You Decide Describe Flexible Budgeting,including the Two Types of Flexible Budgets

question 154

Essay

You decide
Describe flexible budgeting,including the two types of flexible budgets.

---

Definitions:

ASPE

Accounting Standards for Private Enterprises; a set of accounting standards for private companies in Canada, designed to meet the needs of private entities.

Comparative Statement of Income

A financial statement presenting a company's revenues, expenses, and profits over multiple periods for comparison purposes.

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is actually received or paid out, as opposed to when they are incurred.

Cost Of Goods Sold

Expenses directly linked to creating products sold by a business, which include labor and materials.