Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
Budgets are prepared in the following order: |
Sales, Inventory,Purchases,COGS,Operating Expenses, Cash budget |
|
|
= Budgeting Income Statement |
Sales Budget – COGS Budget – Operating Expenses Budget |
|
|
Types of responsibility centers include: |
Cost, Revenue, Profit, Investment |
|
|
Production Budget |
Unit Sales Plus: Desired ending inventory -------------------------------------------- Total needed Less: Beginning inventory --------------------------------------------- Units To Produce |
|
|
Sales Budget |
Unit Sales Unit Selling Price Total Sales Cash Sales Credit Sales Total sales |
|
|
Direct Materials Budget |
Units to be produced Quantity of DM needed per unit Quantity needed for production Plus: Desired ending inventory of DM Total quantity needed less: beginning inventory quantity to purchase multiply by cost per unit total cost of DM |
|
|
Direct Labor Budget |
Units to be produced Direct labor hour per unit Total hours required direct labor cost per hour total direct labor cost |
|
|
Manufacturing Overhead Budget |
Direct labor hours Variable manufacturing overhead rate total variable manufacturing overhead Fixed manufacturing overhead total manufacturing overhead |
|
|
Operating Expenses Budget |
Sales units variable operating expenses fixed operating expenses total operating expenses |
|
|
Budgeted income statement |
Sales Less: COGS Gross Profit Less:Operating expenses Operating income Less additional expenses Net Income |
|
|
Cash Collections budget |
Cash Sales in current month Collections on credit sales total cash collections |
|
|
Cash Payments Budget |
Cash payments for dm cash payments for dl Cash payments for manufacturing overhead Cash Payments for operating expenses cash payments for taxes total cash payments |
|
|
Combined Cash Budgets |
Beginning cash balance Plus: Cash collections Total cash less: Cash payments ending cash before financing minimum cash balance desired ending cash balance |
|
|
ending cash balance |
beginning balance+receipts-payments |
|
|
COGS, Inventory, and Purchases Budget |
COGS plus: Desired ending inventory total inventory required less: beginning inventory Purchases |
