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Chat session 3

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Unformatted text preview: Chat Session 3 Chat Cost Accounting Chapter 6 Master Budget & Responsibility Accounting Responsibility Terms to know Budgets – the plans of a business in financial Budgets and nonfinancial terms and Proposed future activities (i.e. new products, units Proposed expected to be produced and sold expected Estimate revenues and related expenses Part of management control Planning, motivating, feedback for evaluation, Planning, coordination between departments, investigating variations and corrective action variations Monthly, quarterly, annually Chapter 6 Master Budget & Responsibility Accounting Responsibility Strategy – short and long term plans What are our objectives? Where is our market? What are the trends occurring in the market? What are the risks and opportunities? What is our contingency plan? Chapter 6 Master Budget & Responsibility Accounting Responsibility Budget setting: Budgetary slack Unachievable budgets Achievable budgets –challenging but Achievable achievable achievable Chapter 6 Master Budget & Responsibility Accounting Responsibility Operating Budgets (nine ste...
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