BEC 2B

Card Set Information

Author:
Anonymous
ID:
254512
Filename:
BEC 2B
Updated:
2013-12-29 19:42:23
Tags:
Cost Accounting Part
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Description:
Cost Accounting Flashcards for BEC
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  1. Definition:  Master Budget
    Annual Business Plan

    Specific short-term operating performance goals
  2. Definition:  Operating Budget
    Established to describe the resources needed and the manner in which those resources will be acquired.
  3. Examples of Operating Budgets
    • 1) Sales Budget
    • 2) Production Budget
    • 3) Selling and Admin Budgets
    • 4) Personal Budgets
  4. Definition:  Financial Budget
    Financial Budgets define the detail sources and uses of funds to be used in operations
  5. Examples of Financial Budgets
    • 1) Pro-Forma Financial Statements
    • 2) Cash Budgets
  6. Formula:  Budget Production
    • Budget Sales
    • + Desired Ending Inventory
    • - Beginning Inventory
    • Equals: Budgeted Production
  7. Direct Materials Budget:
    Number of Units to be Purchased
    • Units of DM needed for production period
    • + Desired Ending Inventory
    • - Beginning Inventory
    • Equals: Units of DM to be Purchased
  8. Direct Materials Budget:

    Cost of Direct Materials to be Purchased
    • Units of DM to be purchased
    • * Cost per Unit
    • Equals: cost of DM to be purchased
  9. Direct Materials Budget:

    Direct Materials Usage Budget
    • Beginning Inventory at Cost
    • + Purchases at Cost
    • - Ending Inventory at Cost
    • Equals: Direct Materials Usage
  10. Formula: Direct Labor Budget
    • Budget Production (in units)
    • * Hours required to produce each units
    • Equals: Total Number of Hours Needed
    • * Hourly wage rate
    • Equals: Total Wages

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