chapter20handout - Features of a Budget Timeframe Any time...

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Master Budgets and Performance Planning Chapter 20
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What is a budget?
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Functions of Management Planning Organizing Directing Controlling
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Steps in the Budgeting Process Establish specific goals (Planning) Execute plans to accomplish the Periodically compare actual results with the goals (Controlling)
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Content and Form
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Master Budget A set of budgets that consolidates an organization’s financial information into budgeted financial statements for a future period of time.
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Typical Budgets Sales Budget Production (Purchases) Budget Cost of Goods Manufactured (Sold) Budget Selling and Administrative Expense Budget Budgeted Income Statement Budgeted Balance Sheet Cash Budget ** Capital Expenditures Budget **
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Advantages of a Budget
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Unformatted text preview: Features of a Budget Timeframe Any time frame management wants . An annual budget is often divided into quarterly or monthly periods. # of time frames used depends on companys goals. Specific content Determined by what you are budgeting. Examples are sales dollars, number of units, direct labor hours, direct labor dollars, direct materials purchases, etc. SWOT Analysis and Examples Strengths Experienced mgt, high quality product, loyal customers Weaknesses Old plant & equip, excess cash in low return investment Opportunities Acquisition, new product development, foreign markets Threats Product liability, new technology, low price competition, OSHA/EPA regulations...
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This note was uploaded on 05/17/2010 for the course BIO 111 taught by Professor Osikanlu during the Spring '09 term at Moraine Valley Community College.

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chapter20handout - Features of a Budget Timeframe Any time...

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