Flashcards
Chapter 15 Key Terms
Flashcards do conjunto (15)
- 1Budgetdetailed plan for the future that is usually expressed in formal quantitative terms
- 2Cash budgetdetailed plan showing how cash resources will be acquired and used over a specific time period
- 3Controlprocess of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change
- 4Direct labor budgetdetailed plan that shows the direct labor-hours required to fulfil the production budget
- 5Direct materials budgetdetailed plan showing the amount of raw materials that must be purchased to fulfil the production budget and to provide for adequate inventories
- 6Ending finished goods inventory budgetbudget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance
- 7Manufacturing overhead budgetdetailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified time period
- 8Master budgetnumber of separate but independent 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 budgetdetailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period
- 10Participative budgetmethod of preparing budgets in which managers prepare their own budgets; also known as self-imposed budget
- 11Planningprocess of establishing goals and specifying how to achieve them
- 12Production budgetdetailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs
- 13Sales budgetdetailed schedule showing expected sales expressed in both dollars and units
- 14Self-imposed budgetmethod of preparing budgets in which managers prepare their own budgets
- 15Selling and administrative expense budgetdetailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period
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- FlashCards sobre Chapter 15 Key Terms, criado por Christina Meyer em 16-01-2023.
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- Christina Meyer
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