Chapter_7 - Budgeting The master budget is part of an...

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Budgeting The master budget is part of an overall organizational plan made up of three components . . . Organizational goals – management’s broad objectives that employees work to achieve. The strategic long-range profit plan – steps to be taken to achieve organizational goals. The master budget – tactical short-range profit plan.
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Master Budget Sales Budget Purchases Budget COGS Budget Operating Expense Budget Budgeted I/S Capital Budget Cash Budget Budgeted B/S Operating Budget Financial Budget
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Forecasting Sales: Start With Your Customers Sales Staff Sales Staff – close to customer needs. Market Research Market Research – can predict long-term trends in attitudes and the effects of social and economic changes on the company’s sales, potential markets and products.
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Forecasting Tools Delphi Technique Delphi Technique – individual forecasts of group members are submitted anonymously and evaluated by the group as a whole. Trend Analysis
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Chapter_7 - Budgeting The master budget is part of an...

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