1. You have just started as an entry-level accountant in your small 20-bed hospital.You need to get the buy-in of your board to agree to a project to help your organization stay on the cutting edge; however, they do not understand the concept of budgeting.You are asked to make a presentation to the board to explain the budgeting process.Included in that presentation you must create a spreadsheet delineating the components of a hospital budget.
2. Discuss the nature and use of budgets for management control and the budgeting process.
3. Prepare a budgeted income statement with hypothetical numbers for illustration purposes.