Term
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Definition
| a detailed plan for the future that is usually expressed in formal quantitative terms |
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Term
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Definition
| a group of key managers that are responsible for overall budgeting policy and for coordinating the preparation of the budget |
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Definition
| A detailed plan showing how cash resources will be acquired and used over a certain period of time |
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Term
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Definition
| a 12-month budget that us rolled forward one month when the current month is completed |
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Term
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Definition
| the process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change |
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Definition
| A detailed plan that shows the direct labor-hours required to fulfill the production budget |
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Definition
| A detailed plan showing the amount of raw materials that must be purchased to fulfill the production budget and to provide adequate inventories |
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Term
| Ending finished goods inventory budget |
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Definition
| a budget shoing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet |
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Term
| Manufacturing Overhead Budget |
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Definition
| a detailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified amount of time |
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Term
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Definition
| a number of separate but interdependent budgets that formally lay out the company's sales, production, and financial goals ans that culminates in a cash budget, budgeted income statement, and budgeted balance sheet |
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Term
| Merchandise purchases budget |
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Definition
| a detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during a certain period |
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Term
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Definition
| same as self-imposed budget |
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Term
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Definition
| same as continuous budget |
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Term
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Definition
| developing goals and preparing budgets to achieve those goals |
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Term
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Definition
| a detailed plan showing the number of units that must be produced during a period to satisfy both sales and inventory needs |
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Term
| Responsibility Accounting |
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Definition
| a system of accountability in which managers are held responsible for those items of revenue and cost - and only those items - over which they can exert significant control. The managers are held responsible for differences between budgeted and actual results |
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Term
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Definition
| a detailed schedule showing expected sales expressed in both dollars and units |
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Term
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Definition
| a method of prepariong 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 |
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Term
| Selling and Administrative Expense Budget |
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Definition
| a detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period |
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