The purpose of managerial accounting is to provide budgeting and performance information to managers so that they are able to successfully direct a company or business. Flexible budgeting and overhead ...

Budgeting is how a business plans for future production cycles. An initial budget - known as a "static" budget - is a necessary planning tool; creating a second, flexible budget allows a business to ...

A flexible budget is one that is allowed to adjust based on a change in the assumptions used to create the budget during management's planning process. A static budget, on the other hand, remains the ...