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What is the main focus of flexible budgeting?
What is the main focus of flexible budgeting?
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Practice Questions
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Q1
What is the main focus of flexible budgeting?
To compare actual costs with fixed costs
To adjust budgets based on actual activity levels
To eliminate all variances
To set sales targets
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Flexible budgeting adjusts the budget based on the actual level of activity, allowing for better comparison of actual costs.
Questions & Step-by-step Solutions
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Q
Q: What is the main focus of flexible budgeting?
Solution:
Flexible budgeting adjusts the budget based on the actual level of activity, allowing for better comparison of actual costs.
Steps: 4
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Step 1: Understand what a budget is. A budget is a plan for how to spend money.
Step 2: Learn about flexible budgeting. Flexible budgeting means changing the budget based on how much work or activity actually happens.
Step 3: Know why flexible budgeting is important. It helps to see if spending is on track by comparing actual costs to the adjusted budget.
Step 4: Realize that flexible budgeting is useful for businesses. It allows them to adjust their spending plans based on real performance.
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