Isadore Hospital bases its budgets on patient-visits. The hospital's static planning budget for July appears below: Budgeted number of patient-visits Supplies ($4.60 per patient-visit) Laundry (@ $7.20 per patient-visit) Salaries Occupancy costs Total Actual results for the month were: Actual number of patient-visits Supplies Laundry Salaries Occupancy costs 7,700 $ 35,420 55,440 46,200 67,760 $ 204,820 7,800 $38,250 $61,240 $46,190 $65,650 The spending variance for occupancy costs in the flexible budget performance report for the month is: Multiple Choice C $2,110 U $2.990 U $2.990 F $2,110 F
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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