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Page 2 What is budgeting Process of creating, planning and controlling to spend the money. Importance of Budget i. Ensured of money when needs. ii. Always keep you out of debt. iii. Avoid you to spend money on un necessary items and services. Page 3 What is budgeting Process of creating, planning and controlling to spend the money. Importance of Budget i. Ensured of money when needs. ii. Always keep you out of debt. iii. Avoid you to spend money on un necessary items and services. Role of Budget in Planning and Control. Page 4 What is budgeting Process of creating, planning and controlling to spend the money. Importance of Budget i. Ensured of money when needs. ii. Always keep you out of debt. iii. Avoid you to spend money on un necessary items and services. Role of Budget in Planning and Control. Page 5 What is budgeting Process of creating, planning and controlling to spend the money. Importance of Budget i. Ensured of money when needs. ii. Always keep you out of debt. iii. Avoid you to spend money on un necessary items and services. Role of Budget in Planning and Control. Flexible Budgeting Flexible budget shows how cost vary with different rate of output or sales volumes and sales revenue based on these different outputs level. Characteristics of flexible budgeting: Easy to change according to variation of production and sale volumes. It help in controlling cost. Flexible budget helps in measure the performance and evolution.Read More
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FAQs on PPT - Fixed & Flexible Budgets - Cost Accounting - B Com
| 1. What is the difference between fixed and flexible budgets? |  |
Ans. Fixed budgets are prepared based on a predetermined level of activity, where costs and revenues remain fixed regardless of the actual level of activity. On the other hand, flexible budgets are designed to adjust costs and revenues based on the actual level of activity, allowing for more accurate performance evaluation and cost control.
| 2. How are fixed budgets useful in financial planning? | |
Ans. Fixed budgets provide a baseline for financial planning by setting predetermined targets for costs and revenues. They help organizations establish realistic expectations and allocate resources accordingly. Fixed budgets also enable comparisons between planned and actual performance, assisting in identifying areas of improvement and potential cost-saving measures.
| 3. What are the advantages of using flexible budgets in performance evaluation? | |
Ans. Flexible budgets offer several advantages in performance evaluation. They allow for a fair comparison of actual performance against what should have been achieved at the actual level of activity. This provides a more accurate assessment of performance and helps in identifying any inefficiencies or underutilization of resources. Flexible budgets also facilitate better decision-making by providing insights into the relationship between costs and activity levels.
| 4. How can fixed and flexible budgets be used together for better financial management? | |
Ans. Fixed and flexible budgets complement each other in financial management. Fixed budgets provide a foundation for planning and setting targets, while flexible budgets allow for adjustments based on actual activity levels. By comparing actual performance against both fixed and flexible budgets, organizations can identify variances and take corrective actions. This integration of fixed and flexible budgets enables better financial control and resource allocation.
| 5. What are some challenges in implementing fixed and flexible budgets? | |
Ans. Implementing fixed and flexible budgets can present certain challenges. One challenge is accurately estimating the level of activity for flexible budgets, as it can vary significantly from the initial budgeted amount. Additionally, gathering and analyzing data for performance evaluation can be time-consuming and require a well-established tracking system. Lastly, ensuring buy-in and understanding from all stakeholders is crucial for successful implementation and utilization of fixed and flexible budgets.
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