Camb_mixed questions

Difference between ___ and ___ . A ___is a planned financial statement that outlines expected income and expenses over a specific period, typically for a fiscal year. It sets financial goals and targets based on past data and future expectations. On the other hand, a ___ is an estimate of future financial outcomes based on current and past data, often used to adapt plans and strategies as circumstances change.

___involve adjusting previous budgets by a certain percentage or amount to account for anticipated changes in expenses or revenues. It typically involves adding a percentage increase to the previous budget, often based on inflation rates or expected changes in costs.

• Incremental Budgets

• Flexible Budget

• Advantage of Setting Budgets

• Possible Drawback of Budgets

a budget that adjusts to reflect changes in activity levels. Unlike traditional static budgets, which remain constant regardless of actual activity. It budgets allow for variations in revenue and expenses based on changes in production, sales volumes, or other factors.

• Incremental Budgets

• Flexible Budget

• Advantage of Setting Budgets

• Possible Drawback of Budgets

__budgeting approach where all expenses must be justified for each new period, regardless of whether they were included in previous budgets. It requires departments to justify every expense from scratch, starting with a zero base, thereby encouraging cost-consciousness and efficiency.

• Zero Budgeting

• Flexible Budget

• Incremental Budgets

• Forecast

It occurs when actual results exceed the budgeted or expected figures, indicating that expenses are lower or revenues are higher than planned.

• favorable variance

• adverse variance

• Negative outcome

• Variable cost

This variance may occur due to factors such as lower-than-expected sales volumes, decreased demand for products or services, pricing issues, or disruptions in the market that affect the organization's ability to generate revenue as projected

• Unfavorable Revenue

• Favorable Variable Cost

• favorable Revenue

• favorable competitor

A hotel manager could use activity-based budgeting for the restaurant section. This approach involves allocating resources based on the expected level of activities, such as the number of guests served or meals prepared. It allows for more accurate budgeting by tying expenses directly to the level of activity, thus optimizing resource allocation and improving cost control. This is___

• Budgeting Method for a Hotel Restaurant Section

• Forecast Method for a Restaurant Section

• Forecast Method for a Hotel

• Budgeting Method for a Hotel and forecast strategy

Provide Non-Financial Motivators for employees in organization with examples

Explain Piece rate with examples

administrative staff or maintenance personnel might receive an hourly wage for the time they spend contributing to the production process, regardless of the quantity of pots produced.

• Profit Sharing

• Piece Rate

• Salary

• Time-Based Pay