Budgeting Flashcards
1
Q
Budget
A
A quantitive economic plan prepared and agreed in advance
2
Q
budgetary control
A
A business system that involves Making future plans, comparing the actual results with the planned results and investigating the causes of the differences
3
Q
Historical figures
A
Figures based on past data
4
Q
Production cost budget
A
A firms planned future production costs
5
Q
Sales budget
A
A firms planned future sales
6
Q
Variance
A
Difference between actual financial outcomes and the planned ones
7
Q
Variance analysis
A
The process of calculating variances and attempting to identify causes
8
Q
Zero based budget in
A
A system of budgeting where no money is allocated to costs if they can’t be justified
