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Budget & Budgetary Control Part 2 Ques
What is a flexible budget and how does it differ from a fixed budget?
A flexible budget adjusts expenditure levels based on actual activity or output achieved, unlike a fixed budget which remains static regardless of actual performance.
What is an adverse variance in budgetary control?
A variance where actual results are worse than budgeted results.
What is the purpose of a cash budget in banking operations?
A cash budget projects cash inflows and outflows over a period to ensure adequate liquidity, helping management plan borrowings or investments to avoid cash shortages or idle funds.
What is a favourable variance in budgetary control?
A variance where actual results are better than budgeted figures.
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