
Concept explainers
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
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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Chapter 24 Solutions
Accounting Principles 12th Edition
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