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Acct. Ch. 7

Goessel Acct. Ch. 7

TermDefinition
Responsibility Accounting The basic idea that a manager should be held responsible for the items and only those items that the manager can actually control to a significant event.
Continuous/Perpetual Budget A 12-month budget that rolls forward one month as the current month is completed.
Self-imposed/Participative Budget A budget that is prepared with the full cooperation and participation of managers at all levels.
Master Budget Consists of a number of separate but interdependent budgets that formally lay out the company's sales, production, and financial goals.
Sales Budget Is a detailed schedule showing the expected sales for the budget period.
Cash Budget A detailed plan showing how cash resources will be acquired and used.
Production Budget Lists the number of units that may be produced to satisfy sales needs and to provide for the desired ending inventory.
Direct Materials Budget Details the raw materials that must be purchased to fulfill the production budget and to provide for adequate inventories.
Direct Labor Budget Shows the direct labor-hours required to satisfy the production budget.
Manufacturing Overhead Budget Lists all the costs of production other than direct materials and direct labor.
Selling and Administrative Expense Budget Lists the budgeted expenses for areas other than manufacturing.
Created by: sfrase