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Acct. Ch. 7
Goessel Acct. Ch. 7
| Term | Definition |
|---|---|
| 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. |
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