ACCT 002 Lecture Notes - Lecture 20: Income Statement

• School: College of The Sequoias
• Department: Accounting (ACCT)
• Course: ACCT 002
• Professor: teller

Document Summary

Responsibility accounting- a manager should be held responsible for those items that the. Continuous budget- 12 month budget that rolls forward one month/quarter as the current. Self imposed budget/participative budget- budget that is prepared with the full cooperation and participation of managers at all levels month/quarter is completed. Individuals at all levels of the organization are recognized. Usually more accurate because prepared by people with more knowledge of day-to-day. Cannot claim budget was unrealistic or impossible to meet. Budgetary slack- submit a budget that is easy to attain (build slack into. Master budget- consists of a number of separate but interdependent budgets that formally lay out the company"s sales, production, and financial goals. Sales budget- detailed schedule showing the expected sales for the budget period. Cash budget- detailed plan showing how cash resources will be acquired and. Production budget- lists the number of units that must be produced to satisfy.