When budgeted and actual results are not the same amount, there is a budget a. error. b. difference. c. anomaly. d. by-product.

Q: One similarity of CVP analysis and comprehensive budget is that a change in a single assumption…

A: One similarity of CVP analysis and comprehensive budget is that a change in a single assumption…

Q: If a manager builds slack into a budget, how would that manager handle estimates of revenues and…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: What is the primary difference between a static budget and a flexible budget? a. The static budget…

A: The budget can be understood as a quantitative plan that acts as an estimate of future operation.…

Q: When actual performance varies from the budgeted performance, managers will be more a. likely revise…

A: Solution: When actual performance varies from the budgeted performance, managers will be more…

Q: The Production Budget depends upon information provided by the Revenues Budget. TRUE FALSE

A: Meaning of Production Budget  The production budget considers the units in the sales budget and the…

Q: The labor flexible budget/spending variance amounts to P Indicate in your solution sheet whether it…

A: Flexible budget is that budget which changes with change in activity level. Labour flexible budget…

Q: A Favorable Variance results when (check all that apply)   a. Actual costs exceed Budgeted costs…

A: While calculating variances,  for costs - If actual costs are lower than the budgeted costs then it…

Q: In practice, when developing a budget, two extremes used for guidance are ________ and ________. A)…

A: Budgeting is the process of estimating projected cash coming in from different sources such as sales…

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: What can you tell me about variance, as it concerns fixed or variable budgets? What is favorable…

A: The question is related to Standard costing and Budgetory Comtrol. Variance may be defined as the…

Q: Which one of the following statements regarding the difference between a flexible budget and a…

A: A flexible budget provides cost allowances for different levels of activity, but a static budget…

Q: Responsibility reports should be simple, show variances between the budgeted and actual amounts of…

A: Responsibility reports is a system of preparation of reports for each level of responsibility in the…

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: What assumption is implicitly made about cost behavior when all of the items in a budget areadjusted…

A: Definition: Static Budget: A budget that doesn’t changes with the volume of activity throughout the…

Q: Identify at least two potential negative outcomes of budgeting.

A:

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

A: Budgeting is defined as the process or procedure, which used to prepare the plan regarding the…

Q: Accounting How is price variance for room sales calculated? Which two components can the flexible…

A: Standard costing is the process of replacing an actual cost in the accounting records with a…

Q: Considering the variance analysis, which of the following statements is true?

A: Variance analysis is the analysis which is the analysis only possible when the company has a…

Q: indicate yes if it describes a potential benefit of budgeting orno if it describes a potential…

A: Budgeting is very important process in managing future financing affairs of a business enterprise.…

Q: How do I identify and explain the classic budgeting error that Harlow apparently incorporated into…

A: Total Cost=Direct material+Direct labor+Variable Overhead+Fixed Overhead

Q: Which of the following is not a reason standard costs are separated into two components?…

A: Standard cost: In the accounting records, the term standard cost refers to the practice of…

Q: manager builds slack into a budget, how would that manager estimate revenues and expenses?…

A: Answer - Budgetary slack refers to the deliberate adjustment of additional cash outlays in…

Q: Which of the following should not be considered when determining the production budget for an…

A: A budget is prepared by the management to estimate the future event. The production budget is used…

Q: What assumption is implicitly made about cost behavior when all of the items in a static planning…

A: Static Budget:   A budget that doesn’t changes with the volume of activity throughout the period is…

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: Why is it difficult to interpret a difference between how much expense was budgeted and how much was…

A: Spending variance: The difference between the actual and budgeted expenses is known as spending…

Q: In preparing a Master Budget, the starting point and the first budget to be prepared is usually the…

A: The production budget is related to the estimated units to be manufactured or produced considering…

Q: a. Prepare in good form a budgeted and actual income statement for internal use. Separate operating…

A: The question is based on the concept of Cost Accounting.

Q: An unfavorable activity variance for revenue indicates that activity was less than expected when the…

A: Solution: True. An unfavorable activity variance for Revenue indicated that activity was less than…

Q: if you identify discrepancies, budget variances, unusual features or have queries, what should you…

A: Budget variance means that the actual cost are either higher or lower than the projected cost.

Q: Static budget reflects the plan or estimates made reflecting the actual activity level. O True False

A: >Budgets are the future estimates based on certain assumptions and estimates. >Budgets can…

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: ked overhead variances is e between the original budgete

A: The right answer is option d .  Fixed overhead variances consists of a budget and a volume variances

Q: Which of the following is NOT true about Budgets? A) Budgets start with the Sales Budget B) The Cash…

A: The budget is an estimate prepared to determine the income that will be earned and expenses that…

Q: In the executing stage of management cycle, managers check for variances, between budgets and actual…

A: The primary objective of Executing phase is to construct deliverables as per the master project plan…

Q: Flexible budgets are used during which stage of the management process? * Planning Organizing…

A: Answer are as follows.

Q: The profit and liquidity budget reflects periods, while a balance sheet budget shows a situation at…

A: Budgeting The process of estimating revenue and expenses for a future period of time refers to the…

Q: Which of the following is a use of budgets for control? * A. plans can be made for the future B.…

A: Controlling activities are those activities which aid in monitoring the performance of a particular…

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.