Examlex
Let U denote the set of all employees in a hospital.
Let
Describe each set in words.
a.
b.
Static Budget
A fixed budget that does not change or adapt based on any variations in a company's activity levels or performance.
Flexible Budget
A budget that adjusts or varies with changes in volume, activity, or other relevant factors.
Responsibility Accounting
A system of accounting that involves assigning revenues and costs to the managers responsible for their incurrence, promoting accountability.
Average Month
A concept used to calculate the average results or performance over several months, smoothing out fluctuations.
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