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Cards In This Set
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What are the purposes of budgeting?
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Planning and controlling
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A plan for acquiring and using resources over a period of time
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Budget
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The allowance of extra expenses in future cash flows
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Budgetary slack
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A budget that is prepared with full cooperation of managers at all levels
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Participative (self-imposed) budget
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What budget must be prepared first?
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The sales budget
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What budget is produced after the sales budget for a manufacturing company?
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Production budget
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What budgets flow from the production budget?
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Direct materials, direct labor, and manufacturing overhead budgets
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What budget is produced after the sales budget for a merchandising company?
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Ending inventory budget
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What budgets flow into the cash budget?
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Sales, production, selling and administrative
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What can be produced from the cash budget?
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Budgeted income statement and balance sheet
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