Accounting

direct materials

in a manufacturing company, the BLANK budget details the raw materials that must be purchased to fulfill the production and provide for adequate inventories

direct materials

in a manufacturing company, the BLANK budget details the raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories

-budgetary slack -suboptimal budget recommendations

limitations of self imposed budgeting include

-labor shortages -erratic layoffs -low employee morale

risks of not knowing in advance how much labor time will be needed throughout the budget period includes:

cash budget

the receipts, disbursements, excess or deficiency, and financing section are all parts of the:

direct materials, direct labor & manufacturing overhead

which of the following budgets are needed to calculate unit product costs?

direct labor

working hours required to satisfy the production budget are shown on the BLANK budget

ending finished goods inventory

the cost of unsold units is computed on the BLANK budget

production budget

the direct materials budget directly relies on the BLANK budget

sales

the first step in the budgeting process is the preparation of the BLANK budget

production

in a manufacturing company, the BLANK budget is used to determine the budgets for manufacturing costs, including the direct materials budget, the direct labor budget and the manufacturing overhead budget

production

In a manufacturing company, the BLANK budget shows the number of units that must be manufactured to satisfy sales needs and provide for the desired ending inventory

perpetual

a budget that keeps managers focused at least one year ahead is a continuous or BLANK budget

budget

a detailed plan for the future that is usually expressed in formal quantitative terms is a

sales

a detailed schedule showing the expected sales for the budget period is presented on the BLANK budget

master

a number of separate but interdependent budgets that formally lay out a company's sales, production, and financial goals is contained in the BLANK budget

manufacturing overhead

all costs of production other than direct materials and direct labor are shown on the BLANK budget

too easy to attain

budgetary slack occurs when a manager submits a budget that is:

-isolate areas needing attention -measure operating results -establish goals

the purpose of a budget should be to:

master budget

an essential management tool that communicates management's plans throughout the organization, allocates resources and coordinates activities is the

-there is a cash deficiency -the cash excess is less than the minimum required cash balance

borrowing money is required whenever:

selling & administrative

budgeted expenses for areas other than manufacturing are shown on the BLANK budget

-coordinate activities of the entire organization -plan for the future -uncover bottlenecks -define goals and objectives

budgets: