Reading...
Play button
Play button
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;
11 Cards in this Set
- Front
- Back
|
Comprehensive budget or annual profit plan, encompasses the organization's operating & financial plan for specified period
|
Master budget
|
|
|
Predetermined expectations of what a unit of input, output, or given activity should cost
|
Standard Cost
|
|
|
Starting point for cycle that produces annual profit plan
|
Sales budget
|
|
|
Follows directly from sales budget. Concerned with units only
|
Production budget
|
|
|
Concerned with units and input prices
|
Direct materials budget
|
|
|
Depends on wage rates, amounts and types of production numbers, and skill levels of employees to be hired.
|
Direct labor budget
|
|
|
Reflects nature of overhead as a mixed cost - one that has variable component and fixed component
|
Manufacturing overhead budget
|
|
|
Consists of individual budgets R&D, design, marketing, distribution, customer service and administrative cost
|
Nonmanufacturing Budget
|
|
|
Culmination of operating budget process
|
Pro forma income statement
|
|
|
Steps to prepare cash budget
|
1. Projected cash collection schedule
2. Projected cash disbursement schedule |
|
|
Emphasis is on obtaining the funds needed to purchase operating assets.
|
Financial budget
|
