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Cost Acct. Ch. 8 Def

TermDefinition
budget a financial plan for the future based on a single level of activity; the quantitative expression of a company’s commitment to planned activities and resource acquisition and use
budget manual a detailed set of documents that provides descriptive information and guidelines about the budgetary process
budget slack an intentional underestimation of revenues and/or overestimation of expenses in a budgeting process for the purpose of including deviations that are likely to occur so that results will meet expectations
budgeting the process of formalizing plans and committing them to written, financial terms
continuous budget a plan in which there is a rolling 12-month budget; a new budget month (12 months into the future) is added as each current month expires
financial budget a plan that aggregates monetary details from the operating budgets; includes the cash and capital budgets of a company as well as the pro forma financial statements
imposed budget a budget developed by top management with little or no input from operating personnel; operating personnel are then informed of the budget objectives and constraints
master budget the comprehensive set of all budgetary schedules and the pro forma financial statements of an organization
operating budget a budget expressed in both units and dollars
participatory budget a budget that has been developed through a process of joint decision making by top management and operating personnel
rolling budget see continuous budget
strategic planning the process of developing a statement of long-range (5–10 years) goals for the organization and defining the strategies and policies that will help the organization achieve those goals
tactical planning the process of determining the specific means or objectives by which the strategic plans of the organization will be achieved; is short range in nature (usually 1–18 months)
Created by: sfrase
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