Essays on Operating Budget

Introduction

Operating budget can be defined as a combination of two budgets – revenue budget and budget of expenses (Gapenski, 2012). Creating and monitoring an operating budget is essential for healthcare providers. Changes in regards to diminishes in repayment for administrations gave, numerous directions for patient security, and an expansion in the maturing persistent populace looking for therapeutic administrations assume a part in how well the working spending plan is kept up all through the financial year of the budget. Understanding and actualizing successful financial management practices is the way to making a precise anticipated budget and also checking changes in ...

Modern Yoga Manufacturers

Company summary and design of the value chain As a student in the field of business, starting up a Sensory Yoga Mat Manufacturing Company has been my major plan. Fundamentally, the Yoga mats refer to specially designed or fabricated mats that are utilised as an aid during the yoga practice, thus preventing the hands and feet from slipping. The company will be named Modern Yoga Manufacturers Company. In this way, the Modern Yoga Manufacturers will involve itself in the design of the modern sensory yoga mats, which have sensors to measure the performance, power and strength of the user. ...

MANAGEMENT ACCOUNTING

Standard Costs Used for Variance Analysis and Favourable/Unfavourable Terminologies with Suitable Examples 8

References 11

Management Accounting Differences between Management Accounting and Financial Accounting and the need for Investing in the latest Accounting Software Audience Served The basic difference between these two accounting fields is that the management accounting is concerned with providing information to internal stakeholders of an organisation such as the senior management, supervisors and employees. In contrast, financial accounting provides information about the financial health of the business to external stakeholders such as potential investors, shareholders (in case of a publicly traded company), tax authorities, lending institutions and ...

The Cooking Hut Company (CHC), a kiosk retailer, has never budgeted due to its nature as a start-up.  CHC is now reaching the point where operations are predictable enough that a budget would be helpful for planning purposes.     Using spreadsheet software, prepare 2016 budget schedules & pro forma financials by quarter and in total, unless otherwise noted, based on the assumptions provided in this narrative. You will submit one Excel workbook (or Google spreadsheet).  There should be only three worksheets in the workbook. Each worksheet is a stand-alone budget scenario: (#1) base case scenario, (#2) modify cash flow scenario, and ( ...

Question one

The community in the county of Prince William has a total population of 430,959. The county is located in an area of 348 square miles (Citizen Guide, 2016). Moreover, the community has a total labor force of about 230,529 as at November 2013 (Citizen Guide, 2016). In the second quarter of 2013, the community had 117,965 of the employed population. On the other hand, the unemployed growth rate was at 4.4% in November 2013. Lastly, the median income for the household was $ 93,744. Consequently, this community was ranked in the twelfth position among the communities ...

MANAGEMENT ACCOUNTING – COST CLASSIFICATION, VARIANCE ANALYSIS AND BUDGET PREPARATION

Executive Summary 4 1. Management Accounting, its Importance and Comparison to Financial Accounting 5

Management Accounting versus Financial Accounting 5

2. Different Classifications of Costs (Types, Behaviour, Function and Relevance) with Examples 6 a. Cost Classification by Behaviour 6

Semi-Variable Costs 7 Variable Costs 7 b. Cost Classification by Function 7 c. Cost Classification by Relevance 8 3. Variance Analysis Commonly Derived Variances, Problems and Limitations 9 a. Commonly Derived Variances 9

Material Cost Variance 10

Labour Cost Variance 10 Overhead Variance 10 Controllable Variance 10 b. Problems and Limitations of Variance Analysis 11 4. Different Operational Budgets and their Advantages 11 a. Master Budget 11 b. Operating Budget ...

Introduction

Budgeting performance is crucial in determining an organizations ability to serve its core purposes among them customers and employees’ satisfaction. In addition, understanding the relationship between accounting, finance and the organization’s operating budget is crucial as it enhances strategic planning in view of all the three aspects. In that view, this study demonstrates how the budget performance affects employees’ satisfaction and patient care with reference to Patton Fuller Community hospital. In addition, the analysis explains how accounting and finance are related to the organization’s operating budget.

Analysis

- How the budget performance affects patient care and employee satisfaction

The plan to increase the nurse pay by $1 while retaining ...

A financial reporting system refers to an established system of presenting an organization’s financial data, its operating performance and its flow of funds for a given accounting period. This system is guided by a set of accounting standards that dictate how particular transactions are reported in financial statements (Miller and Bahnson, 2002). The major components of financial reporting systems are the balance sheet, income statement, statement of retained earnings and statement of cash flow.

An operation budget is essentially an estimation of operations costs. The management can use this type of budget to measure variances with the actual operation costs ...

Company Overview

Nas-T-Shirts will be the talk of the town! This new t-shirt line will allow people to wear their attitude, cause, idea or general informative messages on their shirt! Nas-T-Shirts will allow verbal artists to treat an ordinary shirt as his canvas, stating crafty messages that are brought to life using cutting edge shirt-print technology done with high quality ink, resulting in very professional looking and long-lasting works-of-art.. Nas-T Shirts will make your thoughts and musings an everyday, accessible fashion accessory!

Nas-T-Shirts Corporation is headed by founder (name of student) and its office is located at (address of student). Nas-T-Shirts ...

Budgeting

Budgeting Planning stage of any business plays an important role in the progress and profitability of business. Business forecasting means that to predict or access the outcomes or the performance of the business in coming future or the coming accounting period. To maximize the profitability of the business, it is very important for the management of the business to predict the outcomes, both certain and uncertain, to maximize the profitability of the business. Therefore, in these circumstances, management of the business uses probabilities or expected values of expenses and revenues and creates budgets on the basis of forecasting. ...

Introduction

Finance, accounting and operating budget have a relationship as a change in one has an effect on the others. Thus, understanding the relationship is crucial as it enhances the ability to forecast the effect when there is a change in one aspect. In that respect, this analysis uses the case of Patton Fuller Community Hospital examining the effect of two nurses’ options on the Hospital budget and performance. The first option involves increasing the nurses’ hourly wage by $1 to $31 and retaining the patient-nurse ratio of 5 to 1. The other option is reducing the patient-nurse ratio to four to one ...

In every successful business, a company must have a plan in place that outlines their plan of action with their available resources. The purpose of a budget is to provide a blueprint or a plan of action that helps to show the master financial plan. The budget typically contains the cash flow budget, the operating budget, and capital expenditure budget. The budget is the purpose with providing a formal estimate of present and future costs and revenues. Costs and revenues need to be broken down in detail in order to attain profit goals of the company. Companies conduct budget analysis of their operations in order ...

Budgeting DB 2

Budgeting DB 2 The quantitative or financial plan for the coming period of the business is called the budgeting of the business. The budget plays an important role in the planning of funds allocation, responsibility accounting, and motivation of the employees and the control of the business. On the other hand the forecasting is the judgement or estimates made by the management of the business for the coming period. In forecasting the management utilizes the probability, trends and the previous outcomes of the business to estimate the future outcomes of the business. (Ashe-Edmunds) Cash budgets are the ...

Budgeting

About the company The budget presentation Budget and its Importance. Before presenting the different types of budget, it is important to establish first what a budget is and why is it important for the company. A budget is a financial translation of the company’s plan. It includes the annual target for sales and estimated expenses to meet the target. While creating a budget can be tedious, it is a critical management process due to its primary benefits: (1) It serves as a guidance to all employees on what is the financial expectation in each department to achieve overall company objectives; (2) ...

Budgeting; I Can Business Incorporated (ICBI)

Financial reporting system Financial reporting system is the organizational management processes and the procedures that exercise financial control and accountability. They ensure recording, verification and reporting in time for the results in the transaction. This is concerned to the revenue, expenditure, assets and the liability of the organization.

Components of financial reporting

There are several components of the financial reporting systems. They are categorized in the manner they can be assessed. This is whether in the reporting studio or the workspace. The both can also access some of the components. To start with, the first component is a book editor. This is assessed ...

When maintaining an operating budget in a healthcare facility, there are many factors to consider. Obviously, the essential conceit of an effective financial management process is to be able to spend just as much money as you need – no more, no less. The example given in this paper, of the 2009 to 2010 operating budget of the Patton-Fuller Community Hospital, is one of a very effective budgeting plan that showcases extremely practical, workable strategies for operating a health care facility.

One of the biggest challenges to making an efficient budget in this day and age is the poor economy, which has led ...