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Budgeting in Management Accounting: Long-term Planning, Labor Costs & Overhead Allocation

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Finance - Personal Finance

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georgepetenjk Created by 10 mon ago

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Cards in this deck(16)
A _____ is a long-term financial plan used to coordinate the activities needed to achieve the long-term goals of the company.
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_____ often span 3 to 10 years. Because of their longevity, they often are not as detailed as budgets for shorter periods.
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The _____ estimates the direct labor hours and related cost needed to support the production budget.
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To calculate the direct labor cost, multiply the number of tablets to be produced by the number of projected direct labor hours. Then multiply that total by the average direct labor cost per hour. This method is used to determine the _____ cost.
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The _____ calculates the budgeted overhead cost for the past year and also the predetermined overhead allocation rate for the year.
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The formula for the Predetermined Overhead Allocation Rate is _____ / total estimated quantity of the overhead allocation base.
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The cost accountant works with the office and sales managers to develop the _____, which estimates the selling and administrative expenses.
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The selling and administrative expense budget estimates the selling and administrative expenses needed to meet the company's projected sales. _____ is also considered for this budget, with costs designated as variable or fixed.
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Salaries expense would be classified as a _____ in the context of cost behavior analysis.
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Sales commissions expense would be classified as a _____ in the context of cost behavior analysis.
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The _____ estimates the cash receipts and cash payments for a period of time and pulls information from the other operating budgets previously prepared.
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The cash budget includes three sections: _____, cash payments, and short-term financing.
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If Smart Touch Learning had a cash balance at the beginning of January of $15,000, total cash receipts of $250,000, and total cash payments of $240,715, then it would have an ending cash balance before financing of _____
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The _____ balance sheet for a manufacturer pulls amounts from the various operating and financial budgets previously completed.
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True or False: The master budget for a merchandising company will be slightly different from the master budget for a manufacturing company.
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For merchandisers, the budgeted purchases are calculated by adding the desired ending merchandise inventory to the cost of goods sold and then subtracting the _____ merchandise inventory.
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