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Sunk costs refer to expenses that have already been incurred and cannot be recovered, regardless of future outcomes. Historical costs represent the original costs of an asset recorded on the balance sheet, reflecting what was paid at the time of acquisition. Budget costs, on the other hand, are projected expenses created as part of a financial plan for upcoming periods and guide future spending decisions. While sunk and historical costs are retrospective, budget costs are forward-looking and used for financial planning.
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The similarities and differences between standards and budgets?
One similarity between standards and budgets is they are both predetermined costs. A major difference is that companies can report inventories using standard costs but not budget costs.
What is the difference between imputed costs and book costs?
Imputed costs do not appear in the historical cost accounting records for financial reporting. The actual cost incurred is recorder and is called a book cost.
The main difference a flexible budget and a static budget is that a flexible budget does not contain fixed costs true or false?
true
A statistic planning budget is suitable for planning and for evaluating how well costs are controlled true or false?
A static planning budget is suitable for planning and for evaluating how well costs are controlled.
What is an example of a recurring expense for a household budget?
An example of a recurring expense for a household budget is the rent or mortgage. Other examples are food costs, the phone bill and electricity costs.
What is the different between estimation and budget?
estimation is how much you think it would costs and budget is how much you decide it will cost after several estimations. budget is how much you can spend.
The similarities and differences between standards and budgets?
One similarity between standards and budgets is they are both predetermined costs. A major difference is that companies can report inventories using standard costs but not budget costs.
What is an expence budget?
An expence budget is how much something costs
Why does an organization have to control costs?
A budget
What is the difference between imputed costs and book costs?
Imputed costs do not appear in the historical cost accounting records for financial reporting. The actual cost incurred is recorder and is called a book cost.
Are Garmin GPS systems budget friendly?
Garmin's makes several GPS systems. The top three models according to Budget Travel are the Nuvi 3750 which costs $350, the Nuvi 250 which costs $120, and the Nuvi 3790T which costs $450. However, the Forerunner is also recommended and ranges between $200-250.
The main difference a flexible budget and a static budget is that a flexible budget does not contain fixed costs true or false?
true
Which ONE of the following would be likely to trigger a question or adjustment by a budget analyst reviewing a budget reque?
A budget analyst is likely to question or adjust a budget request if there is a significant increase in funding for a specific line item without a clear justification or explanation. For instance, if a department requests a 50% increase in personnel costs without providing details on new hires or changes in salaries, it would raise red flags. Additionally, any discrepancies between the requested budget and historical spending patterns could prompt further scrutiny.
What is a budget worksheet used for?
A budget worksheet is used for a way to sort out the funds you have against the costs. It allows one to have a educated guess to how much can be completed on a particular project against the total budget - the costs of materials and/or labour.
Why are historical costs irrelevant?
Historical costs are irrelevant because historical costs are sunk cost and no body can change any decision made in past so anything which can not be change due to underlying decision then that cost is irrelevant cost.
A statistic planning budget is suitable for planning and for evaluating how well costs are controlled true or false?
A static planning budget is suitable for planning and for evaluating how well costs are controlled.
What is an example of a recurring expense for a household budget?
An example of a recurring expense for a household budget is the rent or mortgage. Other examples are food costs, the phone bill and electricity costs.
