ACCT 202: Final Exam
12 Cards in this Set
| Front | Back |
|---|---|
|
Operating Budget
|
production budget; direct materials purchased budget; budgeted income statement
|
|
Financial Budget
|
cash budget, budgeted balance sheet
|
|
Cash budget can be collected:
|
collected on delivery (COD) or on account (another period)
|
|
Budgeted Balance Sheet: Accounts Receivable
|
Cash Collection Budget
|
|
Budgeted Balance Sheet: Accounts Payable
|
Cash Payment Budget and Financing section of Cash Budget
|
|
Budgeted Balance Sheet: Retained Earnings
|
Beginning RE
+ Net Income
- Net Loss
-Dividends Declared
____________________
Ending RE
|
|
Master Budget for Merchandising Companies
|
COGS, Inventory, and Purchases Budget
|
|
ResponsibilityCenter
|
part of an organization whose manager is accountable for planning and controlling activities
|
|
Types of ResponsibilityCenters:
|
Revenue, Cost , Profit, Investment
|
|
Static Budget
|
Does NOT change as volume changes
|
|
Flexible Budget
|
-changes with volume
-volume increase = VC increase
-plan for future periods and evaluate performance
|
|
Segment Margin
|
the amount of profit or loss produced by one component of a business
|
ACCT 202: Exam 1