Chapter 18-20

Question 1

budgeting

Answer 1

the process of planning future business actions and expressing them as formal plans

Question 2

budget

Answer 2

is a formal statement of a company’s plans in dollars

Question 3

what is the 3rd process of budget control??

Answer 3

take correction actions.

Question 4

what is the 2nd process of budget control?

Answer 4

compare the budget and actual amount.

Question 5

what is the 4th process of budget control?

Answer 5

adjust the budget.

Question 6

continuous budgeting

Answer 6

company continually revises its budget as time passed

Question 7

rolling budgeting

Answer 7

a company revises its entire set of budgets by adding a new quarterly budget to replaces the quarter that just elapsed.

Question 8

master budget

Answer 8

formal comprehensive plan of several interconnected budget

Question 9

sales budget

Answer 9

the planned sales units and the budgeted dollars from these sales (starting point)

Question 10

production budget

Answer 10

the units to produces each period to meet budgeted sales and a desired inventory level

Question 11

direct material budgets

Answer 11

cost showed to purchase to meet the budget productions

Question 12

direct labor budgets

Answer 12

the budget costs for direct labor needed for the budgeted production for the period

Question 13

factory overhead

Answer 13

the budget costs for factory overhead to complete the budgeteed production for the period

Question 14

selling expense budget

Answer 14

fixed or varible

Question 15

G & A

Answer 15

report those expenses expected during the budget period.

Question 16

capital exp budget

Answer 16

cash receipts and cash payments related to the sale and purchase of plants assets.

Question 17

cash budget

Answer 17

budget cash receipts and cash payment during the budget period

Question 18

budget income statement

Answer 18

budget sales and expense for the budget period

Question 19

budget balance sheet

Answer 19

budget amounts assets, liabilities and equity as of the end of the budget period