A detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period.
Selling and administrative expense budget
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15
A detailed schedule showing expected sales expressed in both dollars and units.
Sales budget
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15
A detailed plan showing the production costs, other than direct materials and direct labor, that will be incurred over a specified time period.
Manufacturing overhead budget
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15
A detailed plan that shows the direct labor-hours required to fulfill the production budget.
Direct labor budget
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15
A detailed plan used by a merchandising company that shows the amount of goods that must be purchased from suppliers during the period.
Merchandise purchases budget
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lifesaver
Give 15 points!
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star
Double points!
Okay!
gift
Win 20 points!
Okay!
banana
Go to last place!
Oops!
banana
Go to last place!
Oops!
gift
Win 25 points!
Okay!
shark
Other team loses 20 points!
Okay!
baam
Lose 25 points!
Oops!
thief
Give points!
5
10
15
20
25
fairy
Take points!
5
10
15
20
25
shark
Other team loses 20 points!
Okay!
thief
Give points!
5
10
15
20
25
lifesaver
Give 10 points!
Oops!
gold
Win 50 points!
Okay!
shark
Other team loses 10 points!
Okay!
lifesaver
Give 10 points!
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15
A budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet.
Ending finished goods inventory budget
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15
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.
Self-imposed budget
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15
The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.
Control
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15
A detailed plan showing the amount of raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories.
Direct materials budget
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15
A detailed plan showing how cash resources will be acquired and used over a specific time period.
Cash budget
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15
The process of establishing goals and specifying how to achieve them.
Planning
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15
A number of separate but interdependent budgets that formally lay out the companyโs sales, production, and financial goals and that culminates in a cash budget, budgeted income statement, and budgeted balance sheet.