Answered: Budgets, Fixed Budgets and Flexible…

Business

Accounting

Budgets, Fixed Budgets and Flexible Budgets

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter13: Budgeting And Standard Costs

Section: Chapter Questions

Problem 21CDQ: How are standards used in budgetary performance evaluation?

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Explain what you understand by Budgets, Fixed Budgets and Flexible Budgets in the context of control
and performance evaluation of an organization of your choice.

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Similar questions

Why is a clear understanding of managements goals and objectives necessary for effective budgets?
Which of the following is true in a bottom-up budgeting approach? Every expense needs to be justified. Supervisors tell departments their budget amount and the departments are free to work within those amounts. Departments budget their needs however they see fit. Departments determine their needs and relate them to the overall goals.
How are standards used in budgetary performance evaluation?
Which budget evaluates the results of operations at the actual level of activity? capĂtal budget cash budget flexible budget static budget
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Which approach requires management to justify all its expenditures? A. bottom-up approach B. zero-based budgeting C. master budgeting D. capital allocation budgeting
If management is being evaluated on their ability to manage a budget, what can they do to decrease cash outflow?
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Which of the following is not a part of budgeting? A. planning B. finding bottlenecks C. providing performance evaluations D. preventing net operating losses