A Difference Between the Actual Amount and the Flexible Budget

question 42

Short Answer

A difference between the actual amount and the flexible budget amount is known as the ____________________.

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Definitions:

Consolidated Financial Statements

Financial statements that aggregate the financial position and operating results of a parent company and its subsidiaries, presenting them as a single economic entity.

Inventories Balance

The total value of a company's raw materials, work-in-progress, and finished goods that are considered current assets on a balance sheet.

Parent Entity

A company that owns more than half of another company's stock and has control over it, making the latter a subsidiary.

AASB 12/IFRS 12

Disclosures of Interests in Other Entities, a standard that sets the requirements for disclosing information about an entity's interests in subsidiaries, joint arrangements, associates, and unconsolidated structured entities.