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Flexible Budget
Flexible budget is a budget that is designed to change in accordance along with the level of activity attained. It includes budgeting at various levels in anticipation of changes. The original budget is adjusted or flexed to reflect the real conditions whether the performance was done.
It is more useful rather than fixed budgeting because of as:
1. It gives a range of information at the planning stage that will assist in short term planning.
2. Control: It gives control data when compared along with real performance.
3. Motivation: More probably to be acceptable to management to give a positive motivational stimulus since the control data is adjusted to conform along with current activity level.
HOW DOES IDLE CAPACITY EFFECT COST BEHAVIOR PATTERNS AND FACTORY OVERHEAD METHODS?
Budgeted direct labour cost 75000 hours @ $16 per hour Budgeted manufacturing overhead 80 000 hours @ $17.50 per hour Actual direct labour cost $997 500 Budgeted manufa
draw up statements of affairs to show the profit or loss for the year
EFFECTIVENESS AUDITING is one type of internal audit. Describe and evaluate this type of internal audit. What types of organisation would it be most useful for? Required: 1)
Mandy Building Contractors Ltd signed a fixed-price contract to build a bridge for Nelly Ltd for $110 million on 1 July 2012. Contract costs are estimated as follows:
Describe the concept of full cost recovery with illustrative examples.
Process Costing Procedure 1. The production factory is divided into a number of methods. 2. An account is maintained and opened for every process. 3. Every process accou
DEFINATION
Marginal analysis finds to equalize the cost of producing one more item (marginal costs) with the revenue gained from selling one more item (marginal revenue).
A product is manufactured by passing through three processes: A, B and C. In process C a by-product is also produced which is then transferred to process D where it is completed. F
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