Explain the term budgeted costs.

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: Answer: Object classification budget is the budget which is traditional system of budget and it is…

Q: Explain direct labour budget.

A: Definition:   Operating budget: Operating budget which projects the budgeted amounts of operational…

Q: How is budget achieved in transportation.

A: Preparation and achieving the target of the prescribed budget is differentiated for the different…

Q: What is a self-imposed budget?

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

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: budget is a

A: Introduction : A budget can be understood as an accounting statement, prepared by the managers of a…

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: 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: accounting statement reconciling the budgeted costs

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

Q: how budget process fits into management’s planning process?

A: Planning as well as budgeting are critical components of managerial control. Efficient planning and…

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: 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: 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: What is a static budget performance report?

A: Static Budget Performance report: The Static Budget Performance report reports the variances.…

Q: what are total budgeted costs

A: Budgets are the estimates or forecasts to be made for future period. Budgeted costs means forecasted…

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: 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: Create budget assumption

A: Budgeting: Budgeting can be defined as the process of developing a financial plan that company…

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

A:

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 static planning budget?

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

Q: Define Kaizen budgeting.

A:

Q: Define static budget.

A: Budget is a estimation of revenue and expenses for a future period of time

Q: How is a flexible budget used?

A:

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: 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: 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: 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 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: What is a selling expense budget? What is a capital expenditures budget?

A: A Budget is a Financial Plan made for Future period of time. There are many types of Budgets such as…

Q: What is a flexible budget performance report?

A:

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: Can you explain what a rolling budget is?

A: Budget:   A budget is a statement of expected revenues and expenditures of the business for a…

Q: Analyze expense planning using activity-based budgeting.

A: Activity-based budgeting (ABB) refers to the system of creating a budget which documents/records,…

Q: Explained how the use of an activity-based costing system could change the results of the budget if…

A: Activity based costing is the type of costing in which the costs are estimated according to the…

Q: Define the term production budget.

A: The creation financial plan figures the quantity of units of items that should be fabricated, and is…

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.