results in August 2020 were 2,700 tires manufactured and sold at a selling price of $113 per tire. The actual total variable costs were $218,700, and the actual total fixed costs were $53,500. Read the requirements Requirement 1. Prepare a performance report with a flexible budget and a static budget Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a 10 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label) Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Actual Results
19. Which one of the following reports is useful to the middle level? a. Report on research and development activities b. Plant utilization report c. Report on material price and usage variance d. Capital Budge
Evaluate the project to determine its acceptability using the following budgeting techniques or methods: Cash payback period Discounted payback period Net present value method (NPV) Internal rate of return (IRR) Modified internal rate of return (MIRR)
In your own words, Define the following terms they relate to spending budgeted dollars obligated amount pipeline obligation burn rate
The objectives of budgeting are to:a. Establish specific goals for future operations b. Execute plans to achieve the goalsc. Measure performance by periodic comparison of actual with budgeted results d. All of the above
Which of the following is a correct definition of budget? Select one: a. A financial and/or quantitative statement, prepared and approved prior to define period of time, of the policy to be pursued during that period for the purpose of attaining a given objective b. A financial statement which reports the achieved and not achieved objectives of the company for a period of time. c. A statement which includes the strategic objectives of a company to be achieved in the long term. d. A financial and/or quantitative statement, prepared and approved after a define period of time, of the policy pursued during that period for the purpose of evaluating the objectives achieved. Clear my choice
2. Which of the following budgets will typically have the longest budget period? a. Capital expenditures budget b. Cash budget c. Sales budget d. Budgeted income statement
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Which of the following items do you need to have available to develop a budget? a) Prior period operating results b) Assumptions of next period operations c) Goals d) All of the above 0.000.
4. Budget at completion (BAC) Assessment date Expenditures Planned value (PV) Earned value (EV) - Actual cost (ACI End of project Time after project start a. Explain the above diagram regarding the project details. What is the status of the project at the assessment date (Time 4 after project start)? Explain with reference to Cost Variance and Schedule Variance. b. What can be done to improve in the project from this point onwards?