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14 Cards in this Set
- Front
- Back
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Budget
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A formal statement of future plans, usually expressed in monetary terms.
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Budgeted Balance Sheet
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Predicted report of the company's assets, liabilities, and stockholder's equity.
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Budgeted Income Statement
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Predicted amounts of the company's revenues and expenses.
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Budgeting
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Process of planning future business actions and expressing them as formal plans.
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Capital Expenditures
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Dollar amounts to be received from disposing equipment and to be spent on the purchase of equipment.
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Cash Budget
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Expected cash inflows and outflows during the budget period.
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Continuous Budgeting
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Preparing budgets for each financial period and revising them as periods are completed.
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General Administrative Expenses
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Operating expenses not including selling expenses.
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Manufacturing Budget
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Predicted cost of materials, direct labour, and overhead.
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Sales Budget
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Units of goods to be sold and revenues derived from those sales.
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Master Budget
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A comprehensive or overall plan for a business included all estimated budgets.
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Merchandise Purchase Budget
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Units or costs of merchandise to be purchased.
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Safety Stock
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Inventory on hand to reduce the risk of running out.
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Slack
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Deliberate overstatement of estimated expenses or understatement of revenues to make budgets easier to reach.
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