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32 Cards in this Set
- Front
- Back
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Group that reviews budget, provides policy guidelines and goals, resolves diffs arising as budget is prepared, approves final budget and monitors actual org perform |
Budget committee |
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Person responsible for directing, coordinating org’s budget process; typically controller |
Budget director |
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Padding the budget by underestimating revs or overestimating costs |
Budgetary slack |
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Financial plans for future |
Budget |
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Budget that shows budgeted cash inflows and outflows for time period to determine exp cash excess or deficiency |
Cash budget |
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Moving 12-month budget |
Continuous budget |
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Costs which a manager can influence or control |
Controllable costs |
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Budget that shows the expected production cost of units exp to be sold during period |
Cost of goods sold budget |
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Budget showing exp number of direct labor hrs to be worked and total cost of direct labor for budget period |
Direct labor budget |
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Budget that shows the amt & cost of every type of raw material to be purchased in time period |
Direct materials purchases budget |
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Individual behavior in conflict with goals of org |
Dysfunctional behavior |
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Budget that shows cost of units budgeted to be in ending finished goods inventory |
Ending finished goods inventory budget |
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Budget that details inflows and outflows of cash and overall financial position |
Financial budget |
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Budget that shows exp costs for particular activ level |
Flexible (variable) budget |
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Expected costs for est range of activity levels |
Before-the-fact flexible budget |
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Expected costs for actual activity level |
After-the-fact flexible budget |
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Difference between budgeted costs and actual costs for chosen activity level |
Flexible budget variance |
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Alignment of managerial and org goals |
Goal congruence |
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Comprehensive financial plan for org as whole; covers fiscal year |
Master budget |
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Monetary rewards used to control mgr’s tendency to shirk/waste resources by linking budg perform to salary incr, bonus, promotion |
Monetary incentives |
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Budget that shows exp costs for non-manufacturing costs of S/A |
Sell/admin exp budget |
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Budget created in advance for particular level of activity |
Static budget |
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Budgets that descr income-generating activities of org, sales, prod, FG inventory, ending with budgeted income stmt |
Operating budgets |
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Monetary rewards used to control mgr’s tendency to shirk/waste resources by linking bush perform to salary incr, bonus, promotion |
Monetary incentives |
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When Mgr takes action to improve budg perform in short run but also brings long-run harm to org |
Myopic behavior |
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Rewards that include job enrichmt, incr respons, autonomy & recognition programs |
Nonmonetary incentives |
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Budgets that descr income-generating activities of org, sales, prod, FG inventory, ends with budgeted income stmt |
Operating budgets |
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Budget showing exp cost of all prod costs other than DM & DL |
OH budget |
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Type of budgeting that allows subord mgrs considerable say in how budg are established |
Participative budgeting |
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Form that compares actual costs with budgeted costs |
Performance report |
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Budget that details number of units of ea product to be prod in coming year to satisfy sales and desired ending inventory |
Production budget |
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When top mgmt has full control of budgets, allowing subord mgrs only superficial participation |
Pseudoparticipation |
