Answered: Answer: Flexible budgets have the…

Answer: Flexible budgets have the characteristic of a) Being prepared only annually b) Never being changed c) Adjusting for volume changes d) Ignoring fixed costs

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5Q: Explain zero-based budgeting and how it differs from the traditional approach to preparing next...

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Which answer is correct

Answer:
Flexible budgets have the characteristic of
a) Being prepared only annually
b) Never being changed
c) Adjusting for volume changes
d) Ignoring fixed costs

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Similar questions

Flexible budgets have the characteristics of what?
In your own words, Define the following terms they relate to spending budgeted dollars obligated amount pipeline obligation burn rate
Why is it relevant to calculate the fixed cost budget? Management must account for these fixed costs as part of their monthly expenses. Management usually forecast the fixed costs based on past financial records and take into account potential rate increase of these fixed costs on a monthly basis. Without budgeting fixed cost into the income statement, you won’t be able to calculate the net profit. All the above.
1.Using a flexible budget, actual results can be compared to what costs should have been at the actual level of activity. True or False 2.Fixed costs should not be included in a flexible budget because they do not change when the level of activity changes. True or False 3.Actual costs are determined by plugging the actual level of activity for the period into the cost formulas used in flexible budgets. True or False 4.If activity is higher than expected, total fixed costs should be higher than expected. If activity is lower than expected, total fixed costs should be lower than expected. True or False
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FINANCIAL ACCOUNTING 10.2
Traditional Budgeting Method
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