Term
| The first step in the budgeting process |
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Definition
| is the preparation of the sales budget |
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Term
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Definition
| the Process of establishing goals and specifying how to achieve them |
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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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Term
| Continuous Budget (perpetual) |
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Definition
| a 12-month budget that rolls forward one month as the current month is completed |
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Term
| Self-imposed (participative) budget |
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Definition
| a method in which managers prepare their own budgets |
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Term
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Definition
| a number of separate but interdependent budgets |
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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 detailed plan showing how cash resources will be acquired and used over a period of time |
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Term
| Merchandise purchases budget |
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Definition
| detailed plan used by a merchandising company that show the amount of goods that must be purchased from suppliers during period. |
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Term
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Definition
| detailed plan showing the amount of raw materials that must be purchased to fulfill production budget |
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Term
| Manufacturing overhead budget |
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Definition
| detailed plan showing the production costs, other than DM and DL that will be incurred over time |
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Term
| Ending finished goods inventory budget |
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Definition
| budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet |
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Term
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Definition
| used to determine the budgets for manufacturing costs, including DM budget and DL budget and MOH budget |
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Term
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Definition
| planned net profit that serves as a benchmark against company performance |
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Term
| Which budget is not used to prepare cash budget |
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Definition
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