budgetsACC200Spring2009

budgetsACC200Spring2009 - Chapter 10 Objectives u Evaluate...

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Chapter 10 -- Objectives u Evaluate the principal advantages of budgeting u Explain how budgets can influence behavior u Prepare a sales budget u Prepare a production budget u Prepare a direct materials budget u Prepare a cash budget u Prepare a flexible budget and understand the advantages of a flexible budget over a static budget
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Management Decision Cycle FINANCING DECISIONS INVESTING DECISIONS OPERATING DECISIONS FUNDING OPERATING PROFIT INVESTMENTS
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Budgeting Overview u Definition à Plans dealing with the acquisition and use of resources over a specified time period u Can be specified in terms of à Monetary or financial units à Time units à Acquisition and use of materials à Manufacturing of products
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Operating: Day-to-day management decisions BUDGETIN G Planning: Developing objectives and goals Budgeting Overview Budgeting is an integral part of the planning, operating and control activities of managers Control: Insuring that objectives and goals are met, comparing actual to budget
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