Chapter 18-20 Flashcards
learning accounting vocab
budgeting
the process of planning future business actions and expressing them as formal plans
budget
is a formal statement of a company’s plans in dollars
what is the 3rd process of budget control??
take correction actions.
what is the 2nd process of budget control?
compare the budget and actual amount.
what is the 4th process of budget control?
adjust the budget.
continuous budgeting
company continually revises its budget as time passed
rolling budgeting
a company revises its entire set of budgets by adding a new quarterly budget to replaces the quarter that just elapsed.
master budget
formal comprehensive plan of several interconnected budget
sales budget
the planned sales units and the budgeted dollars from these sales (starting point)
production budget
the units to produces each period to meet budgeted sales and a desired inventory level
direct material budgets
cost showed to purchase to meet the budget productions
direct labor budgets
the budget costs for direct labor needed for the budgeted production for the period
factory overhead
the budget costs for factory overhead to complete the budgeteed production for the period
selling expense budget
fixed or varible
G & A
report those expenses expected during the budget period.
capital exp budget
cash receipts and cash payments related to the sale and purchase of plants assets.
cash budget
budget cash receipts and cash payment during the budget period
budget income statement
budget sales and expense for the budget period
budget balance sheet
budget amounts assets, liabilities and equity as of the end of the budget period
