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Class Notes Chapters 10 and 11

Class Notes Chapters 10 and 11 - The University of Texas at...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting Class Notes – Chapter 10 and pages 254-256 of Chapter 11 Overview A grade report helps illustrate how successful you have been as a student. In this section, you’ll learn how to organize and interpret various reports that a company can use to help determine how successful it has been at meeting specific objectives. In many respects, this is the conclusion to the budgeting concepts addressed earlier in the semester. The budget is the plan; the performance report is the actual result as well as a tool to help improve future performance. Budgetary Control Activities 1. Develop budget 2. Analyze differences between actual and budget 3. Take corrective action 4. Modify future plans Static Budget Report Flexible Budget Report Page 1
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Responsibility Accounting Controllable versus Noncontrollable Cost center Profit center Investment center o Return on Investment (ROI) o
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