AFM481 Study Guide - Final Guide: Finished Good, Income Statement, Financial Statement

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Budget: formalized financial plan for operations of an organization for a specified future period. Budgets for revenues, costs and cash flows help managers carry out short-term operating plans. Forecast events and develop plans to determine the resources an organization needs. Compare actual results to budgets and use variance information to improve operations. Translate strategies and operating plans into master budget. Master budget: a comprehensive plan for a year, developed using budget assumptions about next period"s operating activities. Operating budget: plan for revenues, production and operating costs. 3) dm costs budget, dl costs budget, indirect manufacturing costs budget. Financial budget: plan for capital expenditures, long-term financing, cash flows and short- term financing. Budgeted financial statements: forecasts of the future income statement, balance sheet, and cash flows. Sales forecast (units) * selling price plans per unit = expected total sales revenue: volume of production budget:

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