Have heard people talking about a static budget? You may or may not have heard about it.
Static budget is a budget that once approved by the management, will remain unchanged throughout the budgeted period. It consists of many financial targets set by the company usually in the beginning of a new financial year.
A good example of a static budget is the master budget. In my previous posts I have explained what is a master budget. If you need to refresh yourself just scroll through my previous posts.
Other than a Static Budget there are Flexible Budget or sometimes also known as the Variable Budget.
