1.
A planning budget is an estimation to determine the income that will be earned and expenses that will be incurred in an accounting period. Budgeting planning is used by an organization to make strategic decisions for the business.
To prepare: Planning budget for the Month ended March 31.
2.
The flexible budget is dynamic in nature as it is based on the reality that every business is dynamic and never static. Hence, a budget would be developed that would be applied to the relevant range of activities. A flexible budget is elastic as it can be easily modified according to the volume of production.
To prepare: The flexible budget for the month ended March 31.
3.
A flexible budget performance report compares actual outcomes for a period to budgeted results produced by a flexible budget. This report differs from a traditional budget. This method yields budgeted expenses that are significantly more relevant to an organization's actual performance.
To prepare: A flexible budget performance report
4.
A flexible budget performance report compares actual outcomes for a period to budgeted results produced by a flexible budget. This report differs from a traditional budget. This method yields budgeted expenses that are significantly more relevant to an organization's actual performance.
The aspects of the flexible budget performance report that should be brought to the attention of the management.
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Chapter 9 Solutions
MANAGERIAL ACCOUNTING-W/ACCESS >C<
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