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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Work of Management,Planning,Controlling,Directing and Motivating,Remember!,Work of Management PlanningC,Planning and Control,Planning,-involves developing objectives and preparing various budgets to achieve these objectives.,Control,-involves the steps taken by management that attempt to ensure the objectives are attained.,Planning and ControlPlanning-,It uncovers potential bottlenecks before they occur.,It coordinates the activities of the entire organization by integrating the plans and objectives of the various parts.,It ensures that accounting records comply with generally accepted accounting principles.,It provides benchmarks for evaluating subsequent performance.,Which of the following is not a benefit of budgeting?,It uncovers potential bottlene,Advantages of Budgeting,Advantages,Communicating,plans,Think about and,plan for the future,Means of allocating,resources,Uncover potential,bottlenecks,Coordinate,activities,Define goal,and objectives,Advantages of BudgetingAdvanta,Responsibility Accounting,Managers should be held responsible for those items and,only,those items thatthe manager can actually controlto a significant extent.,Responsibility Accounting Man,Fairmont Inc.uses an accounting system that charges costs to the manager who has been delegated the authority to make decisions concerning the costs.For example,if the sales manager accepts a rush order that will result in higher than normal manufacturing costs,these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager.This type of accounting system is known as:,A)responsibility accounting.,B)contribution accounting.,C)absorption accounting.,D)operational budgeting.,Fairmont Inc.uses an accounti,Choosing the Budget Period,Operating Budget,1999,2000,2001,2002,The annual operating budget,may be divided into quarterly,or monthly budgets.,Choosing the Budget PeriodOper,Choosing the Budget Period,1999,2000,2001,2002,Continuous or,Perpetual Budget,This budget is usually a twelve-month,budget that rolls forward one month,as the current month is completed.,Choosing the Budget Period1999,Participative Budget System,Flow of Budget Data,Participative Budget SystemFlo,The Budget Committee,A standing committee responsible for,overall policy matters relating to the budget,coordinating the preparation of the budget,The Budget CommitteeA standing,A method of budgeting in which the cost of each program must be justified every year is called:,operational budgeting.,zero-based budgeting.,continuous budgeting.,responsibility accounting.,A method of budgeting in which,Zero-Base Budgeting,Managers are required to justify all budgeted expenditures,not just changes in the budget from the previous year.The baseline is zero rather than last years budget.,Zero-Base BudgetingManagers ar,Let us practice on the basics of budgeting!,Let us practice on the basics,Parlee Companys sales are 30%in cash and 70%on credit.Sixty percent of the credit sales are collected in the month of sale,25%in the month following sale,and 12%in the second month following sale.The remainder are uncollectible.The following are budgeted sales data:Total sales:,January$60,000,February$70,000,March$50,000,April$30,000,Total cash receipts in,April,would be budgeted to be:,A)$38,900.,B)$47,900.,C)$27,230.,D)$36,230.,Parlee Companys sales are 30%,Modesto Company produces and sells Product AlphaB.To guard against stockouts,the company requires that 20%of the next months sales be on hand at the end of each month.Budgeted sales of Product AlphaB over the next four months are:,Budgeted sales in units,June,July,August,September,30,000 40,000 60,000 50,000,Budgeted production for,August,would be:,A),62,000 units.,B),70,000 units.,C),58,000 units.,D),50,000 units.,Modesto Company produces,Friden Company has budgeted sales and production over the next quarter as follows:,April,May,June,Sales in units 100,000120,000?,Production in units 104,000128,000156,000,The company has 20,000 units of product on hand at April 1.A minimum of 20%of the next months sales needs in units must be on hand at the end of each month.July sales are expected to be 140,000 units.,Budgeted sales for,June,would be(in units):,A),188,000.,B),160,000.,C),128,000.,D),184,000,Friden Company has budgeted s,Marple Companys budgeted production in units and budgeted raw materials purchases over the next three months are given below:,January,February,March,Budgeted production(in units)60,000?100,000,Budgeted raw materials,purchases(in kilograms)129,000165,000188,000,Two kilograms of raw materials are required to produce one unit of product.The company wants raw materials on hand at the end of each month equal to 30%of the following months production needs.The company is expected to have 36,000 kilograms of raw materials on hand on January 1.,Budgeted pr
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