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Description
Flashcards by Ms. Cassie Weitzenkamp, CPA, MPA, updated more than 1 year ago
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| Question | Answer |
| Budget | A 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. |
| Budget Manual | A detailed set of documents that provides descriptive information and guidelines about the budgetary process. |
| Budget Slack | An 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. |
| Budgeting | The process of formalizing plans and committing them to written, financial terms. |
| Continuous Budget | A 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. |
| Financial Budget | A 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 |
| Imposed Budget | A budget developed by top management with little or no input from operating personnel; operating personnel are then informed of the budget objectives and constraints. |
| Master Budget | The comprehensive set of all budgetary schedules and the pro forma financial statements of an organization |
| Operating Budget | A budget expressed in both units and dollars. |
| Participatory Budget | A budget that has been developed through a process of joint decision making by top management and operating personnel. |
| Rolling Budget | A 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. |
| Strategic Planning | The 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. |
| Tactical Planning | The 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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