>Managerial Accounting Budget AssignmentThis is a very easy assignment. Everything is attached. Has 3 parts. Can be finished in an hour Purpose: The purpose of this assignment is to apply basic budgeting principals. References must be listed. Part 1:Define/discuss budgeting as a critical financial management strategy in healthcare. Part 2: Fast forward! You are about to start your first professional practice opportunity. You are in the middle of contract negotiations and you need to request a compensation package that meets your needs. Develop a business budget for the next 12 months. Step 1:Decide on the geographical area in which you will be practicing. Research & identify typical salaries for this area. List sources used. Step 2:Determine and estimate all of your expenses that you will need to cover for the next 12 months. Step 3:Research & identify ‘typical’ benefits that may be included in your compensation package. Step 4:In Table format develop your budget – month by month for 12 months – listing potential income each month as compared to your expenses by month. Step 5: Calculate Net Income by month/by year (Income minus expenses). Step 6:Justify your ‘ideal’ compensation package. Step 7:Identify 3 ways in which you could cut down on your expenses. Part 3: Budgeting – WORST Case Scenario! Brainstorm what could go “wrong” with your budget. Discuss how you could minimize these factors and/or other ways in which you could earn income. Be specific.