What is the difference between a budget and a forecast?-新东方在线职业题库

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What is the difference between a budget and a forecast?

Chapter15Budgeting

Budget and forecast

A forecast is a prediction of what is expected to happen,a budget is a quantified, formal plan that the organisation is aiming to achieve.

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What does an adverse variable overhead efficiency variance indicate and what might be the cause?

Explain briefly the possible causes of

(i) A favourable material usage variance

(ii) A favourable labour rate variance

(iii) An adverse sales volume contribution variance.

What is the relationship between the labour efficiency variance and the variable overhead efficiency variance? Why might the monetary value be different?

Explain the meaning and relevance of interdependence of variances when reporting to managers.

A balanced scorecard measures performance 什om four perspectives: customer satisfaction, growth, financial success and process efficiency. Briefly explain these processes.

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What is the difference between a budget and a forecast?
Explain what is meant by standard costing
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Explain what is meant by a cost variance?
Explain the meaning of responsibility accounting.
Explain why it might be preferable for Managers not to be involved in setting their own budgets when meeting the budget is used as a basis for performance measurement.