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A static budget refers to a budget set by a company that predicts a certain level of sales and output before a sales period begins, while a flexible budget evaluates actual sales at the end of a given period. Static budg... More »

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Static budgets are typically used by companies that do not expect sales and expenses to vary much during the budgeted period. A static budget is set before the budgeting period begins and stays the same throughout the pe... More »

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An accounting balance sheet is a financial statement that reveals the financial position of a company at the end of a specified period, usually the last day of an accounting period. A standard accounting balance sheet ha... More »

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A trial balance is used to check the accuracy of all ledger accounts normally at the end of an accounting period; the worksheet divides a company's accounts into credit and debits in an easy to read format. The balance s... More »

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A sales budget is important because it helps the company determine how much revenue it's expected to make on a product, how much the expenses will be and how many units will need to be produced for the period. Therefore,... More »

A direct labor budget is a specified number of production hours a company requires to achieve a desired level of production in a given period of time. A company may allocate 5,000 hours for production in a manufacturing ... More »

Average total assets are calculated by adding together the value of assets at the beginning and end of an accounting period and dividing the sum by two, according to TheFreeDictionary. An accounting period is defined as ... More »

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