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: