Flashcards
Chapter 8 key terms
Flashcards do conjunto (15)
- 1BudgetA detailed plan for the future that is usually expressed in formal quantitative terms
- 2Cash BudgetA detailed plan showing how cash resources will be acquired and used over a specific time period.
- 3ControlThe process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.
- 4direct labor budgetA detailed plan that shows the direct labor-hours required to fulfill the production budget.
- 5direct materials budgetA detailed plan showing the amount of raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories.
- 6Ending finished goods inventory budgetA budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet.
- 7Manufacturing overhead budgetA detailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified time period.
- 8Master budgetA number of separate but interdependent budgets that formally lay out the company’s sales, production, and financial goals and that culminates in a cash budget, budgeted income statement, and budgeted balance sheet.
- 9Merchandise purchases budgetA detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period.
- 10Participative budgetSee Self-imposed budget
- 11PlanningThe process of establishing goals and specifying how to achieve them
- 12Production budgetA detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs.
- 13Sales budgetA detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs.
- 14Self-imposed budgetA method of preparing budgets in which managers prepare their own budgets. These budgets are then reviewed by higher-level managers, and any issues are resolved by mutual agreement.
- 15Selling and administrative expense budgetA detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period.
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- Descrição
- Advanced Cost/Managerial Accounting Chapter 8 key terms
- Criado por
- Stephanie Poole
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