Koofers

Chapter 9 - Flashcards

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Class:ACC 312 - FUNDAMENTALS OF MANAGERIAL ACC
Subject:Accounting
University:University of Texas - Austin
Term:Spring 2010
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budget detailed plan, expressed, in quantitative terms, that specifies how resources will be acquired and used during a specified period of time
budgeting system the procedures used to develop a budget
the five purposes of budgeting systems 1) planning 2) facilitating communication and coordination 3) allocating resources 4) controlling profit and operations 5) evaluating performance and providing incentives
a master budget, or profit plan a comprehensive set of budgets covering all phases of an organization's operations for a specified period of time.
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budgeted financial statements often called pro forma financial statements. and show how the organization's financial statements will appear at a specified time if operations proceed according to plan
capital budget a plan for the acquisition of capital assets, such as buildings and equipment.
financial budget a plan that shows how the organization will acquire its financial resources, such as through the issuance of stock or incurrence of debt
rolling budgets continually updated by periodically adding a new incremental time period, such as a quarter, and dropping the period just completed; also called revolving budgets or continuous budgets
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sales forecasting the process of predicting sales of services or goods. the initial step in preparing a master budget.
operational budgets specify how its operations will be carried out to meet the demand for its goods or services
activity based budgeting developing a budgeting system using activity based costing concepts
sales budget displays the projected sales in units for each quarter and then multiplies the unit sales by the sales price to determine sales revenue
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production budget shows the number of units of services or goods that are to be produced during a budget period;A film production budget determines how much money will be spent on the entire film project.
direct-material budget shows the number of units and the cost of material to be purchased and used during a budget period.
direct-labor budget shows the number of hours and the cost of the direct labor to be used during the budget period
manufacturing-overhead budget shows the cost of overhead exected to be incurred in the production process during the budget period
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selling,general, and administrative expense budget shows the planned amounts of expenditures for selling, general, and administrative expenses during the budget period
cash receipts budget details the expected cash collections during a budget period
cash disbursements budget explains the expected cash payments during a budget period
cash budget details the expected cash receipts and disbursements during a budget period
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budgeted schedule of cost of goods manufactured and sold details the direct material, direct labor, and manufacturing overhead costs to be incurred, and shws the cost of the goods to be sold during the budget period
budgeted income statement shows the expected revenue and expenses for the budget period, assuming that planned operations are carried out
budgeted statement of cash flows provides information about the expected sources and uses of cash for operating activities, investing activities, and financing activities during a particular period of time
budgeted balance sheet shows the expected end-of-period balances for the company's assets, liabilities, and owner's equity, assuming that planned operations are carried out
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financial planning model a set of mathematical relationships that express the interactions among the various operational, financial, and environmental events that determine the overall results of an organization's activities.
budget director, chief budget officer organization's controller; specifies the process by which the budget data will be gathered, collects the information, and prepares the master budget.
budget manual states who is responsible for providing various types of information, when the information is required, and what form the information is to take
budget committee consisting of key senior executives, often is appointed to advise the budget director during the preparation of the budget
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e-budgeting an increasingly popular, internet-based budgeting tool that can help streamline and speed up an organization's budgeting process
budget paddling underestimating revenue or overestimating cost
budgetary slack difference between the revenue or cost projection that a person provides and a realistic estimation od the revenue or cost
participative budgeting involve employees throughout an organization in the budgtary process
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 budgetdetailed plan, expressed, in quantitative terms, that specifies how resources will be acquired and used during a specified period of time
 budgeting systemthe procedures used to develop a budget
 the five purposes of budgeting systems1) planning
2) facilitating communication and coordination
3) allocating resources
4) controlling profit and operations
5) evaluating performance and providing incentives
 a master budget, or profit plana comprehensive set of budgets covering all phases of an organization's operations for a specified period of time.
 budgeted financial statementsoften called pro forma financial statements. and show how the organization's financial statements will appear at a specified time if operations proceed according to plan
 capital budgeta plan for the acquisition of capital assets, such as buildings and equipment.
 financial budgeta plan that shows how the organization will acquire its financial resources, such as through the issuance of stock or incurrence of debt
 rolling budgetscontinually updated by periodically adding a new incremental time period, such as a quarter, and dropping the period just completed; also called revolving budgets or continuous budgets
 sales forecasting the process of predicting sales of services or goods. the initial step in preparing a master budget.
 operational budgetsspecify how its operations will be carried out to meet the demand for its goods or services
 activity based budgetingdeveloping a budgeting system using activity based costing concepts
 sales budgetdisplays the projected sales in units for each quarter and then multiplies the unit sales by the sales price to determine sales revenue
 production budgetshows the number of units of services or goods that are to be produced during a budget period;A film production budget determines how much money will be spent on the entire film project.
 direct-material budgetshows the number of units and the cost of material to be purchased and used during a budget period.
 direct-labor budgetshows the number of hours and the cost of the direct labor to be used during the budget period
 manufacturing-overhead budgetshows the cost of overhead exected to be incurred in the production process during the budget period
 selling,general, and administrative expense budgetshows the planned amounts of expenditures for selling, general, and administrative expenses during the budget period
 cash receipts budgetdetails the expected cash collections during a budget period
 cash disbursements budgetexplains the expected cash payments during a budget period
 cash budgetdetails the expected cash receipts and disbursements during a budget period
 budgeted schedule of cost of goods manufactured and solddetails the direct material, direct labor, and manufacturing overhead costs to be incurred, and shws the cost of the goods to be sold during the budget period
 budgeted income statementshows the expected revenue and expenses for the budget period, assuming that planned operations are carried out
 budgeted statement of cash flowsprovides information about the expected sources and uses of cash for operating activities, investing activities, and financing activities during a particular period of time
 budgeted balance sheetshows the expected end-of-period balances for the company's assets, liabilities, and owner's equity, assuming that planned operations are carried out
 financial planning modela set of mathematical relationships that express the interactions among the various operational, financial, and environmental events that determine the overall results of an organization's activities.
 budget director, chief budget officerorganization's controller; specifies the process by which the budget data will be gathered, collects the information, and prepares the master budget.
 budget manualstates who is responsible for providing various types of information, when the information is required, and what form the information is to take
 budget committeeconsisting of key senior executives, often is appointed to advise the budget director during the preparation of the budget
 e-budgetingan increasingly popular, internet-based budgeting tool that can help streamline and speed up an organization's budgeting process
 budget paddlingunderestimating revenue or overestimating cost
 budgetary slackdifference between the revenue or cost projection that a person provides and a realistic estimation od the revenue or cost
 participative budgetinginvolve employees throughout an organization in the budgtary process
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