Budgets: You are the CFO for XYZ Company and you are responsible for the budgeting process...
Budgets: You are the CFO for XYZ Company and you are responsible for the budgeting process and implementation. What type of budgets are you going to require from your departments, Fixed or Flexible, and why?
Homework Answers
I being CFO of XYZ company will select flexible budget over fixed budget. Following are reasons:-
1. Flexible budget is more realistic because expenses are not stable. They keep fluctuating and hence there is need for flexible budget.
2. Better cost control is done by flexible budget because it is more reactive to adverse conditions.
3. Static budget limit the growth of the organization because focus of management is to remain in line with budget.
4. Flexible budget are updated with current situation because it takes the impact of realtime inflation in expenses or other similar factors
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