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Description
Flashcards by Stephanie Poole, updated more than 1 year ago
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Created by Stephanie Poole
over 1 year ago
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| Question | Answer |
| Budget | A detailed plan for the future that is usually expressed in formal quantitative terms |
| Cash Budget | A detailed plan showing how cash resources will be acquired and used over a specific time period. |
| Control | The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change. |
| direct labor budget | A detailed plan that shows the direct labor-hours required to fulfill the production budget. |
| direct materials budget | A detailed plan showing the amount of raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories. |
| Ending finished goods inventory budget | A budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet. |
| Manufacturing overhead budget | A detailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified time period. |
| Master budget | A number of separate but interdependent budgets that formally lay out the company’s sales, production, and financial goals and that culminates in a cash budget, budgeted income statement, and budgeted balance sheet. |
| Merchandise purchases budget | A detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period. |
| Participative budget | See Self-imposed budget |
| Planning | The process of establishing goals and specifying how to achieve them |
| Production budget | A detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs. |
| Sales budget | A detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs. |
| Self-imposed budget | A method of preparing budgets in which managers prepare their own budgets. These budgets are then reviewed by higher-level managers, and any issues are resolved by mutual agreement. |
| Selling and administrative expense budget | A detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period. |
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