The revenue and spending variances are the differences between the flexible budget and the actual results for the period. True False
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- In comparing actual sales revenue to flexible budget sales revenue, would it be possible to have a favorable variance and still not have met revenue expectations?Why is it important to determine flexible-budget variances?How are budget variances calculated and used as performance measures? Provide numerical example?
- Explain the term flexible budget variance.The profit and liquidity budget reflects periods, while a balance sheet budget shows a situation at a specific time. choose an alternative False TrueA budget that adjusts to the changes in volume of production or output is called production budget. Select one: O True O False
- What assumption is implicitly made about cost behavior when a budget is directly compared toactual results? Why is this assumption questionable?How does the static budget affect the cost and efficiency variances?Compare flexible budget system from traditional budget system, which is the better system for performance analysis?
