FINANCIAL ACCOUNTING 10.2 Answer:Flexible budgets have the characteristic ofa) Being prepared only annuallyb) Never being changedc) Adjusting for volume changesd) Ignoring fixed costs

Explanation of Flexible Budget: A flexible budget is a dynamic financial planning tool that adjusts…

Answered: Answer: Flexible budgets have the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 10Q: Fill in the blanks: A flexible budget summarizes _____ and _____ for various volume levels by...

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Similar questions

In a flexible budget, what will happen to fixed costs as the activity level increases? Multiple Choice The fixed cost per unit will decrease. The fixed cost per unit will increase. Fixed costs are not included in a flexible budget.
Estimating the effects of changes in budget assumptions, such as determining the impact of an increase or decrease in sales, is called: Question 4 options: static budget analysis. sensitivity analysis. variance analysis, cost reduction analysis. (Ch 10) An advantage of a flexible budget is that it: Question 5 options: allows comparison of actual costs to master (static) budget costs. considers only variable costs. allows comparisons of actual costs to the costs that should have been incurred, given the level of sales. allows management freedom in meeting profitability goals.
You are in the process of creating your department's projected operating budget. As you create this budget, you realize that you are very uncertain about the volume of services you will be providing in the future. What tool(s) can you use to understand the impact of that uncertainty on your budget? O A. Ratio analysis O B. Varlance analysis O C. None of these O D. Sensitivity analysis O E. Scenario analysis
A(n) budget is one that can be adjusted over time for changing environmental conditions. A operating B incremental zero-based variable E cash
what problems do you see with the rule requiring a balanced cyclically adjusted budget? Pls no copy paste and no plagiarised answer
None
Explain zero-based budgeting and how it differs from the traditional approach to preparing next years budget.
Ma1. Which of the following statements is true? A. Budget reports comparing actual results with planned objectives should be prepared only once a year B. OA static budget is most useful for evaluating a manager's performance in controlling variable costs C. The master budget is not used in the budgetary control process D. OA static budget ignores data for different levels of activity
provide explanation please
19. What is the main advantage of a flexible budget? a. It is easier to prepare than a static budget b. It can adapt to changes in activity levels and provide more accurate financial control c. It does not require regular revisions d. It is based on historical data
A budget which is designed to remain unchanged irrespective of the level of activity actuaily attained is called? Select one: O a. Flexible Budget b. Fixed Budget c. None of the option O d. Master Budget
Management Accounting Question (Qualitative Short Answer) a. Why is the sales forecast the starting point in budgeting? b. What is a perpetual budget? c. Which is a better basis for evaluating actual results: budgeted performance or past performance? Why? d. The materials price variance can be computed at what two different points in time? Which point is better and why? e. What effect, if any, would you expect purchasing poor-quality materials to have on direct labor variances? f. Distinguish between ideal and practical standards. g. Costs associated with the quality of conformance can be broken down into four broad groups. What are these four groups and how do they differ? h. What is likely the most effective way to reduce a company's total quality costs? i. What are the three main uses of quality cost reports?

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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