Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

BAAC 221 Chapter 9

The Master Budget

TermDefinition
Strategic Planning Setting long term goals that may extend 5-10 years in the future
Rolling Budget a budget that is continuously updated so that the next 12 months of operations are always budgeted; aka a continuous budget
Participative Budgeting budgeting that involves the participation of many levels of management
Zero-Based Budgeting a budgeting approach in which managers begin with a budget of zero and must justify every dollar put into the budget.
Slack intentionally overstating budgeted expenses or understating budgeted revenues in order to cope with uncertainty, make performance appear better, or make room for potential budget cuts.
Budget Committee A committee comprised of upper managements as well as cross functional teams who review, revise, and approve the final budget.
Operating Budgets the budgets needed to run the daily operations of the company. culminate in a budgeted income statement
Financial Budgets the budgets that project the collection and payment of cash, as well as forecast the company's budgeted balance sheet.
COD Collect on delivery or cash on delivery. Sales term indicating that the inventory must be paid for at the time of delivery.
Safety Stock Extra inventory kept on hand in case demand is higher than expected or problems in the factory slow production.
Line of Credit A lending arrangement from a bank in which a company is allowed to borrow money as needed, up to a specified maximum amount, yet only pay interest on the portion that is borrowed until it is repaid.
Sensitivity Analysis a what if technique that asks what a result will be if a predicted amount is not achieved or if an underlying assumption changes.
Flexible Budgets budgets prepared for different volumes of activity
Cost of Goods, Inventory, and Purchases Budget a merchandiser's budget that computes the Cost of Goods sold, the amount of desired ending inventory, and the amount of merchandise to be purchased.
Variance the difference between actual and budgeted figures (revenues and expenses)
Master budget the comprehensive planning document for the entire organization. Includes the operating and financial budgets.
Created by: 1229955762