Problem: Types of Budgeting- Static Budgets and Flexible Budgets
Budgeting is a tool used by management for performing the functions of planning, coordinating, and controlling operations of a business. Our textbook, Managing Accounting Concepts, describes 2 main types of budgeting: static budgets and flexible budgets.
Respond to the following in a minimum of 175 words:
a) Differentiate between the 2 types of budgets.
b) Provide an example of the type of business or company that would benefit from using a flexible budget.
c) Provide support for your business selection and include the advantage for using a flexible budget over a static budget.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.