+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Budget
|
Detailed plan for acquiring and using financial and other resources over a specified period
|
|
Budget commitee
|
Group of key managemnet persons who are responsible for overall policy matters relating to the budget program and for coordinating the preparation of the budget
|
|
Budgeting
|
Process used by businesses to describe in financial terms, how they intend to achieve their desired financial and non financial objectives
|
|
Cash budget
|
Detailed plan showing how cash resources will be acquired and used over some specific time period
|
|
Control
|
Those steps taken my management to increase the likelihood that the objectives and targets described in the budgeting stage are attained and to ensure that all parts of the organization function in a manner consistant with organizational policies
|
|
Direct labour budget
|
Detailed plan showing labour requirenemnts over a specific period
|
|
Direct materials budget
|
Detailed plan showing the amount of raw materials that must be purchased during a period to meet both production and inventory needs
|
|
Ending finished goods inventory budget
|
Budget showing the dollar amount of cost expected to appear on the balance sheet for unsold units at the end of a period
|
|
Manufacturing overhead budget
|
Detailed plan showing the production costs, other than direct materials and direct labour, that will be incurred over a specific period
|
|
Master budget
|
Summary of a companys plans in which specific targets are set for sales, production, distribution and financing activities and that generally culminates in a cash budget, budgeted income statement, and budgeted balance sheet.
|
|
Mechandise purchases budget
|
Budget used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period
|
|
Mission, visions and values statement
|
Statement that captured the answers to such questions as . Where do we want to be 5 years from now? What should we be to our customers, our employees and other shareholders? which markets do we want to dominate
|
|
Operational planning
|
Process in which the broad goals and objectives of the strategic plan are distilled into specific goals and targets to guide the operations in the organization in the short term (usually 1 yr)
|
|
Paricipative budget
|
Self imposed budget
|
|
Planning
|
Developing objectives andpreparing budgets to achieve these objectives
|
