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Definition
| detailed plan for the future that is usually expresssed in formal quantitative terms |
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Definition
| detailed plan showing how cash resources will be acquired and used over a specific time period |
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| detailed plan that shows DIRECT LABOR HOURS required to fulfill the production budget |
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| a detailed plan showing the amount of raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories |
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| manufacturing overhead budget |
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Definition
| detailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified time period |
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Definition
| a 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 |
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| responsibility accounting |
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Definition
| a system of accountability in which managers are held responsible for those items of revenue and cost. held responsible for diffferences between budgeted and actual results |
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Definition
| a detailed schedule showing expected sales expressed in both dollars and units |
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| the difference between a revenue or cost item in the static planning budget and the same item in the flexible budget. difference between level of activity assumed in planning and actual level of activity in flexible |
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Definition
| a report showing estimates of what revenues and costs should have been, given the actual level of activity for the period |
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Definition
| a budget created at the beginning of the budgeting period that is valid only for the planned level of activity |
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Definition
| the difference between how much the revenue should have been, given the actual level of activity, and the actual revenue for the period. |
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Definition
| difference between how much a cost should have been, given the actual level of activity, and the actual amount of the cost. |
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Term
| labor efficiency variance |
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Definition
| the difference between the actual hours taken to complete a task and the standard hours allowed for the actual output, multiplied by the standard hourly labor rate |
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Term
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Definition
| the difference the actual hourly labor rate and the standard rate, multiplied by the number of hours worked during the period |
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Term
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Definition
| the difference between the actual unit price paid for an item and the standard price, multiplied by the quantity purchased |
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Term
| materials quantity variance |
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Definition
| the difference between actual quantity of materials used in production and the standard quantity allowed for the actual output, multiplied by the standard price per unit of materials |
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