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. Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending on the volume of activity. Flexible budget is considered more useful than other budgets. 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: (a) Static budget report (b) Flexible budget report.

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Answer 1

Question

Chapter 24, Problem 24.3BE

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.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending on the volume of activity. Flexible budget is considered more useful than other budgets.

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: (a) Static budget report (b) Flexible budget report.

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Answer 2

Question

Chapter 24, Problem 24.3BE

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.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending on the volume of activity. Flexible budget is considered more useful than other budgets.

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: (a) Static budget report (b) Flexible budget report.

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Answer 3

Question

Chapter 24, Problem 24.3BE

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.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending on the volume of activity. Flexible budget is considered more useful than other budgets.

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: (a) Static budget report (b) Flexible budget report.

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Answer 4

Question

Chapter 24, Problem 24.3BE

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.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending on the volume of activity. Flexible budget is considered more useful than other budgets.

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: (a) Static budget report (b) Flexible budget report.

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Answer 5

Chapter 24, Problem 24.3BE

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.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending on the volume of activity. Flexible budget is considered more useful than other budgets.

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: (a) Static budget report (b) Flexible budget report.

Answer 6

Chapter 24, Problem 24.3BE

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.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending on the volume of activity. Flexible budget is considered more useful than other budgets.

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: (a) Static budget report (b) Flexible budget report.

Answer 7

Chapter 24, Problem 24.3BE

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.

Flexible Budget: The budget which is not rigid is called as flexible budget. In flexible budget forecast is made for the given budget data at each level of activity. This budget can be changed depending on the volume of activity. Flexible budget is considered more useful than other budgets.

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: (a) Static budget report (b) Flexible budget report.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 24 - Prob. 1Q Ch. 24 - Prob. 2Q Ch. 24 - Prob. 3Q Ch. 24 - 4. Ken Bay questions the usefulness of a master...Ch. 24 - Prob. 5Q Ch. 24 - Prob. 6Q Ch. 24 - Prob. 7Q Ch. 24 - Prob. 8Q Ch. 24 - Prob. 9Q Ch. 24 - Prob. 10Q

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