Cost Accounting Foundations and Evolutions Kinney, Prather, Raiborn
اسلاید 1: Chapter 8The Master BudgetCost AccountingFoundations and EvolutionsKinney, Prather, Raiborn
اسلاید 2: Learning Objectives (1 of 2)Explain why budgeting is importantDescribe how strategic planning is related to budgetingIdentify the starting point of a master budget and explain why it is the starting point Prepare various master budget schedules and explain how they relate to one another
اسلاید 3: Learning Objectives (2 of 2)Explain why the cash budget is important in the master budgeting processList the benefits provided by a budget(Appendix) Explain how a budget manual facilitates the budgeting process
اسلاید 4: TermsBudgeting - Formalizes plans and translates qualitative narratives into a documented, quantitative formatBudget - Expresses a commitment to planned activities and resource acquisition and use
اسلاید 5: Strategic PlanningLong-term (5 to 10 years)Top-level managementLong-range goals, strategies, and policiesFoundation for short-term planningIdentify and gather information on key variables, both internal and externalStrategicPlanning
اسلاید 6: Tactical PlansShort-term (1 to 18 months)Top and middle managementSpecific objectives and means to achieve strategic plansBasis against which results can be measuredTactical Planning
اسلاید 7: BudgetingShort-termTop, middle, and operational management involvementUsable guidelines to implement strategic and tactical plansAllocates resourcesStandard against which performance can be measuredBudget
اسلاید 8: The Master BudgetA comprehensive set of budgets, budgetary schedules, and pro forma organizational financial statementsFor a specific period of timeStatic – based on a single level of output demandInteractive – departments generate and consume information
اسلاید 9: The Master BudgetOperating BudgetsFinancial BudgetsSales BudgetProduction BudgetPurchases BudgetDirect Labor BudgetOverhead BudgetSelling & Administrative BudgetCash BudgetCapital Expenditures BudgetBalance SheetIncome StatementStatement of Cash FlowsStatement of Retained EarningsBudget
اسلاید 10: The Operating Budget Sales BudgetProduction BudgetOverhead BudgetDirect Labor BudgetPurchases BudgetSelling and Admin Budget
اسلاید 11: Sales ForecastAsk sales personnelExtrapolate past trendsUse market researchEmploy statistical models and simulationSalesForecast
اسلاید 12: Production BudgetProduction manager combinesSales estimatesBeginning inventory targetsEnding inventory targetsDetermines the types, quantities, and timing of products to be manufactured
اسلاید 13: Direct Labor BudgetTotal number of peopleSpecific types of workers Production hours neededCostsUnion contractsMinimum wage lawsFringe benefit costsPayroll taxes
اسلاید 14: Overhead BudgetIdentify activity baseEstimate overhead costsSeparate costs as fixed or variableShow total costs for operating budgetsShow costs without depreciation for cash budgets
اسلاید 15: The Financial Budget Operating BudgetCash BudgetCapital BudgetIncome Statement/COGMfgStatement of Retained EarningsBalance SheetStatement of Cash Flows
اسلاید 16: Cash BudgetHighlights importance of cash for organization’s continued existenceTranslates accrual-based information into cash flowsIndicates effectiveness of credit practicesAllows for planned cash borrowing or investingUsed to prepare pro forma Cash Flow Statement
اسلاید 17: Capital BudgetLong-term fixed asset needsPlantEquipmentPayment points
اسلاید 18: Budgeting TermsContinuous budgeting Budget slackParticipatory budgetImposed budgetsdeveloped by top managementimposed on operating personnel
اسلاید 19: Activity BudgetConnect line items in budget to list of activitiesRaise awareness of non-value-added activitiesQuestion and reduce non-value-added costsBudget
اسلاید 20: QuestionsHow are strategic and tactical planning related to budgeting?In what order are the master budget schedules prepared? Why is the cash budget important in the master budgeting process?
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