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Lecture Financial and managerial accounting (4/e): Chapter 20 - Wild, Shaw, Chiappetta

Chapter 20 - Master budgets and performance planning. After you have read this chapter you should be able to: Describe the importance and benefits of budgeting and the process of budget administration, describe a master budget and the process of preparing it, analyze expense planning using activity-based budgeting,. | Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fourth Edition McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 20 Master Budgets and Performance Planning Conceptual Learning Objectives C1: Describe the importance and benefits of budgeting and the process of budget administration. C2: Describe a master budget and the process of preparing it. 20- A1: Analyze expense planning using activity-based budgeting. Analytical Learning Objectives 20- Advantages Communicates plans and instructions Promotes analysis and a focus on the future Motivates employees Provides a basis for evaluating performance against past or expected results Coordinates business activities Defines goals and objectives Budget Process C 1 20- Master Budget Components Sales budget Merchandise Purchases Prepare financial budgets: cash income balance sheet Prepare capital expenditure budget Prepare selling and general administrative budgets C 2 20- Sales Budget P1 20- Merchandise Purchases Budget P1 20- From Hockey Den’s sales budget Selling Expense Budget P1 20- General and Administrative Expense Budget P1 20- Cash Budget (Expected Receipts & Disbursements) Budgeted Income Statement Budgeted Balance Sheet Financial Budgets P2 20- Now that we have completed the budgets for sales, material purchases, selling expenses, and general and administrative expenses, we are ready to prepare budgets for cash receipts and disbursements. Our ultimate objective is budgeted financial statements. 40% of sales 60% of sales Budgeted Cash Receipts P2 From Hockey Den’s sales budget 60 percent of September sales are collected in October 20- From merchandise purchases budget Cash Disbursements for Purchases P2 20- P2 20- P2 20- From the Cash Budget P2 20- P2 20- | Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fourth Edition McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 20 Master Budgets and Performance Planning Conceptual Learning Objectives C1: Describe the importance and benefits of budgeting and the process of budget administration. C2: Describe a master budget and the process of preparing it. 20- A1: Analyze expense planning using activity-based budgeting. Analytical Learning Objectives 20- Advantages Communicates plans and instructions Promotes analysis and a focus on the future Motivates employees Provides a basis for evaluating performance against past or expected results Coordinates business activities Defines goals and objectives Budget Process C 1 20- Master Budget Components Sales budget Merchandise Purchases Prepare financial budgets: cash income balance sheet Prepare capital expenditure budget Prepare selling and general administrative budgets C