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I. An Overview of Budgeting - Jacksonville State ….ppt

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I. An Overview of Budgeting - Jacksonville State ….ppt

Chapter 10Budgetary Planning and Control Presentation Outline An Overview of Budgeting The Master Budget and Selected Budget Formats I. An Overview of Budgeting The Stages of Budgeting Developing the Budget A. The Stages of Budgeting Planning Control 1. Planning The budget process forces managers to consider carefully their goals and objectives and to specify means of achieving them. 2. Control Budgets provide a means of evaluating performance. Potential causes of significant deviations from budgets include: Budget was poorly conceived. Conditions have changed since the budget was prepared. Managers have done a particularly good or poor job. B. Developing the Budget The Budget Committee The Budget Time Period Zero Base Budgeting 1. The Budget Committee Various budgets are approved by a budget committee that is composed of senior managers such as the president, CFO, VP of operations, and the controller. Budgets may be developed with either a top-down or bottom-up approach. 2. The Budget Time Period Budgets may cover a variety of time periods including a month, quarter, year, or even longer. Generally, longer budget periods provide less detail. 3. Zero Base Budgeting Budgets are often adjusted up or down on the basis of a previous period adjusted for current conditions. Zero base budgeting requires that all budget amounts be currently justified even if they were supported in prior budgets. Due to the cost of the process, this zero base budgeting is often not used in business. II. The Master Budget and Budget Formats A Formal Summary of Company Plans Selected Budget Formats A. A Formal Summary of Company Plans It sets specific targets for sales, production, selling and admin., and capital acquisitions. It culminates a budgeted income statement, balance sheet, and cash receipt and disbursement summary. III. Selected Budget Formats Sales Budget Production Budget Direct Materials Budget Direct Labor Budget Overhead Budget Cash Receipts and Disbursements Budget A. S