Define Rolling Plans, Standing Plans, and Single-Use Plans

question 8

Essay

Define rolling plans, standing plans, and single-use plans. List the different kinds of standing plans and single-use plans.

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Definitions:

Actual Costs

The real costs incurred in the production of goods or the providing of services, as opposed to estimated costs.

Budgeted Amounts

Projected financial figures or allocations for revenues, costs, expenses, etc., established during the budgeting process.

Master Budget

A comprehensive financial plan made up of several individual budgets that outline a company's financial and operational goals.

Static Budget

A static budget is a fixed budget created for a specific period of time, which does not change or adjust with changes in business activity levels.