Flexible Budget: A flexible budget is the budget which is prone to changes as per the requirement of allocation of funds according to the volume of transactions over a period of time. The variable cost is an integral regulator of a flexible budget, because the fixed costs are always stagnant irrespective of the operations undergone by the business. Therefore, the variable costs undergo change with the dynamics of the operations of business. Flexible Budget Performance Report: A flexible budget performance report is the analysis of deviations between the budget forecasted and the outcome of such budget. This report helps the end users to locate the remarkable deviations from the ones which were budgeted so as to fix them at the earliest. To prepare: Flexible budget performance report.

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Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 21, Problem 1QS

To determine

Flexible Budget:

A flexible budget is the budget which is prone to changes as per the requirement of allocation of funds according to the volume of transactions over a period of time. The variable cost is an integral regulator of a flexible budget, because the fixed costs are always stagnant irrespective of the operations undergone by the business. Therefore, the variable costs undergo change with the dynamics of the operations of business.

Flexible Budget Performance Report:

A flexible budget performance report is the analysis of deviations between the budget forecasted and the outcome of such budget. This report helps the end users to locate the remarkable deviations from the ones which were budgeted so as to fix them at the earliest.

To prepare: Flexible budget performance report.

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Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 21, Problem 1QS

To determine

Flexible Budget:

A flexible budget is the budget which is prone to changes as per the requirement of allocation of funds according to the volume of transactions over a period of time. The variable cost is an integral regulator of a flexible budget, because the fixed costs are always stagnant irrespective of the operations undergone by the business. Therefore, the variable costs undergo change with the dynamics of the operations of business.

Flexible Budget Performance Report:

A flexible budget performance report is the analysis of deviations between the budget forecasted and the outcome of such budget. This report helps the end users to locate the remarkable deviations from the ones which were budgeted so as to fix them at the earliest.

To prepare: Flexible budget performance report.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

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Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 21, Problem 1QS

To determine

Flexible Budget:

A flexible budget is the budget which is prone to changes as per the requirement of allocation of funds according to the volume of transactions over a period of time. The variable cost is an integral regulator of a flexible budget, because the fixed costs are always stagnant irrespective of the operations undergone by the business. Therefore, the variable costs undergo change with the dynamics of the operations of business.

Flexible Budget Performance Report:

A flexible budget performance report is the analysis of deviations between the budget forecasted and the outcome of such budget. This report helps the end users to locate the remarkable deviations from the ones which were budgeted so as to fix them at the earliest.

To prepare: Flexible budget performance report.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 21, Problem 1QS

To determine