Description
Discussion 1,
READ – Chapter Six - Budgeting
WRITE – a minimum of 200 words addressing the following questions:
- Flexible budgets provide different information than static budgets. Discuss some of these differences. Is a flexible budget always better? Are there times when you’d recommend using a static budget over a flexible budget?
Discussion 2, READ – Chapter Seven - Standard costs
WRITE – a minimum of 200 words addressing the following questions:
- Review the "Standard costs: Wake up and smell the coffee" (Links to an external site.)Links to an external site. article. When evaluating performance, many organizations compare current results with the actual results of previous accounting periods. Is an organization that follows this approach likely to encounter any problems? Explain.
Text
Wainwright, S. K. (Ed.) (2012). (Links to an external site.)Links to an external site.Principles of accounting: Volume II [Electronic version]. Retrieved from https://content.ashford.edu/
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Discussion 1 – Chapter Six – Budgeting
The flexible budget is the type of budget which adjusts for the fluctuations in volume. It
usually favors a production-based method of accounting as well as accounting for the job. This
type of budget prevents the future and can be changed for any period where demand decreases or
increases from the normal operations (Wainwright).
On the other hand, the static budget is usually sub-divided into different categories which
ease the accounting process (Wainwright). This type of budget cannot handle fluctuations
though variations are expected to take place. Sometimes, static budget produces the statistics
which would show a position which is more favo...
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