Asked by Shauntae Davis on May 16, 2024
Verified
Dilley Clinic uses patient-visits as its measure of activity. During November, the clinic budgeted for 3,100 patient-visits, but its actual level of activity was 3,500 patient-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for November:Data used in budgeting:
Actual results for November:
Required:Prepare a report showing the clinic's revenue and spending variances for November. Label each variance as favorable (F) or unfavorable (U).
Patient-visits
The occurrences of patients consulting with or receiving treatment from healthcare providers, used as a measure in medical and healthcare management.
Revenue
Revenue is the total amount of money generated by the sale of goods or services related to a company's primary operations.
Spending Variances
The variance between what was estimated or budgeted for expenditures and the actual spending.
- Quantify the divergence between budget predictions and actual outcomes, recognizing if they suggest a positive or negative impact.
- Undertake an assessment of financial performance with flexible budget reports.
- Execute cost and revenue formula applications to craft budgetary outlines.
Verified Answer
Learning Objectives
- Quantify the divergence between budget predictions and actual outcomes, recognizing if they suggest a positive or negative impact.
- Undertake an assessment of financial performance with flexible budget reports.
- Execute cost and revenue formula applications to craft budgetary outlines.
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