ACCT 2302 ch 7 outline - Meagan Hoekman ACCT 2302 Chapter 7...

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Meagan Hoekman ACCT 2302 Chapter 7 outline Organizations budget for a variety of reasons, including to communicate management’s plans throughout the organization, to force managers to think about and plan for the future as well as allocate resources within the organization. Budgets should be developed with the full participation of all managers who will be subject to budgetary controls. The sales budget forms the foundation for the master budget. The production budget details how many units must be produced each budget period to satisfy expected sales and to provide for adequate levels of finished goods inventories. The direct materials budget shows the materials that must be purchased each budget period to meet
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