Ch 9 Budgeting - Ch 9 Budgeting Planning for Profits Every...

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Ch 9 Budgeting: Planning for Profits Every organization has a goal (or set of goals) such as a profitability goal or a set of efficiency goals. Management develops plans and policies to achieve these goals: what type of product to produce what level of price what level of cost and quality what degree of advertising Ch 9 Budgeting ADM 2341 1 credit and inventory policies
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Budget A formal quantitative expression of management's plans What things are expected to look like for the next twelve months. Ch 9 Budgeting ADM 2341 2
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Difference Between Planning and C l Control Planning: Development of objectives and preparation of budgets to achieve them. Control: Steps to ensure actions consistent with policies. (e.g.: stay within budget or approve changes) Ch 9 Budgeting ADM 2341 3
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Budget Periods Annual: most common Perpetual: annual but one month added as one month completed. Pushes the horizon forward; effective in rapidly changing industries.
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