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34 Cards in this Set
- Front
- Back
Cash budget
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A detailed plan showing how cash resources will be acquired and used over a specific time period
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A detailed plan showing how cash resources will be acquired and used over a specific time period
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Cash budget
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Continuous budget
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A 12-month budget that rolls forward one month as the current month is completed
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A 12-month budget that rolls forward one month as the current month is completed
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Continuous budget
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Control
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Those steps taken by management to increase the likelihood that all parts of the organization are working together to achieve the goals set down at the planning stage
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Those steps taken by management to increase the likelihood that all parts of the organization are working together to achieve the goals set down at the planning stage
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Control
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Direct Labor budget
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A detailed plan that shows the direct labor-hours required to fulfill the production budget
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A detailed plan that shows the direct labor-hours required to fulfill the production budget
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Direct Labor budget
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Direct Materials 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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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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Direct Materials budget
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Ending finished goods inventory budget
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A budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet
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A budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet
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Ending finished goods inventory budget
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Manufacturing overhead budget
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A 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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A 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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Manufacturing overhead budget
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Master budget
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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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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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Master budget
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Merchandise purchases budget
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A detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period
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A detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period
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Merchandise purchases budget
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Participative budget
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another term for Self-imposed budget
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another term for Self-imposed budget
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Participative budget
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Perpetual budget
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another term for Continuous budget
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another term for Continuous budget
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Perpetual budget
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Production budget
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A detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs
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A detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs
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Production budget
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Planning
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Developing goals and preparing budgets to achieve those goals
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Developing goals and preparing budgets to achieve those goals
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Planning
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Responsibility accounting
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A system of accountability in which managers are held responsible for those items of revenue and cost - and only those items - over which they can exert significant control. The managers are held responsible for differences between budgeted and actual results
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A system of accountability in which managers are held responsible for those items of revenue and cost - and only those items - over which they can exert significant control. The managers are held responsible for differences between budgeted and actual results
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Responsibility accounting
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Sales budget
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A detailed schedule showing expected sales expressed in both dollars and units
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A detailed schedule showing expected sales expressed in both dollars and units
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Sales budget
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Self-imposed budget
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A method of preparing budgets in which managers prepare their own budgets. These budgets are then reviewed by higher-level managers, and any issues are resolved by mutual agreement
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A method of preparing budgets in which managers prepare their own budgets. These budgets are then reviewed by higher-level managers, and any issues are resolved by mutual agreement
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Self-imposed budget
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Selling and administrative expense budget
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A detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period
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A detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period
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Selling and administrative expense budget
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