WRD_IMCh22

WRD_IMCh22 - chapter 22 Budgeting

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Unformatted text preview: chapter 22 Budgeting ______________________________________________ OPENING COMMENTS Chapter 22 emphasizes accounting activities that help managers plan and control the operations of a business. Budgeting is used to establish business goals in the planning function. Budgets are also used to control operations as actual results are compared to the budgeted results. After studying the chapter, your students should be able to: 1. Describe budgeting, its objectives, and its impact on human behavior. 2. Describe the basic elements of the budget process, the two major types of budgeting, and the use of computers in budgeting. 3. Describe the master budget for a manufacturing company. 4. Prepare the basic income statement budgets for a manufacturing company. 5. Prepare balance sheet budgets for a manufacturing company. STUDENT FAQS Since budgets are estimates made before a period begins and may prove wrong, are they worth the time and effort put into them? Why are the cash budget and the capital expenditures budget so important from the balance sheet budgeting process? In a production budget, the volume of production is the first thing to calculate, but deducting the estimated units in beginning inventory and adding the desired units in ending inventory seems opposite. Can you explain so I can understand better? How do you calculate manufacturing cost? Why does applied F.O.H. instead of actual F.O.H. get posted to Work in Process? The cost of goods sold budget is so long. Why do you expect us to learn to calculate it without the formula written out? 59 60 Chapter 22 Budgeting IN-CLASS AND HOMEWORK ASSIGNMENT CHART Number Objective Description Difficulty Time AACSB IMA SS GL EO22-1 22-1 Easy 5 min Analytic Budget Preparation EO22-2 22-1 Easy 5 min Analytic Budget Preparation EO22-3 22-1 Easy 5 min Analytic Budget Preparation EO22-4 22-1 Easy 5 min Analytic Budget Preparation EO22-5 22-1 Easy 5 min Analytic Budget Preparation EO22-6 22-1 Easy 5 min Analytic Budget Preparation EO22-7 22-2 Easy 5 min Analytic Budget Preparation EO22-8 22-2 Easy 5 min Analytic Budget Preparation EO22-9 22-2 Easy 5 min Analytic Budget Preparation EO22-10 22-3 Easy 5 min Analytic Budget Preparation EO22-11 22-4 Easy 5 min Analytic Budget Preparation EO22-12 22-4 Easy 5 min Analytic Budget Preparation EO22-13 22-4 Easy 5 min Analytic Budget Preparation EO22-14 22-5 Easy 5 min Analytic Budget Preparation EO22-15 22-5 Easy 5 min Analytic Budget Preparation EO22-16 22-5 Easy 5 min Analytic Budget Preparation PE22-1A 22-2 Flexible budgeting Easy 5 min Analytic Budget Preparation PE22-1B 22-2 Flexible budgeting Easy 5 min Analytic Budget Preparation PE22-2A 22-4 Production budget Easy 5 min Analytic Budget Preparation PE22-2B 22-4 Production budget Easy 5 min Analytic Budget Preparation PE22-3A 22-4 Direct materials purchases budget Easy 5 min Analytic Budget Preparation PE22-3B 22-4 Direct material purchases budget Easy 5 min Analytic Budget Preparation PE22-4A...
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WRD_IMCh22 - chapter 22 Budgeting

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