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25 Cards in this Set

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  • Back
A detailed plan for the acquisition and the use of financial and other resources over a specified time period
A group of key managers who are responsible for overall policy matters reflecting the budget program and for coordinating the preparation of the budget
Budget Committee
A detailed plan showing how cash resources will be acquired and used over some specific time period
Cash Budat rolls get
A 12 month budget that rolls forward one month as the current month is completed
Continous Budget
Those steps taken by management to increase the likelihood that the objectives set down at the planning stage are attained and that all part of the organization are working togeather toward that goal.
A detailed plan showing labor requirements over some specific time period.
Direct Labor budget
A detailed plan showing the amount of raw materials that must be purchased during a period to meet both production and inventory needs.
Direct materials budget
A budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet.
Ending finished goods inventory Budget
A detailed plan showing the production cost, other than direct materialsand direct labor, that will be incurred over a spacific time period
Manufacturing overhead buget
A summary of a companies plans in which the specific targets are set for sales, production, distribution, and financing activities and are generally culminates in a cash budget, bugeted income statement, and budgeted balance sheet.
Master budget
an operation management tool that uses a computer help manage materials and inventories
Materials requirments planning (mrp)
a budget used by merchindising companies that shows the amount of goods that must be purchased for supplers during the period
merchandise purchase budget
self imposed budget
participative budget
Continuous budget
perpetual budget
developing objectives and preparing budgets to achieve those objectives
a detailed plan showing the # of units thst must be produced during a period in order to meet both sales and inventory needs
Production budget
a system of accounting in which managers are held responsible for those items of revenue and cost, and managers can control
Responsiblilty Accounting
A detailed schedule showing the expected sales for coming periods, expressed in dollars and units
Sales Budget
a method of preparing budgets in which managers prepare thier own budgets.
Self-imposed budget
a detailed schedule of planned expences that will be incurred in areas other than manufacturing during a budget period.
Selling and Admin expense budget
a method of budgeting in which managers are required to justify all cost as if the programs involved were being proposed for the first time.
zero based budget
a costing method that incudes all manufactring cost- direct materials, direct labor, and both variable and fixed manufacturing overhead- in unit product cost. Full cost method
Absorption costing
the portion of fixed manuf overhead cost of a period that goes into inventory under the absorption costing method as a result of production exceeding sales
fixed manuf overhead cost deferred in inventory
the portion of fixed manuf overhead cost of a prior period that becomes an expense of the current period under the absorption costing method as a result of sales exceeding production
fixed manufactuting overhead cost released from inventory
a costing method that only includes variable manufacturing cost- direct material, dirace labor, and variable manuf overhead
variable costing