Chapter 08 - Master Budgeting

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

• Budget

• Budgeting

• Planning

• Control

It is a budget that is prepared with the full cooperation and participation of managers at all levels.

• Managerial Budget

• Responsible Budgeting

• Self-imposed Budget

• Team Budget

This budget is comprised of all non-manufacturing departments.

• Direct Labor Budget

• Selling and Administrative Budget

• Production Budget

• Manufacturing Overhead Budget

This involves developing goals and preparing various budgets to achieve those goals.

• Budget

• Budgeting

• Planning

• Control

It enables organizations to react quickly to deviations from their plans and to learn from feedback.

• Responsibility Budgeting

• Managerial Accounting

• Responsibility Accounting

• Managerial Budgeting

This is the act of preparing a budget.

• Budget

• Budgeting

• Planning

• Control

An estimation of the cash flows of a business over a specific period of time.

• Service Budget

• Profit Budget

• Sales Budget

• Cash Budget

The purchases for the month of July is $89,000. If 60% of a month's purchases is paid for in the month of purchase while 40% is paid in the following month, how much of the purchases would be paid for at the end of the month?

• $51,400.00

• $52,400.00

• $53,400.00

• $54,400.00

The purchases for the month of July is $89,000. If 60% of a month's purchases is paid for in the month of purchase while 40% is paid in the following month, how much would be of July's purchases would be paid in August?

• $35,600.00

• $36,600.00

• $37,600.00

• $38,600.00

This involves gathering feedback to ensure that the plan is being properly executed or modified as circumstances change.

• Budget

• Budgeting

• Planning

• Control