Two standards that are established for evaluating budget performance are the cost standard and the efficiency standard. Explain the difference between the two standards and give an example of each.  Why is it important to

Q: better system for performance analysis?

A: A flexible budgeting system is a type of budgeting which is based on various sales volumes and it…

Q: The major objectives of any budget system are to Define responsibility centers, provide a framework…

A: Meaning of Budgeting System :- An effective budgeting system is vital to the success and survival of…

Q: Explain the value of utilizing a balance sheet to make a budget adjustment. What is the danger?

A: The budgeted balance sheet is usually prepared at the start of the fiscal year. The organization…

Q: What is the main advantage of an object classification budget? What are its limitations? How do…

A: Answer: Object classification budget is the budget which is traditional system of budget and it is…

Q: Budgets, Fixed Budgets and Flexible Budgets

A: Fixed Budgeting:The leased Institute of Management Accountants (UK) defines a hard and fast budget…

Q: What are some limitations of the budgeting process?

A: Budgeting is an important exercise that is performed in most of the organizations. Budgeting has lot…

Q: In fiscal management of an LRTC: Why should we justify the budget? How can we develop cost-effective…

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: What are the advantages and disadvantages of the participatory approach to budgeting?

A: Participative budgeting is a budgeting process in which the people who are in the lower levels of…

Q: Which of the following is NOT one of the types of budgets according to several classifications?…

A: Budgets are the estimations or forecasts that are made for future period of time.

Q: What are some examples of effective monitoring and control practices, and how do they help address…

A: Managers take necessary steps to control the costs in a particular accounting period. It is known as…

Q: What are the risks and benefits of both internal and external budget preparation?

A: Budgeting is a process in which selected organizations and individuals are assigned certain…

Q: Explain the difference between static and flexible budgets.

A: Flexible Budgets: Flexible budgets are prepared for various levels of activities or outputs. This…

Q: master budget include

A: Master budget is a set of budgets of various activities in an entity.

Q: Explain why budgets are useful and how management philosophy can influence the budget process.

A: Budget is the estimated data which is prepared or estimated in advance, in simple terms before…

Q: What are the three major objectives of budgeting? Under what circumstances would a static budget…

A: Budgeting is a planning measure by which Business Entity make plan for the expected revenues and…

Q: Identify at least two potential negative outcomes of budgeting.

A:

Q: What is the difference between an imposed budget and a participatory budget? Define and explain a…

A: Introduction A budget is a financial statement that the management develops to evaluate the…

Q: How are budget variances calculated and used as performance measures? Provide numerical example?

A: budget is the predefined calculations that provide the plan of using the resources and generating…

Q: One benefit of budgeting is coordination and communication. Explain what this means.

A: Budgeting: It is the process where the planning is done for spending less than the earning.

Q: Explain the difference between strategic and operational budgets.

A: Strategic budget: A strategic budget is a long-term financial plan. It achieves the long-term goals…

Q: What is a static budget performance report?

A: Static Budget Performance report: The Static Budget Performance report reports the variances.…

Q: Describe how nonoutput-based cost drivers can be incorporated into budgeting.

A: Budget: The budgeting is a process of preparing budgets and the evaluation of it to see whether the…

Q: nich of the following statements is true? Multiple Choice A flexible budget is an estimate of what…

A: Flexible budget is prepared using the planned budget for the different levels of activity. Static…

Q: How are joint costs allocated? Explain and analyze using numerical example.

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: Which of the following elements are used in calculating Costs in a Flexible Budget?   a. Budgeted…

A: The flexible budget performance report is prepared to compare the actual data with flexible Budget…

Q: ting and zero-base budgeting And Recommend one of these budgeting methods to Pearson & Litt and…

A: Difference between traditional budgeting and zero-based budgeting:

Q: How are standards and variances used in budgeting and budget analysis?

A: Variance refers to the difference between the standard values to the actual values for both revenue…

Q: What are support departments, and why are their costs allocated to other departments?  What process…

A: Hi, since you have posted multiple questions, we are answering the 1st question for you. To get the…

Q: Which one of the following is NOT a budgetary benefit? It establishes the organization's goal. It…

A: Budgeting is a written plan covering projected activities of a firm for a defined period of time…

Q: What does a flexible budget performance report do that a simple comparison of budgeted to actual…

A: Flexible budget performance report:   A tool used to compare the actual and budgeted results…

Q: Which of the following is a basic element of effective budgetary control?a. cost behavior patternsb.…

A: Budgeting is a process that involves estimation of total costs and revenues of a firm over a…

Q: Describe how non output-based cost drivers can be incorporated into budgeting.

A: Budgeting: The budgeting is a process of preparing budgets and the evaluation of it to see whether…

Q: IDENTIFY AND DISCUSS THE DIFFERENCES BETWEEN STATIC AND FLEXIBLE BUDGETS.

A: A budget is defined as a plan layout designed for a particular period. It involves planning costs…

Q: Which of the following describes the Comparison method of budgeting?      Does not include…

A: Budgets are prepared by a company to estimate the amount of net revenues or total cost to be…

Q: Why is the Revenue budget considered the starting point for the master budget

A: We can say that the master budget is the aggregation of all lower level budgets.

Q: What is captial budgeting? Why a separate capital budget is needed?

A: The term capital budgeting comprises of two words, "Capital" means the funds needs for the…

Q: Activity-based budgeting is a budget system based on expected activities. Describe activity-based…

A: Activity Based Budgeting is a system of budgeting that records , researches , analyzes and interpret…

Q: Briefly discuss the budgeting process  and explane  how  the budgeting process satisfies the purpose…

A: Budgeting process: The process of streamlining the future expenditure process by predicting or…

Q: Which of the following is a use of budgets for control? * A. plans can be made for the future B.…

A: Controlling activities are those activities which aid in monitoring the performance of a particular…

Q: Which of the following is not a benefit of budgeting It is a basis for performance evaluation.

A: A budget is a forecast of the financial position and the results of the company for the period of…