Use BookMyEssay:Static and Flexible Budgeting Assignment Help

Budgets are official statements of income and expenditure estimate during a specified period depending on earlier plans or records. A budget can be made by a team, a person, a business, the government, or someone who need to monitor his expenses and revenue.

It thinks that all conditions shall remain fixed. It is used by organizations, which deals with goods that have fixed transactions and prices, educational and government organizations, and others.

A flexible budget is a kind of budget prepared in a manner that enables changes as per the changes made in assumptions during the preparation. It is a sophisticated budget because while preparing it one can consider the variations and changes, which can occur in a future reporting period.

Many budgets are made for meeting the specific changes. People should have detailed knowledge of the fixed costs and the variable costs. As changes in sales are bound to occur and thus designed as flexible. A fashion industry business has a flexible budget because fashion style changes frequently.

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Pros of a Static Budget and a Flexible Budget

The pros are discussed in our Static and Flexible Budgeting assignment help:

Static Budget

• It can be implemented and followed easily because it does not need constant updating
• It provides great insights into the profits and costs of a company if you do variance analysis.
• It is good for master budgets
• It has in-built accountability and cost controls as there is no wiggle toom into a budget
• It simplifies taxes and also makes it easy to estimate the taxes owed.

Flexible Budget

• It offers an accurate reflection of the present financial state
• It enables you to address easily the changes in the market conditions and circumstances including market fluctuations and business volume.
• It can help your company to avoid risks while looking for new opportunities.
• Resource allocation is not rigid.
• It can account for any unexpected expenses
• It can control costs in a better way.

What are the differences between Flexible and Static Budgeting?

The differences are highlighted in our Static and Flexible Budgeting homework help service:

1. Fixed Budget is rigid and it does not change whereas Flexible Budget changes as per the situation.
2. A flexible budget takes more time for formulation compared to a static budget that is much simpler.
3. In a static budget, there are no fluctuations during a reporting period and a flexible budget can adapt to changes.
4. A static budget is used rarely and is not realistic when economies change but flexible data can give a realistic representation of marketplaces.

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