3. 2. Iris Industries has the following sales budget for the 1st 2 months of the year: February January Ch 14 exam study guide (with solutions).docx Cash Sales 000'00 Sales on account 000'0$ It is estimated that Iris will collect 70% of its sales on account in the month of sale and the remaining 30% the following month. What is the amount of budgeted cash collections for February? Y UTA Su prt sc f5 f10 f11 f12 64 144
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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