ACCT 202 Chapter Notes - Chapter 20: Budget, Management Accounting, Accounts Payable

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Promotes analysis and a focus on the future. Provides a basis for evaluating performance against past or expected results. Continuous budgeting: practice of preparing budgets for a selected number of future periods and revising those budgets as each period is completed. Rolling budget: new set of budgets a firm adds for the next period to replace the ones that have lapsed. The budget may be a monthly or quarterly budget that rolls forward one month or quarter at a time, as the current month or quarter is completed a new quarter is added. For manufacturers add: production budget(units to be produced) Prepare capital expenditure budget (expenditures for plant assets) Marketing department is usually responsible for developing the sales budget. Plan that shows the units of costs of merchandise to be purchased by a merchandising company during that budget period. Plan listing the types and amounts of selling ex expected during the budget period.

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