Flexible budgets are used during which stage of the management process? * Planning Organizing Implementing Controlling Evaluation 2. What kind of variance results from a difference between the planning budget and the flexible budget ? * Spending Activity Pre-determined Evaluation none of the above

Q: 4. The following are characteristics of an effective budget, EXCEPT: A. Goals should be attainable.…

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

Q: gets are related to the following management fuctions, except Performance evaluation…

A: Step 1 Budgeting to plan and manage your finances. If you write down on paper or a computer, you can…

Q: Which of the budgets listed below is best for managers to use when planning revenues and expenses at…

A: Budget reflects the estimated figures of revenues and expenses over a specified period of time

Q: Which of the following statements is incorrect? * O An imposed budget is the same as a participative…

A: Answer: Budget is the statement that is prepared for revenue and expenses as an estimation made by…

Q: The evaluation of performance of a certain business branch is of insignificant value to Select the…

A: A flexible budget is a budget that varies with the changes in actual revenue levels. Basically, this…

Q: The refers to a measure of acceptable performance established by management a guide in making…

A: The answer is option b standards

Q: The first step of the budget process is: plan direct control feedback Static budget are often used…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 1. How is the flexible budget used within the variance analysis system to evaluate effectiveness and…

A: 1) Flexible budget refers to a budget that flexes with change in volume or change in activity. It is…

Q: An activity variance is calculated by comparing the: Multiple Choice planning budget to the actual…

A: Activity variance measures the difference between planning budget and the flexible budget.…

Q: 1. Match cach of the following terms with the appropriate definition. The difference between actual…

A: Different techniques of cost Analysis Importance of cost analysis in the organisation to determine…

Q: Which of the following statement is true? Multiple Choice a)The performance evaluation of…

A: A) The performance evaluation of a cost center is typically based on the Flexible budget variance.…

Q: xcel—showing all work and formulas—to complete the following: Prepare a flexible budget.  Compute…

A:

Q: The Zero Base Budget (ZBB) is the budget system that most influences resource allocation management…

A: SOLUTION EXPLANATION IN TRADITIONAL BUDGETING , THE TOP MANAGEMENT TAKES THE DECISIONS REGARDING ANT…

Q: Information technology has made it easier for managers to perform all of the following tasks except…

A: Budgetary slack refers to conscious estimation of budgeted revenue by under valuation or over…

Q: . What is the budgeted sales price per​ unit? 2. What is the budgeted variable expense per​ unit? 3.…

A: 1.Budgeted sale price per unit= Budgeted sales revenue / budgeted sales volume  $165000/50,000 =…

Q: In comparison to static budgets, flexible budgets:  Offer managers a more realistic comparison of…

A: Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is…

Q: The purpose of a flexible budget is: a) To cap discretionary expenditure b) To produce a revised…

A: Flexible budget: A flexible budget is a budget that adjusts to the activity or volume levels of a…

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: How might a manager gain insight into the causes of a flexible-budget variance for direct materials?

A: Variance is the difference in the value of budgeted cost\quantity and the actual cost\quantity.…

Q: Prepare a flexible budget management report indicating the activity variance and revenue and…

A: A flexible budget adjusts to changes in actual revenue levels. Actual revenues or other activity…

Q: Information technology has made it easier for managers to perform all of the following tasks except…

A: Information technology made conducting of business easy. Due to introduction of various software's…

Q: Which of the following is NOT true of the budgeting process?   Question 8 options:   Budgeting…

A: Solution Concept Budgeting process is the process of estimating the income and expenditure of the…

Q: An internal report that helps management compare actual performance and budgeted performance based…

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

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: variance in its report, except

A: A company using direct costing in its performance evaluation would normally include the following…

Q: Which of the following statement is true?   Multiple Choice   The performance evaluation of a cost…

A: The performance evaluation of a cost center is typically based on the flexible budget variance. The…

Q: Why is the identification of favorable and unfavorable variances so important to a company? How can…

A: Introduction: Every business creates Standard Costs for a range of goods and services. It uses these…

Q: Lewis Company reports the following fixed budget and actual results for May. Prepare a flexible…

A: Budget refers to the estimation of the incomes and expenses for a specified future period as per the…

Q: Which of the following statement(s) is/are true regarding standard costs and cost variances?

A: In standard costing, experts set standard for production, labor, overhead, sales and profit. Using…

Q: Two standards that are established for evaluating budget performance are the cost standard and the…

A: Ans. Cost standard measures deviation between the actual cost and standard cost.  Whereas,…

Q: Further analyze harlows revised variances, isolating underlying potential casual factors.  How do…

A: 1.Direct material Price variance =(Std. Price/qty.-Actual price/qty)*Actual qty. 2. Direct material…

Q: Which of the following statements is true of performance​ reporting?   A. Responsibility reports…

A: Performance reporting refers to a process of reporting the performance of any particular thing. It…

Q: hich of the following statements is true?   A budget reconciliation report shows the difference…

A: Flexible budget is a variable budget where revenues and costs are estimated based on actual output…

Q: Which of the following statements is NOT true?

A: A budget is a document that consists of forecasted income that will be earned and expenditures…

Q: To reconcile budgeted profit to actual profit under marginal costing, which variances must be…

A: Marginal Costing is a method of costing, where the marginal cost, the variable cost is charged to…

Q: Réquired: A. Compute the company's total cost variance for variable overhead and fixed overhead if…

A:

Q: Required: Using a flexible budgeting approach, re-draft the operating statement so as to provide a…

A: Flexible Budget is prepared by changing the values of fixed budget with the proportionate change in…

Q: When variances have been determined, management should, decide whether each variance is sufficiently…

A: Variance analysis is usually undertaken by manufacturing organizations that involve direct…

Q: Which of the following budgeting processes aims to challenge the existing way of operating, by…

A: A zero-based budgeting process is a technique in which all the previous expenses are set as zero so…

Q: Which of the following statements is false?   Standard costs (e.g., how much should be paid for…

A: Statement 1 is true, because standard costs are considered as benchmarks for measuring performance.

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.