Key Terms - Chapter 20

Key Terms - Chapter 20 - Activity-based budgeting (ABB)-...

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Activity-based budgeting (ABB)- Budget system based on expected activities. Budget- Formal statement of future plans, usually expressed in monetary terms. Budgeted balance sheet- Accounting report that presents predicted amounts of the company's assets, liabilities, and equity balances as of the end of the budget period. Budgeted income statement- Accounting report that presents predicted amounts of the company's revenues and expenses for the budget period. Budgeting- Process of planning future business actions and expressing them as formal plans. Capital expenditures budget- Plan that lists dollar amounts to be both received from disposal of plant assets and spent to purchase plant assets. Cash budget- Plan that shows expected cash inflows and outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans. Continuous budgeting- Practice of preparing budgets for a selected number of future periods and revising those budgets as each period is completed. General and administrative expense budget-
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This note was uploaded on 04/04/2012 for the course ACCT 203 taught by Professor Hylton during the Spring '08 term at George Mason.

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