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Lecture Accounting: What the numbers mean (10/e): Chapter 14 - Marshall, McManus, Viele

Chapter 14 - Cost planning. After reading this chapter, you should be able to answer the following questions: What is the cost terminology that relates to the budgeting process? Why are budgets useful, and how does management philosophy influence the budget process? How are alternative budget time frames used?. | © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. Accounting: What The Numbers Mean Tenth Edition Marshall, McManus, and Viele Chapter 14 Cost Planning PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA Chapter 14: Cost Planning Budgeting Control Steps taken by management to ensure that objectives are attained. Planning Developing objectives for acquisition and use of resources. A budget is a comprehensive financial plan for achieving the financial and operational goals of an organization. LO 1 14- A budget is a comprehensive financial plan for achieving the financial and operational goals of an organization. Planning involves developing objectives for acquisition and use of resources. Control involves the steps taken by management to ensure that objectives are attained. Benefits Enhanced managerial responsibility Assignment of decision making responsibilities Performance evaluation Coordination of activities LO 2 Budgeting 14- Learning Objective 2: Explain why budgets are useful and how management philosophy can influence the budget process. The benefits of budgeting are enhanced managerial responsibility, coordination of activities, performance evaluations, and assignment of decision-making responsibilities. Time consuming, but enhances employee motivation and acceptance of goals. Flow of Budget Data LO 2 Participative Budgeting 14- A participative budget allows the flow of budget data from the supervisor level to middle management to top management. It may be time-consuming, but it enhances employee motivation and acceptance of goals. LO 4 The Budgeting Process Direct Materials Budget Production Budget (Manufacturer) Operating Expense Budget Direct Labor Budget Manufacturing Overhead Budget Sales Budget Cost of Goods Sold Budget Budgeted Balance Sheet Budgeted Income Statement Budgeted Statement of Cash Flows Purchases Budget (Merchandiser) . | © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. Accounting: What The Numbers Mean Tenth Edition Marshall, McManus, and Viele Chapter 14 Cost Planning PowerPoint Authors: Susan Coomer Galbreath, Ph.D., CPA Charles W. Caldwell, D.B.A., CMA Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA Chapter 14: Cost Planning Budgeting Control Steps taken by management to ensure that objectives are attained. Planning Developing objectives for acquisition and use of resources. A budget is a comprehensive financial plan for achieving the financial and operational goals of an organization. LO 1 14- A budget is a comprehensive financial plan for achieving the financial and operational goals of an organization. Planning involves developing objectives for acquisition and use of resources. Control involves the steps taken by management to ensure that objectives are attained. Benefits Enhanced managerial responsibility Assignment of decision making responsibilities .