Budgeting items: • The principal's salary is fifty thousand dollars ($50,000.00) per month. THREE (3) teachers with a salary of thirty thousand dollars ($30,000.00) each per month. The cook and the janitor are paid seven thousand dollars ($7,000.00) weekly. • The school fee is fifteen thousand, five hundred dollars ($15,500.00) per term and there are seventy (70) students enrolled. The cost of lunch is one thousand dollars ($1,000.00) weekly. The school receives a grant of sixty thousand dollars ($60,000.00) each term from the Ministry of Education. Utility, maintenance and miscellaneous should be included. ● Requirement: A) Identify at least THREE (3) types of budgets. B) Discuss at least TEN (10) benefits of budgeting C) Use the information provided to create a Budget

Q: What is the purpose of EDI?

A: Transparency in electronic data exchange: Expanding EDI enables suppliers to get access to a buyer's…

Q: Why are we going for commutative filters in DBMS?

A: Thais question explained about  why are we going for commutative filters in DBMS:

Q: What are the advantages and disadvantages of  FIFO?

A: First-in-First-Out:  In First-in-First-Out method, the costs of the initially purchased items are…

Q: Explain Matching Principles?

A: Matching concept is an accounting principle which explains the need to match revenue with the…

Q: Explain Anti-dilutive Security

A: Explanation to Securities Securities are referred to as the tradeable financial instruments which…

Q: Explain Destination principle in relation to VAT.

A: The destination principle is a principle in Value Added Tax (VAT) that determines the taxation of…

Q: What is the purpose of EDI?

A: Electronic data interchange: The expansion of EDI is Electronic Data Interchange and it allows the…

Q: What is feasible set?

A: When investors manage their ‘financial assets’, like ‘bonds’, ‘shares’ and other financial…

Q: Explain NAREIT Index?

A: NAREIT Index Rate: It implies the compound dividend yield which is communicated as far as a yearly…

Q: Explain

A: LCNRV method means Lower of cost and net realizable value method.

Q: Explain put–call parity relationship

A: Put-Call parity is the concept that defines the relationship between price of European call option…

Q: Explain the drawbacks of IRR over MIRR with example?

A: Capital budgeting is part of investment decisions. Business firms consider capital budgeting in…

Q: Explain red herring

A: Red herring It is an introductory prospectus recorded with the Securities and Exchange Commission…

Q: What is the relevant range of CVP?

A: Introduction: Cost-Volume-Profit (CVP) analysis, also commonly referred to as break-even analysis,…

Q: What is the heart of ERP system?

A: Given: It is necessary to inquire about the element at the core of the ERP.

Q: Define Volcker rule

A: Volcker Rule is a regulation that implies restrictions on the banks to involve in the stock market…

Q: Formula for put call parity?

A: Put call parity Put-Call parity defines the value of same class European put and call options. Put…

Q: What are the advantages and disadvantages of  LIFO?

A: Last-in-First-Out: In Last-in-First Out method, the costs of last purchased items are considered as…

Q: Use of CAATs?

A: Computer Assisted Audit Techniques or CAATs can be characterized as an auditing strategy that…

Q: What is GAAP and why it is needed?

A: GAAP - Generally Accepted Accounting Principles

Q: What is scalability?

A:

Q: What is the concept behind the EOQ model?

A: Economic Order Quantity (EOQ) Model: It is a method of inventory costing that aims to identify the…

Q: How to calculate r value

A: The interest rate: The rate that is used to compute the simple or compound interest is known as the…

Q: What is GAAP and how does it work

A: The accounting is based on various principles that are defined by GAAP or IFRS.

Q: Can you explain DCF model?

A: Introduction Discounted cash flows: DCF is abbreviated as discounted cash flows. The concept 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.