Static and Flexible Budgeting Assignment Help

Static and Flexible Budgeting Assignment Help
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A Brief Discussion of Static and Flexible Budgeting:

Budgeting is a fundamental part of financial management. A static budget is a traditional type of budget that includes the values of inputs and outputs, which are perceived much before the beginning of the business. This concept in reverse in the flexible budget. In a flexible budget, the input and output values can be altered many times during the period. A company makes such changes when it believes the change is required. For instance, a new price is reflected instantly instead of at the end. Budgeting is an important portion of finance and is confusing at times. Students for clarifying their doubts should avail the best Static and Flexible Budgeting assignment help and BookMyEssay is the best choice for this. The firms which have fixed expenditure and fixed sales then it leads to a static budget. A flexible budget is quite different from the static budget and it is circumstantial. The firm decides the budget and with the change in circumstances budget changes too. The flexible budget is realistic and acceptable. A static budget is good for the short time period. When you get the best Static and Flexible Budgeting assignment writing help from BookMyEssay, you can understand the difference very well.

Detail about Static and Flexible Budgeting

Static budget and flexible budget are different yet interconnected portions of business accounting. Static budgets keep the production costs in control and motivate the staff who are incharge of purchasing in making a good effort to obtain the goods at the minimum price. A flexible budget sometimes forms part of the company’s entire budget but may be used for a part of the budget.  A static budget is an estimation of the pre-decided income and expenditure and once prepared it does not change when there is a change in its activity levels.

A static budget is suited best for those organizations where the chances of fluctuations are less or where the organization does not get influenced by any alteration in the external factors and here forecasting is easily done for giving the results. It is a yardstick for controlling costs. This budget is helpful to the management for setting the flexible expenses and revenues but at times it is not accurate because the future needs cannot be determined correctly. Moreover, it functions on a single condition and on one activity level.

A flexible budget is a plan prepared for various activity levels. It can be adjusted or re-casted easily on the basis of output. It is practical and logical because you can determine the cost at different activity levels. When you prepare a flexible budget, you have to divide the costs into three segments: fixed cost, variable cost, and semi-variable cost. Semi-variable costs are classified further into fixed cost and variable cost.

A flexible budget is most suitable for the organizations that have higher variability degree in production and sale or the industries that get affected easily by the external factors or if the fluctuations in the market are quite high. BookMyEssay has employed experienced online tutors who can provide the best case study writing help on Static and Flexible Budgeting.

The major differences between a static and a flexible are as follows:

  1. The static budget remains constant irrespective of the actual levels of output, however, in a flexible budget, the budget can be adjusted according to the levels of output.
  2. Static budget in static while the flexible budget is dynamic.
  3. A fixed budget is realistic but a static budget is assumption based.
  4. A static budget is inelastic, conversely, a flexible budget is elastic
  5. A flexible budget is more accurate for evaluating the performance, efficiency, and capacity in comparison to flexible budget.

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