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If demand exceeds the number of sandwiches made in the morning no extra sandwiches can be made during the day. Any unsold sandwiches are thrown away at the end of each day.

Daily demand is uncertain but is predicted to be 10, 20, 30 or 40 sandwiches.

The following regret matrix has been prepared:

If the minimax regret criterion is used to make the decision, the manager will choose to make:

Options:

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Question 2

A company develops computer software programs to meet each client's specific requirements. The management accountant is considering introducing a standard costing system.

Which THREE of the following are reasons that support the case for the company's introduction of a standard costing system?

Options:

It will enable the company to make a direct comparison of costs for each program developed.

It will enable the company to better focus on the quality of its service.

It will provide a system of control.

It will aid the budget setting process.

It will simplify the work-in-progress valuation.

Question 3

Which THREE of the following are purposes of all budgets?

Options:

Co-ordination

Communication

Profit maximisation

Diversification

Authorization

Consolidation

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