A flexible budget is a set of cost relationships that can be used to estimate costs and cash flows for any level of operations within the relevant range.
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Q4: Variance analysis involves calculating variances and preparing
Q5: A flexible budget uses the variable cost
Q6: Another name for master budget is static
Q7: Standards should be reviewed periodically.
Q8: Organisations should always use ideal standards to
Q10: Ideal standards assume perfect operating conditions that
Q11: Currently attainable standards assume normal operating conditions
Q12: There are two types of standards; ideal
Q13: The standard cost of direct labour is
Q14: To establish standard costs organisations need to
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