Key Terms Chapter 8

Antonio Orange
Flashcards by Antonio Orange, updated more than 1 year ago
Antonio Orange
Created by Antonio Orange over 5 years ago
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Key Terms Chapter 8 (Cost Accounting

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Budget Expresses an organization’s commitment to planned activities, resource acquisition, and resource usage.
Budget Manual A detailed set of information and guidelines about the budgetary process.
Budget Slack The intentional underestimation of revenues and overestimation of expenses slacks can be incorporated into the budget during the development process
Budgeting The process of formalizing plans and translating qualitative narratives into a documented, quantitative format.
Continuous Budget An ongoing 12 month budget is presented by successively adding a new budget month as each current month expires.
Financial Budget Indicates funds to be generated or consumed during the budget period. They include cash and capital budgets.
Imposted Budget A budget developed by top management with little or no input from operating personnel.
Master Budget A comprehensive set of budget, budgetary schedules, and budgeted organizational financial statements.
Operating Budget A budget that is expressed in both units and dollars. These type of budgets can relate to revenues and cost.
Participatory Budget Developed through joint decision making by top management and operating personnel.
Rolling Budget On going two month budget is presented by successively adding a new budget month as each current month expires.
Strategic Planning Top-level managers generally with the assistance of key staff members who plan on a long-range basis .(5-10 years)
Tactical Planning Identifying 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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