Flexible budgets

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  • A flexible budget is a budget that adjusts or flexes for changes in the volume of activity. The flexible budget is more sophisticated and useful than a static budget, which remains at one amount regardless of the volume of activity. This lecture introduces you to flexible budgets with the following contents:

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  • This chapter explores how budgets can be adjusted so that meaningful comparisons to actual costs can be made. This chapter include objectives: Prepare a flexible budget, prepare a report showing activity variances, prepare a report showing revenue and spending variances, prepare a performance report that combines activity variances and revenue and spending variances, prepare a flexible budget with more than one cost driver, understand common errors made in preparing performance reports based on budgets and actual results.

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  • This chapter explores how budgets can be adjusted so that meaningful comparisons to actual costs can be made. This chapter include objectives: Prepare a flexible budget, prepare a report showing activity variances, prepare a report showing revenue and spending variances, prepare a performance report that combines activity variances and revenue and spending variances.

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  • Chapter 11 - Standard costs for control: flexible budgets and manufacturing overhead . In this chapter, you will learn: Flexible budgets, input measures and output measures, overhead application in a standard costing system, calculating and interpreting overhead cost variances, standard costs for product costing, an appraisal of standard costing systems, activity-based budgeting.

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  • Chapter 8 - Flexible budgets, standard costs, and variance analysis. This chapter explores how to prepare flexible budgets and how to compare them to actual results for the purposes of computing revenue and spending variances. It also describes how standards are used to compute material, labor, and overhead variances.

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  • Chapter 9 - Flexible budgets and performance analysis. This chapter explores how budgets can be adjusted so that meaningful comparisons to actual costs can be made. This chapter include objectives: Prepare a flexible budget, prepare a report showing activity variances, prepare a report showing revenue and spending variances, prepare a performance report that combines activity variances and revenue and spending variances,...

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  • After completing this chapter, you should be able to: Distinguish between static and flexible budgets and explain the advantages of a flexible overhead budget; prepare a flexible overhead budget, using both a formula and a columnar format; explain how overhead is applied to Work-in-Process Inventory under standard costing;...

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  • This chapter introduce the standard costs for control: Flexible budgets and manufacturing overhead. In this chapter you will learn: Flexible budgets, Flexible overhead budget: R.M. Williams, overhead application in a standard costing system, calculating overhead cost variances, overhead cost performance report,...

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  • Chapter 7 - Budgetary control and responsibility accounting. After studying this chapter, you should be able to: Describe the concept of budgetary control, evaluate the usefulness of static budget reports, explain the development of flexible budgets and the usefulness of flexible budget reports, describe the concept of responsibility accounting,...

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  • Chapter 21 - Flexible budgets and standard costing. The goals of this chapter are: Define standard costs and explain how standard cost information is useful for management by exception, describe variances and what they reveal about performance, analyze changes in sales from expected amounts,...

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  • Chapter 24 - Flexible budgets and standard costs. After completing this chapter you should be able to: Define standard costs and explain how standard cost information is useful for management by exception, describe variances and what they reveal about performance, analyze changes in sales from expected amounts, prepare a flexible budget and interpret a flexible budget performance report.

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  • Providence City acquired its power plant from a private company on June 1. No receivables were acquired with the purchase. Therefore, total accounts receivable on June 1 had a zero balance. Providence plans to bill customers in the month following the month of sale, and 80% of the resulting billings will be collected during the billing month. 90% of the remaining balance should be collectable in the next following month. The remaining uncollectible amounts will relate to citizens who have moved away. Such amounts are never expected to be collected and will be written off....

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  • Bryan Singler is evaluating results for three separate business segments under his control. Selected financial information for each segment follows: Rank order the three segments based on “margin,” “turnover,” and “return on investment.” How is it possible that the rankings differ based on which evaluative model is used?

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  • Carpet Clean manufactures a chemical carpet cleaner. The company was formed during the current year. As a result, there was no beginning inventory. Management is evaluating performance and inventory management issues, and desires to know both net income and ending inventory under generally accepted accounting principles (absorption costing) as well as variable costing methods. Relevant facts are as follows:

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  • Canadian Autoparts manufactures and sells alternators. Canadian has been producing and selling approximately 1,500,000 units per year. Each units sells for $350, and there are no variable selling, general, or administrative costs. The company has been approached by a foreign supplier who wishes to provide an alternator component for $45 per unit. Total annual manufacturing costs, including the alternator component, is as follows:

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  • Who has budget authority? The ability to add or remove resources to a project can be independent from other kinds of authority. For example, in the contract team situation, the team might have the power to define the requirements and design, but they might need to return to the client each time they want more money or time. How often will requirements and designs be reviewed, and how will adjustments be decided? The answer depends heavily on previous questions.

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  • Chapter 9 - Flexible budgets and overhead analysis. After studying Chapter 9, you should be able to: repare a flexible budget and explain the advantages of the flexible budget approach over the static budget approach, prepare a performance report for both variable and fixed overhead costs using the flexible budget approach, use the flexible budget to prepare a variable overhead performance report containing only a spending variance,...

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  • 208 Understanding the Numbers So, as you can see, the pieces fit together quite logically. The points underlying these pieces can be summarized quite brief ly: 1. First, we saw the need to distinguish between basic, ideal, and currently attainable standards. 2. Second, we saw the wisdom of distinguishing f lexible from static budgets. 3. Third, we noted that our standards are the foundation stones on which these budgets are based. 4. We noted that all cost variances follow one simple formula: Actual Cost less Budgeted Cost equals Standard Cost Variance. 5.

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  • As school administrators, facility planners, architects and designers make decisions about furniture for an expansion, renovation or new construction, one word summarizes a guiding principle in helping ensure that the project supports academic achievement for every student: Flexibility. Budget challenges, varying class sizes, teacher shortages, student performance assessments, and technology-driven instruction methods represent several of the many issues facing educational facility managers.

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  • Learning Systems Inc. (LSI) is the largest online educational provider on complementary alternative medicine (“CAM”) and Bible content. Its rich market niche, characterized by corporate clients with large budgets, significant training needs and receptiveness to new technology, include Healthcare Providers, Academic institutions, Multilevel Network Marketing and Manufacturing Companies, Alternative Health Industries, Christian Seminaries and Clergy.

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