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Which budgeting method involves preparing budgets based on previous periods' per

Practice Questions

Q1
Which budgeting method involves preparing budgets based on previous periods' performance?
  1. Zero-based budgeting
  2. Incremental budgeting
  3. Flexible budgeting
  4. Activity-based budgeting

Questions & Step-by-Step Solutions

Which budgeting method involves preparing budgets based on previous periods' performance?
  • Step 1: Understand what budgeting means. Budgeting is planning how to spend money.
  • Step 2: Learn about different budgeting methods. There are various ways to create a budget.
  • Step 3: Identify the method that uses past budgets. This method looks at how much was spent in the past.
  • Step 4: Know the name of this method. The method that uses previous budgets as a starting point is called incremental budgeting.
  • Step 5: Understand how it works. Incremental budgeting takes last year's budget and makes small changes for the new budget.
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