Accounting Chp 22-23 Test Prep
Production Budget
estimates the number of units to be manufactured to meet budgeted sales and desired inventory levels
Cash Budget; Capital Expenditures Budget
financial budgets; inflows --> receipts, Outflows -->Payments
Static Budget
shows the expected results of a responsibility center for only one level of activity
Flexible Budget
shows the expected results of a responsibility center for several activity levels, more accurate than static
Sales Budget
the first budget customarily prepared as part of an entity's master budget
Continuous budgeting
a variation of fiscal-year budgeting whereby a 12-month projection into the future is maintained at all times
Master Budget
an integrated set of operating, investing, and financing budgets for a period of time
Operating Budgets
budgets that communicate an organization's sales and production goals and the resources needed to achieve these goals; income statement
Financial Budgets
budgets that focus on the firm's financial goals and identify the resources needed to achieve these goals; balance sheet