Question

In your own words, explain the meaning of ‘flexing the budget’ and why it is necessary.

In your own words, explain the meaning of ‘flexing the budget’ and why it is necessary.

Homework Answers

Answer #1

The ‘flexing the budget’ refers to a process that involves identification of the behaviour of revenue and costs (variable, semi-variable, fixed, and step fixed); and applying these behaviours to different levels of output. The original budget will be revised to show the impact of variable elements, and step fixed costs at actual level of output. The ‘flexing the budget is necessary because when a budget has been flexed it can help in making a comparison of the compared with actual figures and determine the variances. By flexing the budget an organisation can focus to anticipate and accommodate its requirements. For example, a seasonal firm will create a flexible budget to anticipate changing levels of staff as customers come and go over the course of specified time frame.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In your own words, explain what a budget is and why it is important for a...
In your own words, explain what a budget is and why it is important for a business to have a budget.
Explain in your own words what the meaning of domain is. Also, explain why a denominator...
Explain in your own words what the meaning of domain is. Also, explain why a denominator cannot be zero. Find the domain for each rational expressions below. Write the domain of each rational expression in set notation. Do both of your rational expressions have excluded values in their domains? If yes, explain why they are to be excluded from the domains. If no, explain why no exclusions are necessary. Incorporate the following five math vocabulary words into your discussion. Use...
In your own words, explain the meaning and significance of a Credit Crunch.
In your own words, explain the meaning and significance of a Credit Crunch.
What is the spring constant? Describe the definition and explain its meaning in your own words.
What is the spring constant? Describe the definition and explain its meaning in your own words.
In your own words, explain the meaning of the following terms: a- Transverse waves b- Longitudinal...
In your own words, explain the meaning of the following terms: a- Transverse waves b- Longitudinal waves c- Standing waves d- Shock waves
In your own words, explain the meaning of the following terms: Transverse waves Longitudinal waves Standing...
In your own words, explain the meaning of the following terms: Transverse waves Longitudinal waves Standing waves Shock waves
In your own words, describe the components necessary to create an effective professional identity and explain...
In your own words, describe the components necessary to create an effective professional identity and explain why professional networks are essential for professional development. What are the pros and cons when developing professional identity.
Explain how you tell a story or paraphrase in your own words and keep its meaning....
Explain how you tell a story or paraphrase in your own words and keep its meaning. Explain how personal and cultural views on plagiarism might present challenges. Identify and explain any evidence of plagiarism and/or paraphrasing that is found in the student passages provided. Explain at least two strategies you might use to revise the student passages and avoid plagiarism.
In your own words, what is a peer-reviewed, academic reference and why is this necessary?  How can...
In your own words, what is a peer-reviewed, academic reference and why is this necessary?  How can you avoid plagiarism when you are using academic references?
Explain in your own words why the world is not filled with waste matter?
Explain in your own words why the world is not filled with waste matter?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT