
Budgeting and Variance Analysis
Flashcard
•
Business
•
12th Grade
•
Practice Problem
•
Hard
Vicky Craske
FREE Resource
Student preview

9 questions
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1.
FLASHCARD QUESTION
Front
budget
Back
a financial plan for a business or organisation that is prepared in advance
2.
FLASHCARD QUESTION
Front
Standard Cost
Back
a pre-determined cost of a unit of output
3.
FLASHCARD QUESTION
Front
Flexed budget
Back
Budget which changes with the level of activity
4.
FLASHCARD QUESTION
Front
Fixed budget
Back
Budget which remains the same whatever the level of activity
5.
FLASHCARD QUESTION
Front
Rolling budget
Back
a budget that is continuously updated so that the next 12 months of operations are always budgeted
6.
FLASHCARD QUESTION
Front
favourable variance (costs)
Back
where actual costs are lower than budgeted costs
7.
FLASHCARD QUESTION
Front
adverse variance (income)
Back
where actual revenues are lower than budgeted revenues
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