Chapter 9: Applying Excel Data Revenue Cost of ingredients Wages and salaries Utilities Rent Miscellaneous Actual results: Revenue Cost of ingredients Wages and salaries Utilities Rent Meals served Revenue Expenses: Cost of ingredients Wages and salaries Utilities Rent $10,400 $800 $2,200 $600 Miscellaneous Planning budget activity Actual activity Enter a formula into each of the cells marked with a ? below Review Problem: Variance Analysis Using a Flexible Budget Construct a flexible budget performance report Miscellaneous Total expenses Net operating income $27,920 $11,110 $10,130 $1,080 $2,200 $2,240 1,800 meals served 1,700 meals served Actual Results ? ? ? ? ? ? ? ? ? Revenue and Spending Variances ? ? ? ? ? ? ? ? $16.50 q $6.25 q $0.20 q $0.80 q Flexible Activity Budget Variances ? ? ? ? ? ? ? ? ?| ? ? ? ? ? ? ? Planning Budget ? ? ? ? ? ? ?

Q: What are the responsibilities of an originator?

A: The originator's responsibilities are: Originator communicates with all borrowers of mortgage loans…

Q: What is meant by Remainderman?

A: The remainderman is a beneficiary that receives the principal left in an estate or trust after a…

Q: What do you mean by Count Data? When it arises?

A: Count data:  Count data is a kind of statistical data, in which the observations might only consider…

Q: What is indirect quote?

A: A quote is an expression of foreign exchange rate of one currency with domestic currency. Quote is…

Q: answers be itemized

A: There are situations when a company computes that if there is a change in the depreciation method…

Q: What is a statement of circumstances?

A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: is a “look through entity”

A: Look-Through Entity: Look-Through Entity suggests that an individual that's registered under the…

Q: what does p&l stand for?

A: A deferred tax adjustment is prevalent where there is a temporary difference in the book value and…

Q: What is the meaning of Frieght Inward and Frieght outward?

A: Freight-inward: Freight-inward is a transportation cost related with the acquisition of goods. In is…

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: ansawer

A: Where a partnership itself is generally not subject to income tax, individual partners (including…

Q: What is beginning AP stand for

A: Account payable are the liabilities for the business and recorded in balance sheet on liability…

Q: Describe Caveats?

A: A notice that is given to the court that it must give caveator a fair hearing before making any…

Q: What does the word capitalize mean?

A: Capitalization is an accounting method in which a cost involved in the value of an asset and…

Q: What is a cfar?

A: Cash Flow at Risk (CFAR):Cash Flow at Risk is a term which focuses on the risk of receivables and…

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.