Define the term budgetary slack, and briefly describe a problem it can cause.

Q: Explain the term budgeted costs.

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

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: Briefly describe the type of human behavior problems that might arise if budget goals are set too…

A: Budget is a tool which is used in the planning and controlling process by estimating the revenue and…

Q: Define the term budgeting cycle.

A: Budget Cycle: The budget cycle refers to the whole time period starting from the creation of the…

Q: What is the difference between a static budget and a flexible budget?

A: The question has covered the concept of Static Budget and Flexible Budget. That is discussed below,…

Q: How are budgets used as monitoring and control tools?

A: Budgets are quantitative statements that contain the details of the planned revenues, expenditures,…

Q: What is a self-imposed budget?

A: Budget:   It is a statement of estimated revenue and expenditure for a specific period.

Q: for a person to commit budgetary slack

A: Budgetary slack refers to the concept when the estimated expenses or revenues of a project are…

Q: What is a flexible budget? Explain? Give example?

A: Budgeting is a process to prepare the financial statement by the manager to estimate the…

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: what is dysfuncional behavior and budgetary slack？

A: Dysfunctional behavior is the behavior of the individual that is not in conformity with the…

Q: What is a self-imposed budget? What are the major advantages of self-imposed budgets? What caution…

A: Self-imposed budgets: It refers to the budgets in which personnel have responsibility over the…

Q: How do flexible budgets differ from static budgets?

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

Q: What assumption is implicitly made about cost behavior when actual results are directly compared to…

A:

Q: What are the benefits of a master budget?

A: Master Budget:The master budget is the core budget that describes the full process of budget. This…

Q: budget flexed? Give an Example.

A: Flexing of budget is a method used to prepare estimates of the future level of revenues and…

Q: Describe scenarios/situations when it is appropriate and when it is not appropriate to use a static…

A: Static budget is also called fixed budget. Static budget does not change with the change in the…

Q: explain the advantages and limitations of budgetary control in detail

A: Budgetary control is the process of preparing budgets for the future time and comparing them to…

Q: What is a flexible budget? Explain how a flexible budgetincreases the usefulness of budgeting as a…

A: A flexible budget is a budget that can be easily adjusted to reflect the changes in the volume of…

Q: How to find the flexible budget

A: Flexible budget: A flexible budget is a budget that is prepared for different levels of output. In…

Q: What is a flexible budget and how does it differ from a static planning budget?

A: A flexible budget is a budget which can be adjusted to changes in volume or activity on which budget…

Q: Describe the steps in developing a flexible budget.

A: Flexible Budget: Flexible budget is a financial plan prepared for a particular period of time on…

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: uses and advantages of budget?

A: The budget represents the estimation of the expenses to be incurred and revenue to be earned by the…

Q: What is the main difference between static and flexible budgets?

A: A budget is a tool that helps the entity to  achieve its predetermined objectives through a…

Q: Define budgetary slack.

A: Hi student Since there are multiple questions, we will answer only first question. Budgets are the…

Q: Define the term flexible budget.

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

Q: What is a static budget? Explain? Give example?

A:

Q: What is a static planning budget?

A: Budget:   It is a statement of revenues and expenditures to be incurred by the company for a…

Q: Compare and contrast a flexible budget and a static budget

A: Budgeting is one of the essential tool that helps to plan an organisation to plan its costs…

Q: What is a fixed budget

A: Budget: A budget is a forecast of revenue and expenses for a specific future period of time that is…

Q: What behavioral problems are associated with setting a budget too loosely

A: Budget:   Budget is an effective tool to present the estimated actions for future time period. It…

Q: Explain how a budget facilitates communication and coordination.

A:

Q: Explain the situation: "Managing Without Budgets: Going Beyond Budgeting"

A: Introduction: Budgeting isn't the only thing that has to be done. Beyond Budgeting is the concept of…

Q: Explain the relationship between a simple budget and a flexible budget.

A: Budgeting Budgeting is an important tool which are used for the management of the entity to evaluate…

Q: What is an operating budget?

A:

Q: what are the differences between top down and beyond budgeting?

A: Budgeting is the process of estimating the income and expenditure to control the actual income and…

Q: Compare how alternative budget time frames can be used.

A: A budget is a quantitative plan for acquisition and use of resources in a business over a specified…

Q: How can an organization help to reduce the problems caused by budgetary slack?

A: Definition: Budgetary slack: The manager intentionally creates a slack into the budget as to avoid…

Q: Explain the phrase: "Beyond Budgeting: Managing without budgets"

A: Solution:- Beyond Budgeting: - Beyond Budgeting is the idea of abolishing traditional budgeting…

Q: A budget that adjusts to the changes in volume of production or output is called production budget.

A: FALSE.

Q: Explain how to calculate static budget variance.

A: Static budget: Static budget is a master budget that is prepared for only one level of sales…

Q: Distinguish between static and flexible budgets.

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

Liquidity Risk Exposure

Answer: c