Define Zero Base Budgeting. What are the steps involved in this?

Q: Explain the different purposes that a budget can have

A: Introduction:- Budgeting used to estimation of income and expenditure over a specified period of…

Q: what are the first two steps of a master budget? and are there formulas that are used for those…

A: The first two steps of a master budget are as follows: 1) Preparation of sales budget. A sales…

Q: Briefly explain “Self-Impose Budget or Participative” and “Master Budget”.

A: Here are given two terms. (1) Self imposed budget or participative budget (2) Master budget Lets…

Q: 3. Explain how a flexible budget is used?

A: A flexible budget is a budget that adjusts to a company’s operation or volume levels.

Q: What is a self-imposed budget?

A: Budget:   It is a statement of estimated revenue and expenditure for a specific period.

Q: What is a budgeting cycle? Explain?

A:

Q: A flexible budget has which of the following characteristics?

A: A flexible budget is a dynamic financial plan that adjusts to changes in activity levels or other…

Q: explain what is Zero-base budgeting with a comprehensive example.

A: Zero-base budgeting (ZBB) is a method of budgeting in which all expenses must be justified for each…

Q: Describe how many types of budgets are ?

A: The objective of the question is to understand the different types of budgets that are used in…

Q: What are the two components of the static budget variance? How are they calculated?

A: Definition:   Static budget variance: The static budget variance is the difference between the…

Q: What are the advantages and disadvantages of   incremental/decremental and zero based budgeting?

A: Budgeting is the process of planning, allocating, and managing financial resources for a specific…

Q: Explain the difference between static and flexible budgets.

A: Flexible Budgets: Flexible budgets are prepared for various levels of activities or outputs. This…

Q: Explain the term flexible budget variance.

A: Flexible Budget: It is a type of budget that changes based on the volume of business activity.…

Q: Identify at least two potential negative outcomes of budgeting.

A:

Q: Briefly tell how Program Based Budgeting (PBB) interface with the GIFMIS?

A: SOLUTION- Program-Based Budgeting is a budgeting tool where all budgetary information is organized…

Q: What is a flexible budget? Explain how a flexible budgetincreases the usefulness of budgeting as a…

A: A flexible budget is a budget that can be easily adjusted to reflect the changes in the volume of…

Q: What is life-cycle budgeting?

A: Budgeting:Budgeting refers to preparation of financial statements that show all the incomes and…

Q: what are the 3rd and 4th steps to a master budget? Are there formulas that go with these steps?

A: Master Budget: The master budget is the core budget that explains the complete process of the…

Q: How does the static budget affect the cost and efficiency variances?

A: Definition:   Static budget: Static budget is a master budget that is prepared for only one level of…

Q: What are the four elements of the budgeting cycle?

A: Budget Cycle:The budget cycle refers to the whole time period starting from the creation of the…

Q: 1. What is Budgeted Income Statement?   2. What is Margin of Safety? 3. What is Net Present…

A: 1. Budgeted Income Statement: Budgeted income statement is computed to ascertain the expected net…

Q: What is a static budget? Explain? Give example?

A:

Q: Distinguish between a columnar and a formula flexible budget.

A: Definition: Flexible budget: A flexible budget is a budget that is prepared for different levels of…

Q: What is a static planning budget?

A: Budget:   It is a statement of revenues and expenditures to be incurred by the company for a…

Q: Define static budget.

A: Budget is a estimation of revenue and expenses for a future period of time

Q: What is zero base budgeting? Discuss its merits and limitations.

A: What is zero based budgeting? Zero based budgeting is a concept of planning the future activities in…

Q: IDENTIFY AND DISCUSS THE DIFFERENCES BETWEEN STATIC AND FLEXIBLE BUDGETS.

A: A budget is defined as a plan layout designed for a particular period. It involves planning costs…

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.