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AC1115

Flexible Budgets and Performance Reporting

TermDefinition
Static Budgets Prepared for a single planned level of activity
When is performance Evaluation diffiicult? When actual activity differs from the planned level of acctivity
Unfavourable Variance Unable to achieve the budgeted level of activity
Favourable Variance Occurs when actual costs are less than budgeted costs
Flexible Budgets - Shows revenues and expenses that should have occurred at the level of activity -May be prepared for any activity level in the relative range - Improve performance evaluation
What do we need to know when doing a flexible budget? Total VC change in direct proportion to changes in activity Total FC remain unchanged within the relevant range
2 Reasons for unfavourable variable o/h variances 1. Spending too much for resources 2. Using the resources inefficiently
POHR Predetermined Over Head Rate
Total POHR Sum of the fixed and variable rates for a given activity level
Spending Variance Results from paying more or less than expected for o/h items and from too much usage of o/h items
Efficiency Variance Controlled by managing the o/h cost driver
Budget Variance Results from paying more or less than expected for o/h items
Volume Variance Results from operating at an activity level different from the denominator activity
Created by: peadarbailey1206
 

 



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