the challenge of not having a fixed budget for the department I'm managing. For this purpose I will be the manager of this department with a flexible budget or a variable budget. First we would need to understand what a a variable budget is. Most variable departments run based on luck, because the budget isn't a standard fixed budget its a chance taken each month that expenses will cover each other based on what portions of the budget or under and/or over budget. This sometimes how a variable department
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com/ACC-350-WK-8-Quiz-6-Chapter-7-All-Possible-Questions-ACC3507.htm ACC 350 WK 8 Quiz 6 Chapter 7 - All Possible Questions 1) The master budget is one type of flexible budget. 2) A flexible budget is calculated at the start of the budget period. 3) Information regarding the causes of variances is provided when the master budget is compared with actual results. 4) A variance is the difference between the actual cost for the current and previous year. 5)
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I need the spreadsheet model is not going to be a complex model because it is for personal use. Budget spreadsheet is a basic practical tool to manage budget and thereby investments. I will use this to manage my money for any required purpose. Whether it is personal budget, family budget, household budget or home budget one can learn and manage to maintain budget using a budget spreadsheet. A budget spreadsheet will make it easy to manage income and expenses. It will also help me reduce the cost
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charged with controlling costs and generate revenue C. Have no revenue budget and no obligation to earn revenue D. Costs that do not vary as service volume varies E. Fixed over some range of service volume, but rise to a new level for a higher range of service volume F. Costs that cannot be tied directly to the patient’s stay in the bed G. Exist as budgets on paper only H. The places where costs occur and have budgets I. Costs that change as volume changes
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to developed monthly projection of key expenses such as materials, salaries, legal expenses, etc. Russ consolidated, reviewed, and discussed them with his managers, suggesting changes if any. The budget was finalized by the end of December. Russ approved the budget himself. During the year the budget was used to monitor the performance as well as to detect early warning signals of problem areas by comparing actual performance on monthly basis. Question 3 Body Glove didn’t function effectively
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1. How can GoodFood be classified in the typology of organizations? GoodFood complements its relatively small volume flow of goods (food and beverages) with services (cooking, serving) thus it can be classified as a service organization with a limited flow of goods. More precisely as food and beverages are purchased and owned by the restaurant it can be classified as a service organization with a limited flow of own goods. 2. a. What risks inherent to this type of organization apply to GoodFood
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All operating budgets for a commercial company follow this structure: Sale / Turnover - Variable costs / used goods = Gross profit - Fixed costs - Depreciation - Interests = Profit Accounts Below you can find different types of expenses. Maybe your company does not have all the expenses. Then just delete the expense (the account) in your budget. Maybe you have another expense. Then just put it in the budget. The budget must reflect your company. You can buy a Business Plan iPhone app
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M6: Assignment 1 – Budget Planning Explain the following statement and provide an example of how this has been seen in practice: Being significantly under-budget is as bad as being over-budget; we need to come in exactly as planned… One of the key distinct purposes of budgeting is planning. Planning involves developing goals and implementing strategic measures to ensure that these goals are achieved. Being significantly under-budget is a key indication that management has not orchestrated
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Budgeting in general A budget is done for an organisation for its forthcoming period in monetary terms. However, a budget is about much more than just financial numbers. Budgetary control is the process by which financial control is exercised within an organisation. Budgets for income/revenue and expenditure are prepared in advance and then compared with actual performance to establish any variances. Managers are responsible for controllable costs within their budgets and are required to take remedial
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Health Care Budget: Financial Management Practices Andrew Ojo HCS/577 University Of Phoenix Health Care Budget: Financial Management Practices Budget involves pulling resources together to achieve a specific goal. According to Gapenski (2006), budgeting is an offshoot in a planning process. A basic managerial accounting tool use in holding planning and control functions together is referred to as set of budgets (p. 255). Most entities and organization create budgets as a guide for controlling
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