Boyne University Motor Pool Cost Control Report For the Month Ended March 31 Planning Budget Under Budget March (Over) Actual 50,000 20 Miles 63,000 Autos $ 9,350 2,360 1,420 2,120 $ 7,500 2,000 Gasoline. Oil, minor repairs, parts Outside repairs Insurance.. Salaries and benefits Vehicle depreciation Total $(1,850) (360) 80 1,500 2,000 (120) 7,540 7,540 5,250 5,000 (250) $28,040 $25,540 $(2,500)
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.
Critiquing a Report; Calculating Spending Variances
Boyne University offers an extensive continuing education program in many cities throughout the state. For the convenience of its faculty and administrative staff and to save costs, the university operates a motor pool. The motor pool’s monthly planning budget is based on operating 20 vehicles; however, for the month of March the university purchased one additional vehicle. The motor pool furnishes gasoline, oil, and other supplies for its automobiles. A mechanic does routine maintenance and minor repairs. Major repairs are performed at a nearby commercial garage.
The following cost control report shows actual operating costs for March of the current year compared to the planning budget for March.
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