Cost Acct. Ch. 8 Def
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 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
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| budget manual | a detailed set of documents that provides descriptive information and guidelines about the budgetary process
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| 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
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| budgeting | the process of formalizing plans and committing them to written, financial terms
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| 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
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| 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
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| 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
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| master budget | the comprehensive set of all budgetary schedules and the pro forma financial statements of an organization
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| operating budget | a budget expressed in both units and dollars
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| participatory budget | a budget that has been developed through a process of joint decision making by top management and operating personnel
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| rolling budget | see continuous budget
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| 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
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| 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)
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