different budgetary types and identify the main characteristics of each

Q: Explain the different purposes that a budget can have

A: Introduction:- Budgeting used to estimation of income and expenditure over a specified period of…

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 benefits of budgeting.

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

Q: Briefly explain “Self-Impose Budget or Participative” and “Master Budget”.

A: Here are given two terms. (1) Self imposed budget or participative budget (2) Master budget Lets…

Q: a standard

A: A budget usually refers to a department's or a company's projected revenue, costs, or expenses. A…

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 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: Discuss the uses and advantages of budget.

A: A budget is a financial projection of a company's anticipated earnings and expenses. A budget, on…

Q: Define flexible budget.

A:

Q: Which of the following is not the example of functional budget? Production Budget Cost of goods sold…

A: Functional Budget: Function Budget represent the function of a Business. For example to represent…

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: Explain the relationship between performance reports and flexible budgeting.

A:

Q: What is the difference in purpose between an economic-enterprise budget and the results of the…

A: The purpose of the economic-enterprise budget is to estimate sales, costs, and, finally, the…

Q: accounting statement reconciling the budgeted costs

A: When the actual cost varies from the budgeted cost we calculate variances. While calculating…

Q: List and explain three levels involved in budgeting process

A: Budgeting can be defined as the process of putting a budget in place. This process includes planning…

Q: What are the three types of budgets included in the master budget. Define and explain each type.

A: Solution:- The master budget is the sum total of all the divisional budgets that is prepared by all…

Q: Describe budgeting process.

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

Q: What are the three main types of budgets?

A: The three main types of budgets: 1. Incremental budgeting:With incremental budgeting, the current…

Q: Define master budget.

A:

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: 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: uses and advantage of budget

A: Budget is referred to as an estimation of the expenses as well as revenues of the individual or the…

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: balance criteria in budgeting?

A: while making balance criteria in budgeting i always follow these steps; Establish your budgetBefore…

Q: What are the four elements of the budgeting cycle?

A: Budget Cycle:The budget cycle refers to the whole time period starting from the creation of 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: Cite the differences of the major phases of budget process.

A: The spending cycle comprises of various stages: readiness and definition, financial plan. The…

Q: Define direct material budget.

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

Q: Brief description of flexible budgeting

A: A flexible budget is a budget that perceives the distinction in conduct among fixed and variable…

Q: Define the term flexible budget.

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

Q: Distinguish between a columnar and a formula flexible budget.

A: Definition: Flexible budget: A flexible budget is a budget that is prepared for different levels of…

Q: Where are imposed budgets effective?

A: Imposed Budgets: These are top-down budgets which are made by top management and then imposed on…

Q: What are the various kind of budgeting and critically compare the fixed and variable budgeting and…

A: Budgeting is an important part of the business process. Without budgeting a business cannot track…

Q: What type of procedure is a Budget vs. Actual comparison?

A: Budget is a statement of cost and revenue which are estimated at the start of the period  Actual is…

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: How to compute the flexable budget items.

A: Flexible Budget: When the sales volume and price value and production volume etc  stable conditions…

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: 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: 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: Define rolling budget. Give an example.

A:

Q: Explain participative budgeting

A: Budgeting is a process of making a financial plan with respect to income and expenditure. The…

Q: What is a budget contingency and what are three reasons it might be useful?

A: In the context of project management, a contingency budget is a sum of money set aside to cover…

Q: Define the term master budget.

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

Q: Which statement about budgets is correct?

A: Budgets is a financial plan for the future . It's the estimate of Incomes and expenses for the…

Q: What are the different benefits of rolling budget?

A:

Q: discuss the different budgetary types and identify their main characteristics

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

Q: Define capital budget

A: Capital Budget consists of capital receipts and payments. It also incorporates transactions in the…