Preparation of flexible budgets
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Video Overview
Master budgets are based on a single planned volume of production and sales. No provision is made for the situation where actual volume differs from budgeted volume. Flexible budgets overcome the shortfall of fixed budgets, in that the budgeted costs and/or revenues are shown at different levels of activity. The key to preparing flexible budgets is to identify what costs are variable, fixed and semi-variable as these all behave differently at different levels of activity. In this tutorial we focus on the preparation of flexible budgets.
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