Flashcards
Key Terms Chapter 8
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- 1BudgetExpresses an organization’s commitment to planned activities, resource acquisition, and resource usage.
- 2Budget ManualA detailed set of information and guidelines about the budgetary process.
- 3Budget SlackThe intentional underestimation of revenues and overestimation of expenses slacks can be incorporated into the budget during the development process
- 4BudgetingThe process of formalizing plans and translating qualitative narratives into a documented, quantitative format.
- 5Continuous BudgetAn ongoing 12 month budget is presented by successively adding a new budget month as each current month expires.
- 6Financial BudgetIndicates funds to be generated or consumed during the budget period. They include cash and capital budgets.
- 7Imposted BudgetA budget developed by top management with little or no input from operating personnel.
- 8Master BudgetA comprehensive set of budget, budgetary schedules, and budgeted organizational financial statements.
- 9Operating BudgetA budget that is expressed in both units and dollars. These type of budgets can relate to revenues and cost.
- 10Participatory BudgetDeveloped through joint decision making by top management and operating personnel.
- 11Rolling BudgetOn going two month budget is presented by successively adding a new budget month as each current month expires.
- 12Strategic PlanningTop-level managers generally with the assistance of key staff members who plan on a long-range basis .(5-10 years)
- 13Tactical PlanningIdentifying key variables, management should gather information useful for managing or reacting to changes in these variables. This information is historical and qualitative.
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- Key Terms Chapter 8 (Cost Accounting
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- Antonio Orange
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