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27 Cards in this Set

  • Front
  • Back
planning
establishing enterprise wide objectives
budget
financial plans for a specified time period
long range planning
at least five years
the master budget
operating budgets
financial budgets
capital expenditures budget
static budget
prepared at one level of activity
flexible budget
prepared at multiple levels of activity
controllable costs
costs that can be influenced by the manager
noncontrollable costs
costs that cannot be directly influenced by the manager
cost centers
manager can only influence costs incurred
profit centers
manager can influence costs and revenues within center
investment centers
manager can influence costs, revenues, and invested capital
segment income
controllable margin=
division net income
return on investment
contollable margin/avg. assests
residual income
controllable margin
-imputed investment charge
imputed investment charge
minimum ROI
*avg assets
standard costs
should be incurred under efficient operations
ideal standards
based on perfect operating conditions
normal standards
based on efficient operations with tolerable innefficiencies
balanced scorecard
companies use financial and nonfinancial measures to evaluate performance
tropism
The turning or bending (typically by growth instead of movement) of an organism in response to an external stimulus.
participative budgeting
each level of management is invited to participate in developing the budget
budgetary slack
managers underestimate sales and overestimate costs to make goals easier to attain
ecesis
The entry or establishment of a plant in a new habitat
management by exception
review of budget report focuses on differences between actual and planned results
materiality
ussually a percentage difference from the budget
direct fixed costs
relate to one center and are incurred by that center
indirect fixed costs
incurred for the benefit of more than one center