Managerial Accounting Chapter 9

Front 1

Cash budget

Back 1

A detailed plan showing how cash resources will be acquired and used over a specific time period

Front 2

A detailed plan showing how cash resources will be acquired and used over a specific time period

Back 2

Cash budget

Front 3

Continuous budget

Back 3

A 12-month budget that rolls forward one month as the current month is completed

Front 4

A 12-month budget that rolls forward one month as the current month is completed

Back 4

Continuous budget

Front 5

Control

Back 5

Those steps taken by management to increase the likelihood that all parts of the organization are working together to achieve the goals set down at the planning stage

Front 6

Those steps taken by management to increase the likelihood that all parts of the organization are working together to achieve the goals set down at the planning stage

Back 6

Control

Front 7

Direct Labor budget

Back 7

A detailed plan that shows the direct labor-hours required to fulfill the production budget

Front 8

A detailed plan that shows the direct labor-hours required to fulfill the production budget

Back 8

Direct Labor budget

Front 9

Direct Materials budget

Back 9

A detailed plan showing the amount of raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories

Front 10

A detailed plan showing the amount of raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories

Back 10

Direct Materials budget

Front 11

Ending finished goods inventory budget

Back 11

A budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet

Front 12

A budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet

Back 12

Ending finished goods inventory budget

Front 13

Manufacturing overhead budget

Back 13

A detailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified time period

Front 14

A detailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified time period

Back 14

Manufacturing overhead budget

Front 15

Master budget

Back 15

A number of separate but interdependent budgets that formally lay out the company's sales, production, and financial goals and that culminates in a cash budget, budgeted income statement, and budgeted balance sheet.

Front 16

A number of separate but interdependent budgets that formally lay out the company's sales, production, and financial goals and that culminates in a cash budget, budgeted income statement, and budgeted balance sheet.

Back 16

Master budget

Front 17

Merchandise purchases budget

Back 17

A detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period

Front 18

A detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period

Back 18

Merchandise purchases budget

Front 19

Participative budget

Back 19

another term for Self-imposed budget

Front 20

another term for Self-imposed budget

Back 20

Participative budget

Front 21

Perpetual budget

Back 21

another term for Continuous budget

Front 22

another term for Continuous budget

Back 22

Perpetual budget

Front 23

Production budget

Back 23

A detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs

Front 24

A detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs

Back 24

Production budget

Front 25

Planning

Back 25

Developing goals and preparing budgets to achieve those goals

Front 26

Developing goals and preparing budgets to achieve those goals

Back 26

Planning

Front 27

Responsibility accounting

Back 27

A system of accountability in which managers are held responsible for those items of revenue and cost - and only those items - over which they can exert significant control. The managers are held responsible for differences between budgeted and actual results

Front 28

A system of accountability in which managers are held responsible for those items of revenue and cost - and only those items - over which they can exert significant control. The managers are held responsible for differences between budgeted and actual results

Back 28

Responsibility accounting

Front 29

Sales budget

Back 29

A detailed schedule showing expected sales expressed in both dollars and units

Front 30

A detailed schedule showing expected sales expressed in both dollars and units

Back 30

Sales budget

Front 31

Self-imposed budget

Back 31

A method of preparing budgets in which managers prepare their own budgets. These budgets are then reviewed by higher-level managers, and any issues are resolved by mutual agreement

Front 32

A method of preparing budgets in which managers prepare their own budgets. These budgets are then reviewed by higher-level managers, and any issues are resolved by mutual agreement

Back 32

Self-imposed budget

Front 33

Selling and administrative expense budget

Back 33

A detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period

Front 34

A detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period

Back 34

Selling and administrative expense budget