Description of Flexible Budgets
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What is a flexible budget?
o What are the steps to developing a flexible budget?
o What information is found on a flexible budget report?
o How is that information used to evaluate performance?
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Solution Summary
350+ words explain the concept of a flexible budget, including how to form and evaluate one.
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Flexible Budgets
What is a flexible budget?
A flexible budget adjusts and/or changes in the volume of activity. In other words, the flexible budget is based on cost behavior patterns. A budget is a financial plan for the future of a business, project and/or task. A budget can operate as either a planning or evaluation tool. The flexible acts as an evaluation tool because it recognizes actual as of the end of the period rather than the beginning. In other words the budget is compared to the actual production at the end of the period. If 5,000 units were produced, then comparison of the ...
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