What you’ll learn2 learning objectivesChoose one objective for a focused lesson, or study the complete topic.5.5.1Budgets• The meaning and purpose of budgets- the measurement of performance- the benefits and drawbacks from the use of budgets- the meaning and use of incremental budgets, flexible budgets and zero budgeting- the uses of budgets for measuring performance, allocating resources, controlling and monitoring a businessSyllabus objective5.5.2Variances• Variances- the meaning of adverse variances and favourable variances- the calculation and interpretation of variancesSyllabus objective