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Topic 21 - Budgeting

TermDefinition
Budgeted Balance Sheet An accounting report that shows estimates of assets, liabilities and owner's equity at a specific date in the future.
Budgeted Cash Flow Statement An accounting report that shows estimates of cash receipts and cash payments, and an estimated bank balance at a particular point in time in the future.
Budgeted Income Statement An accounting report that shows estimates of revenues, expenses and profit over a specific period of time in the future.
Budgeting The process of preparing a financial plan for a business.
Expense Budget A list of predicted expense items for a future reporting period.
Favourable Variance (or positive variance) A situation in which the actual result is better than the result predicted in the budget.
Master Budget The overall planning strategy of a business, which consists of many smaller budgets.
Sales Budget A report that includes estimates of all future sales. This budget usually includes the number of units expected to be sold and their estimated selling price.
Schedule of Collections A table used by businesses (that sell on credit) to help predict cash inflows from debtors.
Schedule of Payments A table used by businesses (that purchase inventory on credit) to help predict cash outflows to creditors.
Unfavourable Variance (or negative variance) A situation in which the actual result is worse than the result predicted in the budget.
Variance The difference between a budget prediction and an actual result. Variances may be presented in dollar terms and/or in percentage terms.
Variance Report (or performance report) An accounting report that is used to compare a firm's budget predictions with the actual results achieved.
Created by: Giant Kahuna