Fran Bowen created the following budget: Budget Food Transportation Housing $ 440 Clothing 415 Personal expenses and recreation 1,030 Category She actually spent $357 for food, $421 for transportation, $1,009 for housing, $210 for clothing, and $241 for personal expenses and recreation. Calculate the variance for each of these categories, and indicate whether it was a deficit or surplus. Note: Input all amounts as positive values. Food Transportation Housing Clothing Personal expenses and recreation Variance Amount $ 107 374 Deficit or Surplus
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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