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Miscellaneous
How to Budget
What Budget
More Miscellaneous
Vocabulary
100
The degree of influence a specific manager has over costs, revenues or related items
What is controllability
100
This creates greater commitment towards the budget from employees
What is participation in the process
100
This budget is always prepared first
What is revenues budget
100
Is created by continually adding a month, quarter, or year to the period that just ended
What is rolling budget
100
Plan of what the company intends to accomplish in the period. Includes both operating and financial decisions
What is the master budget
200
Why should we compare actual amounts to the budgeted amounts of the same period?
What is so adjustments can be made for the future
200
Demanding but achievable budget targets tend to
What is improve employee performance
200
This budget is always prepared last
What is Cost of Goods Sold Budget
200
Kaizen refers to
What is continuous improvement
200
Difference between the actual result and the budgeted result
What is variance
300
The practice of developing reasonably challenging budgets helps to
What is motivate employees
300
Two types of master budgets
What are operating and financial
300
Costs such as supervision, depreciation, maintenance, supplies and power are included in the
What is manufacturing overhead budget
300
For fixed manufacturing overhead there is no ....
What is efficiency variance
300
When managers look at the effects of changes
What is sensitivity analysis
400
The budgeted income statement and its supporting budget schedules are together called the
What is operating budget
400
Effective planning of this requires managers to focus on activities that add value for the customer and eliminate nonvalue-added activities
What is variable overhead costs
400
This budget contains budgeted amounts for actual output
What is flexible budget
400
Budgeted unit sales + target ending inventory -beginning finished goods inventory
What is budgeted production
400
The process by which a company's products or services are measured relative to the best possible levels of performance is known as
What is benchmarking
500
A limitation of using past performance to prepare budgets is
What is future conditions can be different
500
The process of "playing games" with the budget by making budgeted targets easier to achieve
What is budgetary slack
500
These two related budgets are prepared immediately after the production budget
What are the direct materials usage and direct materials purchases budgets
500
The use of activity-based budgeting is growing because
What is more people are using activity-based costing
500
In flexible budgets, the costs that are not "flexed" because they remain constant within a relevant range of activity
What are fixed costs