Class Notes (839,113)
Canada (511,191)
Accounting (778)
ACC 406 (255)
Lecture

Profit Planning

1 Page
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Department
Accounting
Course Code
ACC 406
Professor
Alison Beavis

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Description
Chapter 9 Budgeting Process of preparing budgets Types of Budgets: Operational Budget o Sales Budget How many units to be sold (Determines Production Budget) o Production Budget How many units to be produced (Determines Input Budgets) o Input Budgets: Direct Material Purchases Budget Estimates Direct Materials Cost Direct Labor Budget Estimates Direct Labor Cost Overhead Budgets Estimates Overhead Cost Financial Budget o Cash Budget Estimates cash inoutflow (ReceiptPayments) o Projected Income Statement Estimate revenue and expenses o Projected Balance Sheet Problem 9-50 Sales Cash Collation Pattern Sales 35% Cash 65% credit sales Sales 60% collected in the 20% collected 20% collected same mo
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