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ICMA Budget Methodologies: Peak Season Planning

5 Questions

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ICMA Budget Methodologies: Peak Season Planning

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@OptimalStarlitSky

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Questions and Answers

Which type of budgeting would be most suitable for a manufacturing firm with fluctuating production levels?

Incremental budgeting

Flexible budgeting (correct)

Zero-based budgeting

Static budgeting

What is a key characteristic of flexible budgeting?

It is used for discrete projects

It allows for adjustments to the budget based on actual activity levels (correct)

It is based on manager input

It shows the changes in sales or production levels

Which of the following is a limitation of using static budgeting in a manufacturing firm with peak seasons?

It is used for discrete projects

It does not account for changes in production levels (correct)

It allows for adjustments to the budget based on actual activity levels

It is based on manager input

What is the main difference between zero-based budgeting and flexible budgeting?

<p>Flexible budgeting allows for adjustments to the budget based on actual activity levels</p> Signup and view all the answers

Which type of budgeting is least suitable for a manufacturing firm with peak seasons?

<p>Static budgeting</p> Signup and view all the answers

Study Notes

Budget Methodologies

A manufacturing firm experiences peak seasons: summer and the last two weeks of February.
During peak seasons, the firm leases additional production equipment and hires temporary employees.
The firm's production output increases during these periods.
Flexible budgeting is the best fit for this firm's needs.
Flexible budgeting allows for adjustments to the budget based on actual activity levels.
This technique is suitable for the firm due to its varying production levels during peak seasons.

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Description

Discover the best budgeting technique for a manufacturing firm with peak seasons. Learn how to manage increased output and temporary employees during busy periods.