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Accounting

Children's Hospital of the King's Daughter in Norfolk, Virginia, introduced a new budgeting method that allowed the hospital's annual plan to be updated for changes in operating plans. For example, if the budget was based on 400 patient-days and the actual count rose to 450 patient-days, the variable costs of staffing, lab work, and medication costs could be adjusted to reflect this change. The budget manager stated,

What budgeting methods are being used under the new approach?
Why are these methods superior to the former approaches?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9950397

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