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Planning is vital to an organization because it allows for the establishment of goals and objectives, as well as the formulation of strategies for achieving the goals. Budgeting provides for the creation of a spending plan in order to manage finances effectively, with the goal of profiting from the manufacturing process (Bloom et.al, 2012).
Describe the planning process in detail. Provide summaries of strategic, operational, and financial plans in your description. The planning process entails the formation of goals and finding ways of achieving the goals. It entails strategic, and operational plans that focus on long-term and short-term goals respectively. The planning process entail establishing goals, identifying resources, arranging activities in regards to priority, identifying the assessment strategies in addition to formulating an alternative approach (contingency plan). Strategic plan entails identification of the goals of an organization and identifying the resources to achieve them while an operational plan is specific to the activities found in the strategic plan. Financial plans consist of the spending arrangement of an organization that ensures that all areas in an organization have enough finances for operation (Bloom et.al, 2012).
How are the revenue, expense, and operating budgets related?
The expense budget refers to the entire volume and resources utilized in the various budgets. The revenue budget consolidates volume and repayment information to create estimates and the operating budget joins the income and cost spending plan (Brigham & Ehrhardt, 2013).
What is variance analysis?
It refers to the measureable analysis of the difference between actual behavior and planned behavior for the purpose of gaining control of a business (Brigham & Ehrhardt, 2013).
Explain the relationship between a simple budget and a flexible budget.
A simple budget remains constant regardless of any changes while a flexible budget varies depending on the changes in activities (Brigham & Ehrhardt, 2013).
Complete the following End-of-Chapter Questions listed below. List out each question & number on your paper. You must show your work.
What is the revenue cycle? Why is it important to healthcare organizations?
The revenue cycle refers to the strategy of dealing with cases, handling installments and producing income in health care organizations. It starts exactly when a patient makes an arrangement and proceeds until the balance gets to be distinctly zero. The cycle benefits the health care organizations as they are able to keep track of their expenditures and flow of income (Brigham & Ehrhardt, 2013).
What is a receivable? Explain how receivables are built up over time.
A receivable is the amount of money that an organization has to obtain after providing goods or Services to its clients. Receivables are built up over time when clients take goods on credit (Brigham & Ehrhardt, 2013).Once a seller identifies the buyer to be trustworthy whereby they are able to make payments promptly then the seller can deliver the goods or services on credit, this makes receivables built over time.
What is an aging schedule? How is it used to monitor a firm’s accounts receivable?
An aging schedule refer to tables used in accounting that indicates the affiliation between the bills of an organization and invoices and the associated due dates (Brigham & Ehrhardt, 2013).An aging schedule ensures that the records of the firm are consistently updated to avoid contradictions on the accounts receivables. The records may later be used during the auditing of the company.
What is the goal of cash management?
The goal of cash management is to gain control of the cash balance in an organization to amplify the accessibility of money that has not been used on fixed assets (Brigham & Ehrhardt, 2013).
Bloom, N., Genakos, C., Sadun, R., & Van Reenen, J. (2012). Management practices across firms and countries. The Academy of Management Perspectives, 26(1), 12-33.
Brigham, E. F., & Ehrhardt, M. C. (2013). Financial management: Theory & practice. New York: Cengage Learning.
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