Differentiate between management and financial accounting. Why is financial management important? Differentiate between fixed, variable, semi-variable, and

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Differentiate between management and financial accounting. Why is financial management important?

Differentiate between fixed, variable, semi-variable, and stepped cost sand categorize the following resources of a health center into appropriate groups: drugs, doctors, telephone, X-ray equipment, laboratory assistant, appliances, general manager, building, nurses, X-ray plates, rent, Salary.

A Laboratory Assistant is performing 1000 analyses of blood tests per year. Its income varies with the number of tests performed and was $60,000 in the last year. The MOH wants to increase the number of analyses from next year. The equipment is fairly new and below its capacity, but sample processing is labor intensive, and one laboratory assistant can handle only up to 1000 analyses per year. The average salary of a laboratory assistant is $15,000 per year.

You are requested toset up a flexible budget for 2000, 3000, 4000 tests per annum, based on the information set out in the Table 2.3 below. For the purposes of this activity, you should assume that income increases in a straight line (in direct proportion to activity).

Table 2.3. Budget Costs sheet for 2000, 3000 and 4000 tests per annum

Number of tests	Fixed Costs ($)	Stepped costs ($)	Variable costs ($)	Total Costs ($)	Total Income ($)	Surplus (deficit) ($)
1000	100 000	15 000	1 300		60 000
2000
3000
4000

Look at costs that are shared by the A&E department with other units. The hospital has performed14,000 X-ray examinationsat a cost of$1 000 000.Identify the shared cost to be apportioned to each department on the basis of the number of requests.

X-rays performed by radiology department.