Acct 212 Managerial Accounting, Chapter 7 By Crosson, Needles

Front 1

Budget committee

Back 1

A committee made up of top management that has overall responsibility for budget implementation.

Front 2

Budged balance sheet

Back 2

A statement that projects an organization's financial position at the end of an accounting period.

Front 3

Budged income statement

Back 3

A projection of an organization's net income for an accounting period based on the revenues and expenses estimated for that accounting period.

Front 4

Budgeting

Back 4

The proess of identifying, gathering, summarizing, and communicating financial and nonfinancial information about an organization's future activities

Front 5

Budgets

Back 5

Plans of action based on forecasted transactions, activities, and events.

Front 6

Capital expenditures budget

Back 6

A detailed plan outlining the anticipated amount and timing of capital outlays of long-term assets during an accounting period.

Front 7

Cash budget

Back 7

A projection of the cash that an organization will receive and the cash that it will pay out during an accounting period.

Front 8

Cost of goods manufactured budget

Back 8

A detailed plan that summarizes the estimated costs of production during an accounting period.

Front 9

Direct labor budget

Back 9

A detailed plan that estimates the direct labor hours needed during an accounting period and the assoicated costs.

Front 10

Direct materials purchases budget

Back 10

A detailed plan that identifies the quantity of purchases required to meet budgeted production and inventory needs and the costs associated with those purchases.

Front 11

Financial budgets

Back 11

Budget projections of the financial results for an accounting period.

Front 12

Master budget

Back 12

A set of operating budget sand a set of financial budgets that detail an organization's financial plans for a specific accounting period.

Front 13

Operating budgets

Back 13

Budget plans used in daily operations.

Front 14

Overhead budget

Back 14

A detailed plan of anticipated manufacturing costs, other than direct materials and direct labor costs, that must be incurred to meet budgetd production needs.

Front 15

Participative budgeting

Back 15

A process in which personnel at all levels of an organization actively engage in making decisions about a budget.

Front 16

Production budget

Back 16

A detailed plan showing the number of units that a company must produce to meet budged sales and inveotry needs.

Front 17

Pro forma statements

Back 17

Financial statements that show projections rather than actual results and that are often used to communicate business plans to external parties.

Front 18

Sales budget

Back 18

A detailed plan, expressed in both units and dollars, that identifies the product (or service) sales expected during an accounting period.

Front 19

Sales forecast

Back 19

A projection of sales demand based on an analysis of external and internal factors.

Front 20

Selling and administrative expense budget

Back 20

A detailed plan of operating expenses, other than those related to production, that are needed to support sales and overall operations during an accounting period.

Front 21

Strategic planning

Back 21

The process by which management establishes an organization's long-term goals.