10. The difference between a Master Budget and a Flexible Budget is a. Master Budgets are...
10. The difference between a Master Budget and a Flexible Budget is
a. Master Budgets are always more important.
b. Flexible Budgets are restated to actual results.
c. Master Budgets are created on actual results.
d. Flexible Budgets are adapted to marketing changes.
e. there is no difference if they are for the same period.
Homework Answers
Ans: Option B , Flexible budgets are restated to actual results.
Master budgets are the financial forecast of budgeted revenue and costs for a given period of time whereas flexible budget are adjusted by incorporating changes in the number of units produced.
All options except option b are incorrect.
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10. The difference between a Master Budget and a Flexible Budget
is
a. Master Budgets are...
The difference between actual revenues and expenses and the flexible budget is known as the: A....
The difference between actual revenues and expenses and the flexible budget is known as the: A. flexible budget variance B. static budget variance C. master budget variance D. volume variance
What is the difference between a static and flexible Budget? How are flexible budgets prepared?
What is the difference between a static and flexible Budget? How are flexible budgets prepared?
Which of the following is false: A. The flexible budget is prepared using the actual volume...
Which of the following is false: A. The flexible budget is prepared using the actual volume achieved during the period. B. The difference between actual results and the master budget is called the master budget variance. C. The volume variance is due to causes other than volume. D. The master budget variance can be split into two components: a volume variance and a flexible budget variance.
ALL TRUE OR FALSE QUESTIONS: A) Differences between the static planning budget and the flexible budget...
ALL TRUE OR FALSE QUESTIONS: A) Differences between the static planning budget and the flexible budget show what should have happened because the actual level of activity differed from what had been planned. B) Fixed costs should not be included in a flexible budget because they do not change when the level of activity changes. C) An activity variance is the difference between an actual revenue or cost and the revenue or cost in the flexible budget that is adjusted...
25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets...
25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets b. Preparing master budgets C. Establishing selling prices d. Preparing performance reports e. All of the above 26. The standard direct material cost is equal to: Select one: a. Standard quantity * Actual price b. Actual quantity Standard price c. Actual quantity - Actual price d. Standard quantity Standard price e. None of the above 27. Which of the following accurately represents the "split...
Explain what a flexible budget is and how it differs from a master budget. In addition,...
Explain what a flexible budget is and how it differs from a master budget. In addition, you must explain why it is important to evaluate managers using activity variances and revenue and spending variances rather than just comparing actual results to the static planning budget.
9. A series of budgets for varying rates of activity is termed a(n) a. flexible budget...
9. A series of budgets for varying rates of activity is termed a(n) a. flexible budget b. variable budget c. master budget d. activity budget
Clementine Company makes skateboards. They prepare master and flexible budgets and then perform variance analysis after...
Clementine Company makes skateboards. They prepare master and flexible budgets and then perform variance analysis after the budget plan period elapses. Their data is as follows: Budget Actual $102 $103 Selling price per unit Variable cost per unit $47 $48 Quantity sold 934 1,035 What is the Clementine's flexible budget variance for VARIABLE COSTS? If the variance is unfavorable put a minus sign in front of your answer. Enter your answer without commas or decimals.
10. WadCo plans to sell 100 units during the month of August. If the company has...
10. WadCo plans to sell 100 units during the month of August. If the company has 250 units on hand at the start of the month, and plans to have 200 units on hand at the end of the month, how many units must be produced during the month? A) 100 B ) 50 C) 200 D) 250 E) 550 11. Standards at times are referred to as: A) estimates B) budgets C) actual D) A&B E) all of these...
Which of the following is a difference between master budgets for nonprofit organizations and those for...
Which of the following is a difference between master budgets for nonprofit organizations and those for other companies? Nonprofit organizations begin their budgeting process with a budget showing the level of service to be provided Nonprofit organizations prepare budgets showing their anticipated funding Nonprofit organizations frequently provide services free of charge, thus having no traditional sales budget All of the above are differences
25. Reasons for using standard costing include their usefulness in: Select one: a. Preparing flexible budgets b. Preparing master budgets C. Establishing selling prices d. Preparing performance reports e. All of the above 26. The standard direct material cost is equal to: Select one: a. Standard quantity * Actual price b. Actual quantity Standard price c. Actual quantity - Actual price d. Standard quantity Standard price e. None of the above 27. Which of the following accurately represents the "split...
9. A series of budgets for varying rates of activity is termed a(n) a. flexible budget b. variable budget c. master budget d. activity budget
Clementine Company makes skateboards. They prepare master and flexible budgets and then perform variance analysis after the budget plan period elapses. Their data is as follows: Budget Actual $102 $103 Selling price per unit Variable cost per unit $47 $48 Quantity sold 934 1,035 What is the Clementine's flexible budget variance for VARIABLE COSTS? If the variance is unfavorable put a minus sign in front of your answer. Enter your answer without commas or decimals.
10. WadCo plans to sell 100 units during the month of August. If the company has 250 units on hand at the start of the month, and plans to have 200 units on hand at the end of the month, how many units must be produced during the month? A) 100 B ) 50 C) 200 D) 250 E) 550 11. Standards at times are referred to as: A) estimates B) budgets C) actual D) A&B E) all of these...
Which of the following is a difference between master budgets for nonprofit organizations and those for other companies? Nonprofit organizations begin their budgeting process with a budget showing the level of service to be provided Nonprofit organizations prepare budgets showing their anticipated funding Nonprofit organizations frequently provide services free of charge, thus having no traditional sales budget All of the above are differences
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