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ACCT4 Chp 8
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A detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period.
Selling and administrative expense budget
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
A detailed schedule showing expected sales expressed in both dollars and units.
Sales budget
A detailed plan showing the number of units that must be produced during a period in order to satisfy both sales and inventory needs.
Production budget
The process of establishing goals and specifying how to achieve them.
Planning
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
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.
Master budget
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
A budget showing the dollar amount of unsold finished goods inventory that will appear on the ending balance sheet.
Ending finished goods inventory budget
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
A detailed plan that shows the direct labor-hours required to fulfill the production budget.
Direct labor budget
The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.
Control
A detailed plan showing how cash resources will be acquired and used over a specific time period.
Cash budget
A detailed plan for the future that is usually expressed in formal quantitative terms.
Budget


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