Study Option 23 - Directions for Studying Chapter...

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Directions for Studying Chapter Twenty-three and Completing the Assignments 1. Read chapter Twenty-three in your textbook thoroughly. Begin by carefully reviewing the learning objectives listed above. As you read, study through all the exhibits and figures. 2. Study the first 4 pages for an explanation of budget terminology, the benefits of budgeting and the budgeting process. A budget is a plan to meet a goal. Exhibit 23.1 shows how a budgeted income statement might be used to evaluate how well a business is staying on track toward its goals. Work through all of the exhibits. Work the Quick Check . 3. Work Quick Study QS 23-1. 4. The text shows how to prepare the components of the master budget. Study each exhibit carefully to follow where the numbers come from and how they are used to calculate the information for the budget. Work the Quick Check . 5. Read through the appendix, 23A for information on two other operating budgets used by manufacturing companies.
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