Answered: advantages of preparing the flexible…

Business

Accounting

advantages of preparing the flexible budget

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 10Q: Fill in the blanks: A flexible budget summarizes _____ and _____ for various volume levels by...

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This is the length of time it takes to initiate and complete a finished product. O a. Fiscal year O b. Accounting year c. Production cycle Od. Short-term QUESTION 21 Costs that remain constant even with changes in production level. O a. Variable costs O b. Start-up costs O c. Semi-variable costs O d. Fixed costs QUESTION 22 The challenge of budgeting is to determine what will change and what will stay the same. O True False QUESTION 23 The numbers on tax returns (cash basis) are the same as the number we use to manage a department (accrual basis). O True O False QUESTION 24 A pattern of change over several time periods which can help us make estimates for the future is a. a gap. Ob. a fixed cost. Oc. a transformation. d. a trend.
Question 7 In preparing a flexible budget, we use a. expected costs at the actual level of activity b. expected costs at the estimated level of activity C. actual costs at the actual activity d. actual costs at the budgeted activity
One of the advantages of a production budget is that it can help to uncover potential production issues before they occur. Question 18 options: True False
Which of the following statements is true about a cash budget? Question 35 options: Cash budget provides a means of estimating how long it will take for a product to reach the break-even point and, therefore, how much money will be needed to launch a new product. Cash budget summarizes the cash flows into and out of a firm over a period of time. Cash budget focuses on the importance of maximizing a product’s per unit contribution. Cash budget helps an entrepreneur understand the concept of EBITDA break-even and how to calculate this point for each product a business’s produce.
Part D Life can be unpredictable at times, and unexpected events can affect your budget. Suppose one month you have to pay an unexpected bill that greatly impacts your budget. What are some actions you could take to keep your budget on track despite the unexpected bill? BIUX² X₂ 15px Space used (includes formatting): 0/15000 M A AV EEEEEE K ✓ Apr 20 1:19O 90
What are some of the benefits of a self-imposed budget? Choose all that apply. Top-down mentality Inclusiveness of all managers Fear of punishment tends to motivate Budgets are more realistic More autonomy Greater accuracy Lowers employee morale 10 step cycle Better motivation
Kindly refer to the attached photo in answering the questions: Thank you!☺️ Refer to a table below. What is the cumulative budgeted cost at the end of week 6? Below is the table of actual costs. What is the cumulative actual cost at the end of week 6? Below is the table for cumulative percentages of work completed by the end of week 6. What is the cumulative earned value of the project at the end of week 6? What is the CPI at the end of week 6? (round up to 2 decimal place) What is the value of CV? Calculate the FCAC using the first two methods described in the chapter. Compute for the TCPI.
Using the FLEXIBLE BUDGET create a flexible budget with two levels of activity. At a minimum, each level of activity in your budget should have: Sales, Variable Costs, Contribution Margin, Fixed Costs, Operating Income.
Question 2:Different type of Budget name are specify in front of each description, You are required to write the budget name in 3rd column with reason as option 1 is solved as an example. Description Name of Budget Option with analysis (Answering Вох) 1.It is the forecast of the overall sales for Direct Material Sale Budget the year, so that next year it can be a Usage Budget Reason: Because it is related to better estimate the estimation of sale value according to the company availability of resources. 2. A budget that usually take in to account Plant Utilization the opening and closing stock with an Budget sales for better estimation. 3. The type of budget that show the quantities of material required in budgeted production. Research and development Budget 4. The budget contains an estimate of all Cash or Financial direct labor cost required to produce the Budget budgeted products. 5. Budget that use machine load production department, overloading on plant and machinery. Master…
Fill in the blanks: A flexible budget summarizes _____ and _____ for various volume levels by adjusting the _____ costs for the various levels of activities. The costs remain the same for all levels of activities.
Why is it relevant to calculate the fixed cost budget? Management must account for these fixed costs as part of their monthly expenses. Management usually forecast the fixed costs based on past financial records and take into account potential rate increase of these fixed costs on a monthly basis. Without budgeting fixed cost into the income statement, you won’t be able to calculate the net profit. All the above.
please dear expert need true help and show all work with steps answer in text Required: For each quarter, calculate the: Sales budget. Production budget. Direct labour budget.