static budget and actual results for hospital

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grrobar23

Business Finance

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analyze performance budget relative to budget and written report.

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HCM 500: ACCOUNTING BASICS FOR HEALTHCARE MANAGERS WRITTEN ASSIGNMENT Student Name: _______________________________________________ Assigned Deliverable Effective use of Financial Tools Accuracy of Financial Analysis Presentation of Conclusions Total Points Grade Objective Competency Score The deliverable was completed in a manner that demonstrates competency in utilizing the financial tools that were appropriate (i.e. analysis completed in excel using formulas, properly formatted, etc.) The financial analysis was complete and the results were accurate. Analysis __/20 Written conclusion(s) demonstrate a clear understanding of material and concepts. The deliverable is communicated clearly (i.e., organized effectively, grammatically correct, etc.) Critical Thinking Analysis __/50 Critical Thinking Written Communication __/30 Critical Thinking __/100 Comments
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Running Head: CARROLL CLINIC FLEXIBLE BUDGET

Carroll Clinic Flexible Budget
Student’s Name
Instructor’s Name
Date

1

CARROLL CLINIC FLEXIBLE BUDGET

2

(a). Carroll Clinic Flexible Budget for 2015

Creating a flexible budget helpful in computing variances that can help Carroll Clinic
understand why actual results differed from its expectations. Carroll Clinic will use a flexible
budget to adjust its master budget for its actual volume of production. For instance, Carroll’s
Clinic master budget will assume that its actual size of production units is 1,850,000; however,
its budget production units 1,893,000. Therefore, there will be a rearrangement of the master
budget by the flexible budget to reflect these new units; this would make all the appropriate
adjustments to sales and expenses based on the unexpected change in volume. Thus, to prepare a
flexible budget, Carroll Clinic needs a master budget, know the actual size of goods produced
and sold and understand cost behavior. Consider Carroll Clinic. Carroll Clinic’s accountant
would prepare an overhead budget as shown below.
Carroll Clinic
Overhead Budget Report
For the Year Ended 31st December 2015

3

CARROLL CLINIC FLEXIBLE BUDGET
Budget

Actual ($)

Variance

($)

Variable Cost per

Flexible Unit

Unit

𝑨𝒗𝒆𝒓𝒂𝒈𝒆 𝑪𝒐𝒔𝒕 unfavorabl

𝒃𝒖𝒅𝒈𝒆𝒕
𝟏,𝟖𝟗𝟑,𝟎𝟎𝟎

Production

Favorable/

× 𝟏, 𝟖𝟓𝟎, 𝟎�...


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