B Com Exam > B Com Videos > Cost Accounting > Fixed & Flexible Budget - Budgetary Control, Cost Accounting
Fixed & Flexible Budget - Budgetary Control, Cost Accounting Video Lecture | Cost Accounting - B Com
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FAQs on Fixed & Flexible Budget - Budgetary Control, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is a fixed budget? |  |
Ans. A fixed budget is a financial plan that remains unchanged regardless of any changes in the actual levels of activity. It is prepared based on a single level of activity and does not account for any variations or fluctuations in costs or revenues.
| 2. What is a flexible budget? | |
Ans. A flexible budget is a financial plan that adjusts to changes in the actual levels of activity. It allows for variations in costs and revenues based on different levels of activity, providing a more realistic and accurate representation of financial performance.
| 3. What is budgetary control? | |
Ans. Budgetary control refers to the process of comparing actual financial performance against the budgeted targets. It involves monitoring and analyzing variances between actual and budgeted figures, enabling management to take corrective actions and ensure effective financial management.
| 4. How does cost accounting relate to budgeting? | |
Ans. Cost accounting plays a crucial role in budgeting as it provides valuable information on the costs associated with different activities or departments. This information is used in the budgeting process to estimate future costs and revenues, allowing for the creation of realistic budgets.
| 5. What are the benefits of using fixed and flexible budgets? | |
Ans. Fixed budgets provide stability and predictability in financial planning, making them suitable for industries with stable operating conditions. On the other hand, flexible budgets offer more accuracy and adaptability, making them ideal for industries with fluctuating activity levels. Both types of budgets enable better financial control and decision-making by providing a benchmark for measuring performance and identifying areas for improvement.
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Nov 15, 2024 Last updated |
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