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Horngren'S Financial And Managerial Accounting
Found in: Page 1305

Short Answer

Question: What is a flexible budget performance report?

Answer

The flexible budget performance report compares actual performance with budgeted performance.

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Step by Step Solution

Step 1 Definition of Budget

A budget is defined as the estimation prepared by the company's management to forecast the revenues and expenses for the future period.

Step 2 Flexible Budget Performance report

The management creates the flexible performance report to compare the revenues and expenses incurred during the period with the revenues and costs presented in the flexible budget. Simply put, it compares actual results with the budgeted results of actual sales quantity.

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