What is the difference between a static budget and a flexible budget?

12 questions in accounting due today! Questions are not related and should be answered separately with the correlating question number on top along with the reference. 5 references are required.

Cost Acct

Q1Hello everyone! What is the difference between a static budget and a flexible budget? How does management use these budgets to gain insight into performance? Anyone?

Q2Great post so far on the differences between static and flexible budgets! Taking a step back, let’s also discuss “setting” the standards! When it comes to setting the standards, how often should these be reviewed, in your opinion? Is there a rule of thumb for this process? Anyone?

Q3Hello everyone! How is the preparation of a flexible budget like a parent or coach instructing a child? 🙂 Anyone?

Q4Describe the variable overhead variances. How does a manager plan for these variances?

Q5Also, how does the variable overhead variance compare to the fixed overhead variance? Anyone?

Q6Hello everyone! Wow, great posts already in this week’s topic discussions concerning variances! Much has already been covered 🙂 So how about if we practice variance calculations and analysis this week? How about starting with Exercise 8-16 located on page 290 (or thereabouts) in the textbook! Who wants to get us started? Anyone? 🙂