1.Fixed Budget:不是在于固不固定,而是基于一个业务量的考虑,financail expression.
Flexible Budget:包含了固定成本和变动成本,并且变动成本的变化是随着业务量的变化而改变。
2.Flexible Budget的优点:
①recognize different cost behavior.
②improve quality and a comparison of like with like
③help managers to forecast cost,revenue and profit.
3.Flexible Budget的缺点:
1假设太简单。
2需要更多的时间准备预算编制。
4.Controllable cost is a“cost which can be influenced by”its budget holder.大部分的变动成本是可控的,non-controllable cost为inflation.
5.Budget Behavior:
①participate approach
②imposed budget
6.payback投资回收期的缺点:
①ignore profitability
②the time value of money is ignored
③没有考虑项目后期带来的经济利益
④arbitray武断
7.payback投资回收期的优点:
①easy to calculate
②widely use
③minimize the effect of the risk and help liqidity
★如果在算投资回收期的时候,发生折旧,则需要加回折旧,因为折旧是非现金项目。
8.(1+real interst rate)*(1+inflation rate)=(1+nominal interest rate)
9.NPV=present value of future net cash flow–present value of initial cost