Flashcards
BUS 371 - Chapter 8 Terms
Cards in this deck (13)
- 1BudgetA financial plan for the future based on a single level of activity; the quantitative expression of a company's commitment to planned activities, resource acquisition, and resource usage.
- 2Budget ManualA detailed set of documents that provides descriptive information and guidelines about the budgetary process.
- 3Budget SlackAn intentional underestimation of revenues and/or overestimation of expenses in a budgeting process for the purpose of including deviations that are likely to occur so that results will meet expectations.
- 4BudgetingThe process of formalizing plans and committing them to written, financial terms.
- 5Continuous BudgetA plan in which there is a rolling 12-month budget; a new budget month (12 months into the future) is added as each current month expires.
- 6Financial BudgetA plan that aggregates monetary details from the operating budgets; includes the cash and capital budgets of a company as well as the pro forma financial statements
- 7Imposed BudgetA budget developed by top management with little or no input from operating personnel; operating personnel are then informed of the budget objectives and constraints.
- 8Master BudgetThe comprehensive set of all budgetary schedules and the pro forma financial statements of an organization
- 9Operating BudgetA budget expressed in both units and dollars.
- 10Participatory BudgetA budget that has been developed through a process of joint decision making by top management and operating personnel.
- 11Rolling BudgetA plan in which there is a rolling 12-month budget; a new budget month (12 months into the future) is added as each current month expires.
- 12Strategic PlanningThe process of developing a statement of long-range (5-10 years) goals for the organization and defining the strategies and policies that will help the organization achieve those goals.
- 13Tactical PlanningThe process of determining the specific means or objectives by which the strategic plans of the organization will be achieved; is short range in nature (usually 1-18 months).
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- Key Terms Chapter 8 (Cost Accounting
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- Ms. Cassie Weitzenkamp, CPA, MPA
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- Created by Antonio Orange · Nov 12, 2015
- Copied by Ms. Cassie Weitzenkamp, CPA, MPA · Nov 12, 2015
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