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The actual expenses for the most recent fiscal quarter were 120 percent of budgeted expenses If the budgeted expenses were 7585 dollars then what were the actual expenses?
20.0 or .20
What is the concept of prepaid expenses in adjusting entries and why it is used in preparing accurate financial documents?
Prepaid expenses are those expenses which are paid already but actual expense is not incurred and when actual expense incurred adjusting entry required to adjust prepaids as in acrual accounting income and expense only recorded when they are actually occured when not when the cash are paid so cash payment is not important to be recognise for transaction occuring.
What are the four steps in preparing a business budget?
The four steps in preparing a business budget are: Set Objectives: Define clear financial goals and priorities for the budgeting period, aligning them with the overall business strategy. Gather Financial Data: Collect historical financial data, current revenue streams, and anticipated expenses to inform the budgeting process. Create the Budget: Develop a detailed budget that outlines expected income and expenses, considering fixed and variable costs as well as cash flow projections. Monitor and Adjust: Regularly review actual performance against the budget, making adjustments as necessary to address variances and ensure financial goals are met.
What is the definition of estimated expenses?
estimated expenses are expenses that are not actual or real. it may be more than or less than the ctual expenses
What does preparing to dispatch mean?
Preparing to ship from USPS originating post to actual adress of destination
How do you monitor and control actual expenses and revenue against projected expenses and revenue?
how to monitor and control expenses against budget/
What causes a favorable budget variance?
A favorable budget variance occurs when actual revenues exceed budgeted revenues or actual expenses are less than budgeted expenses. This can result from higher-than-expected sales, cost-saving measures, efficient resource management, or unexpected income sources. Additionally, accurate forecasting and effective financial planning can contribute to achieving a favorable variance. Overall, it reflects better financial performance than anticipated.
What is actual food cost?
The amount needed for the raw materials & for some trading expenses is called actual food cost. For example water, light etc expenses.
Who does it benefit when actual inflation in greater than anticipated inflation?
Pancakes are fun fun!! they izzard amazerful
Advantages and disadvantages of trading profit and loss account?
: Profit and loss account gives the actual information about net profit or net loss of the business for an accounting period, Profit and loss account gives the actual information about indirect expenses, Profit and loss account serves to show the ratio between net profit to sales, Profit and loss account helps in showing the ratio between net profit to operating expenses, Profit and loss account helps in controlling indirect expenses
When are owls most seen?
Between preparing to sit and actual sitting
What is the difference between FOH applied and FOH actual?
actual foh is the overhead expenses actually incurred on production while applied foh is budgeted overhead expenses for budgeted production.
