23 Presentation - ACC 212 PRINCIPLES OF ACCOUNTING CHAPTER 23 Budgetary Planning PRESENTATION DECK Prepared by Jill Mitchell Assistant Professor

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ACC 212: PRINCIPLES OF ACCOUNTING CHAPTER 23: Budgetary Planning PRESENTATION DECK Prepared by: Jill Mitchell, Assistant Professor, NOVA Reference: Weygandt, Jerry, Kieso, and Kimmel. Accounting Principles Unless noted, illustrations are from the referenced text.
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Chapter 23-2 1.1 Indicate the benefits of budgeting. 1.2 Know the common budget period. 1.3 Be able to explain the difference between the operating and financial budgets. 1.4 Be able to indicate the sales budget as the first budget prepared in the master budgeting process. 23: Budgetary Planning Course Competencies 1. Budgeting Basics
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23-3 What is a budget? A formal written statement of management’s plans for a specified future time period, expressed in financial terms. Primary way to communicate agreed-upon objectives to all parts of the company A budget promotes efficiency and serves as a control device. It is an important basis for performance evaluation once adopted. 1.1 Indicate the benefits of budgeting.
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This note was uploaded on 02/28/2011 for the course ACC 212 taught by Professor Mitchell during the Spring '11 term at Northern Virginia Community College.

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23 Presentation - ACC 212 PRINCIPLES OF ACCOUNTING CHAPTER 23 Budgetary Planning PRESENTATION DECK Prepared by Jill Mitchell Assistant Professor

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