This type of standard specify how much should be paid for the quantity of the input to be used.   Group of choices: Price standard Quantity allowed Quantity standard Budget allowed

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: What is the main advantage of an object classification budget? What are its limitations? How do…

A: The budget is the estimation of all the revenue and expense of the company. It acts as a parameter…

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: Differentiate between the mechanisms of an “actual costing” budgetary system against a “normal…

A: Budgetary system is the system which is applied by the company in order to be on track and within…

Q: Can you interpret the effect on revenue , expense and profits if the sale or production differ from…

A: Master Budget shows the estimated results that a company expects to obtain from its operations.

Q: Evaluate the importance of standard costing in budgeting process within firms

A: In Standard costing an expected cost is substituted above an actual cost, while recording accounting…

Q: Explain the relationship between performance reports and flexible budgeting.

A:

Q: What are the steps in developing a budgeted variable overhead cost-allocation rate?

A:

Q: The use of standard costs in pricing and budgeting is quite valuable  since decisions in the fields…

A: Standard cost is the cost which is predetermined and which is expected to be incurred during the…

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: Describe how flexible-budget variance analysis can be used in the control of costs of activity…

A: Flexibe-budget variance:

Q: What is the difference between an imposed budget and a participatory budget? Define and explain a…

A: Introduction A budget is a financial statement that the management develops to evaluate the…

Q: Explain cost of goods sold budget.

A: Budgeting is a process to prepare the financial statement by the manager to estimate 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: 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: How flexible budget through performance reporting is help for the management in determination of…

A: Budgeting refers to preparation of  estimated financial data using the past records. Flexible budget…

Q: (1- Budget that is developed for a particular level of activity, it is: A-Standard budget C-Static…

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

Q: Calculate budgeted contribution margin per unit

A: Formula: Budgeted contribution margin per unit = Budgeted sales price per unit - Budgeted variable…

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: Define the term flexible budget.

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

Q: What are the relations among standard costs, flexible budgets, variance analysis, and management by…

A: Budgetary control focus on profits maximization of the enterprise and to accomplish this purpose,…

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: What are the steps in developing a budgeted fixed overhead rate?

A:

Q: What is a flexible budget and name three criteria that should be considered in choosing activity…

A: A budget is an estimation that is prepared by the company so as to know the expected income earned…

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: Distinguish between the control purpose and the productcosting purpose of standard costing and…

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

Q: you have to create your own product to be sold , list of variable and fixed cost , BEP analysis ,…

A:

Q: What are the relations among standard costs, flexible budgets, variance analysis and managment by…

A: Because actual costs cannot be predicted in advance, standard costs are estimations of actual costs…

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: Describe how non output-based cost drivers can be incorporated into budgeting.

A: Budgeting: The budgeting is a process of preparing budgets and the evaluation of it to see whether…

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: To determine the spending variance amount, compute the difference between the amount of the cost in…

A: The flexible budget performance report is prepared to compare actual results, flexible budget and…

Q: different budgetary types and identify the main characteristics of each

A: Different types of Budgetary Methods are: Incremental Budgeting. Activity-Based Budgeting. Value…

Q: What are the benefits of preparing a production and direct materials budget?

A: The estimated financial statement being at the beginning of the accounting year based upon past…

Q: Which of the following is the basic purpose of a responsibility accounting?a. variance analysisb.…

A: Definition: Responsibility accounting: The management of responsibility centers by the means of…

Q: How does a flexible budget based on two cost drivers differ from a flexible budget based on asingle…

A: Flexible budget is the estimated amounts in the business which can be adjusted to reflect any…

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: . The use of standard costs in pricing and budgeting is quite valuable since decisions in the fields…

A: Standard costs are estimates of the actual costs in a company’s production process, because actual…

Q: What are two possible sources of information a company might use to compute the budgeted amount in…

A: Variance Analysis: Variance analysis is the process of ascertaining the deviations between actual…

Q: A budget which is designed to change in accordance with the various level of activity actually…

A: A budget can be defined as the financial plan that is used by managers to estimate revenues and…

Q: The accounting relates to assortment, classification and measurement of cost for analyzing methods/…

A: There are several types of accounting made for different users.

Q: Distinguish between static and flexible budgets.

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

Q: Distinguish between standard costing and Budgeting.

A: The main difference is that standard costing is a unit concept in which standards are set for all…

Q: Give the period cost budgets - select all that apply a. Direct Labour Budget O b. Selling and…

A: Period costs are those that are not added to the cost of goods. Period costs are taken as a whole…

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.