Chapter 22 - Accounting

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Last updated 4:18 PM on 5/1/26
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13 Terms

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Budget

plan to help management

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Budget helps

planning + coordination

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Budget is

aid to management (NOT replacement)

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Budgeting relates to

planning

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Starting point

sales budget

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Continuous budget

always 12 months ahead

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Budget period

flexible (month, quarter, year)

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Sales forecast

industry + company share

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Master budget starts with

sales budget

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Production budget needs

sales + beginning + ending inventory

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NOT needed

raw materials (for production budget)

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Budgeted income statement

accrual basis

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DM + DL budgets

used for overhead + cash