AIM 3341 Exam 3 Notes - AIM 3341 Ch10: Budget a formalized...

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AIM 3341 Ch10: Budget – a formalized financial plan for future operations Budget Cycle – series of steps organizations follow to develop and use budgets Cash Budget – managers plan receipts, disbursements, and short-term borrowing or investments Favorable Variance – actual costs minus expected costs, when actual costs are less Financial Budget – management’s plan for capital expenditures, LT financing, and cash flows Flexible Budget – allows comparisons of the actual costs with those that should have been incurred Master Budget – combines financial and operating budgets Rolling Budget – prepared periodically, reflecting planning changes for a specific future time frame Static Budget – based on forecasts of specific volumes of products or services Unfavorable Variance – difference in actual and expected revenues when expected revenues are greater Beg Inventory + Purchases Goods Available for Sale -Used Ending Inventory Ch11: 1. Which of the following is a possible cause of an unfavorable materials efficiency
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This note was uploaded on 04/19/2008 for the course AIM 3341 taught by Professor Thompson during the Spring '08 term at University of Texas at Dallas, Richardson.

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AIM 3341 Exam 3 Notes - AIM 3341 Ch10: Budget a formalized...

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