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ACC212Chap23 - Chapter 23 USING BUDGETS IN PLANNING...

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Chapter 23 USING BUDGETS IN PLANNING BUSINESS OPERATIONS We are all somewhat familiar with the concept of "budgeting" whether we think of it as budgeting or not. In business, managers use budgets to help plan and control the operations of the business. The various types of budgets and their uses are the topics of this chapter. Budget --- a budget is a formal written summary or statement of management's plans for a future time period; you may also think of a budget as a financial plan of action What do you think would be some of the advantages of preparing budgets for future time periods? 1. 2. 3. 4. The budgeting process can be as lengthy or as brief as desired by management---it depends on the degree of detail required by the individual managers. Budgets normally cover time periods of up to one year but can be of longer or shorter duration. In any event, the end product of the budgeting process is the MASTER BUDGET !!! Master Budget The master budget is a set of interrelated budgets that constitute a plan of action for a
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