The following graph is from Welton Associates. Required: Fill in the missing amounts for (a) and (b). Operating profit Operating loss Master budget - $66,000 Flexible budget -$12,000 $0 Fixed costs -$150,000 Slope contribution margin per unit(0) Flexible budget activity Flexible budget line Master Units budget sold activity -12,000 units

Q: explain the purpose and importance of accounting

A: 1. The purpose of Accounting :    The purpose of accounting is to gather and report on financial…

Q: Briefly describe how FASB clarifies accounting

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

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.