Lecture Fundamental accounting principles (21e) - Chapter 23: Flexible budgets and standard costs

Lecture Fundamental accounting principles (21e) - Chapter 23: Flexible budgets and standard costs. After completing this chapter you should be able to: Describe the importance and benefits of budgeting and the process of budget administration, describe a master budget and the process of preparing it, analyze expense planning using activity-based budgeting, prepare each component of a master budget and link each to the budgeting process.