Static Budget: Static budget is an outcome of fixed budgeting process. It includes the fixed estimates for a period when changes are not allowed during the period. Static budget is used to find the variance in actual and estimated values. Budget Report: The report containing the information about the performance of particular budget is called as budget report. Budget report helps in taking appropriate financial decisions. To prepare: Static budget report for the quarter.

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Chapter 24, Problem 24.1BE

To determine

Static Budget: Static budget is an outcome of fixed budgeting process. It includes the fixed estimates for a period when changes are not allowed during the period. Static budget is used to find the variance in actual and estimated values.

Budget Report: The report containing the information about the performance of particular budget is called as budget report. Budget report helps in taking appropriate financial decisions.

To prepare: Static budget report for the quarter.

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