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Презентация на тему Master budget

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2. Budget Budget is a quantitative expression for
3. Budgets covering the financial aspects quantify management’s
4. Well-managed organizations usually have the following budgeting
5. Investigating variations from plans. If necessary, corrective
6. Master budget Master budget coordinates all the
7. Operating decisions center on the acquisition and
8. Pro forma statements The terminology used to
9. The budgeted financial statements of many companies
10. Coordination Coordination is the meshing and balancing
11. Communication Communication is getting those objectives understood and accepted by all departments and functions.
12. Coordination forces executives to think of relationships
13. For coordination to succeed, communication is essential.
14. Budgets should not be administered rapidly. Changing
15. The most frequently used budget period is
16. Rolling budget Businesses are increasingly using rolling
17. Thus, a 12-month rolling budget for the
18. Halifax Engineering is a machine shop that
19. The only source of revenue is sales
20. Unit costs of direct materials purchased and
21. After carefully examining all relevant factors, the
23. All direct manufacturing costs are variable with
26. At the anticipated output levels for the
28. Our task is to prepare a budgeted income statement for the year 2000.
29. STEPS IN PREPARING AN OPERATING BUDGET
30. Step 1: Revenue BudgetSchedule 1: Revenue BudgetFor the Year Ended December 31, 2000
31. Schedule 1: Revenue BudgetFor the Year Ended December 31, 2000
32. Step 2: Production Budget (in Units)
33. Schedule 2: Production Budget (in Units)For the Year Ended December 31, 2000
34. Schedule 2: Production Budget (in Units)For the Year Ended December 31, 2000
35. Step 3: Direct Materials Usage Budget and
39. Schedule 3A: Direct Materials Usage Budget in
44. Schedule 3B: Direct Materials Purchases BudgetFor the Year Ended December 31, 2000
51. Step 4: Direct Manufacturing Labor BudgetSchedule 4:
54. Step 5: Manufacturing Overhead BudgetSchedule 5: Manufacturing Overhead BudgetFor the Year Ended December 31, 2000
57. Step 6: Ending Inventory BudgetSchedule 6A: Computation of Unit Costs of Manufacturing Finished Goods in 2000
60. Schedule 6B: Ending Inventory BudgetDecember 31, 2000
63. Step 7: Cost of Goods Sold BudgetSchedule
66. Step 8: Other (Nonproduction) Costs Budget Schedule
68. Halifax EngineeringBudgeted Income StatementFor the Year Ended December 31, 2000
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Budget Budget is a quantitative expression for a set time period of proposed future plan of action by management. It can cover both financial and nonfinancial aspects of these plans and acts as a blueprint for

Budgets covering the financial aspects quantify management’s expectations regarding future income, cash

Well-managed organizations usually have the following budgeting cycle: Planning the organization as

Investigating variations from plans. If necessary, corrective action follows investigation. Planning again,

Master budget Master budget coordinates all the financial projections in the organization’s

Operating decisions center on the acquisition and use of scare resources. Financing

Pro forma statements The terminology used to describe budgets varies among organizations.

The budgeted financial statements of many companies include the budgeted income statement,

Coordination Coordination is the meshing and balancing of all factors of production

Communication Communication is getting those objectives understood and accepted by all departments and functions.

Coordination forces executives to think of relationships among individual operations, departments, and

For coordination to succeed, communication is essential. The production manager must know

Budgets should not be administered rapidly. Changing conditions call for changes in

The most frequently used budget period is one year. The annual budget

Rolling budget Businesses are increasingly using rolling budgets. Rolling budget is a

Thus, a 12-month rolling budget for the March 2000 to February 2001

Halifax Engineering is a machine shop that uses skilled labor and metal

The only source of revenue is sales of two parts. Non-sales-related revenue,

Unit costs of direct materials purchased and finished goods sold remain unchanged

After carefully examining all relevant factors, the executives of Halifax Engineering forecast

All direct manufacturing costs are variable with respect to the units of

At the anticipated output levels for the Regular and Heavy Duty aircraft

Our task is to prepare a budgeted income statement for the year 2000.

Step 1: Revenue BudgetSchedule 1: Revenue BudgetFor the Year Ended December 31, 2000

Schedule 1: Revenue BudgetFor the Year Ended December 31, 2000

Schedule 2: Production Budget (in Units)For the Year Ended December 31, 2000

Step 3: Direct Materials Usage Budget and Direct Materials Purchase BudgetSchedule 3A:

Schedule 3A: Direct Materials Usage Budget in

Schedule 3B: Direct Materials Purchases BudgetFor the Year Ended December 31, 2000

Step 4: Direct Manufacturing Labor BudgetSchedule 4: Direct Manufacturing Labor BudgetFor the

Step 5: Manufacturing Overhead BudgetSchedule 5: Manufacturing Overhead BudgetFor the Year Ended December 31, 2000

Step 6: Ending Inventory BudgetSchedule 6A: Computation of Unit Costs of Manufacturing Finished Goods in 2000

Schedule 6B: Ending Inventory BudgetDecember 31, 2000

Step 7: Cost of Goods Sold BudgetSchedule 7: Cost of Goods Sold

Step 8: Other (Nonproduction) Costs Budget Schedule 8: Other (Nonproduction) Costs

Halifax EngineeringBudgeted Income StatementFor the Year Ended December 31, 2000

Слайды презентации

Слайд 2 Budget
Budget is a quantitative expression for a

Budget Budget is a quantitative expression for a set time period

set time period of proposed future plan of action

by management.
It can cover both financial and nonfinancial aspects of these plans and acts as a blueprint for the company to follow in the upcoming period.

Слайд 3 Budgets covering the financial aspects quantify management’s expectations

Budgets covering the financial aspects quantify management’s expectations regarding future income,

regarding future income, cash flows, and financial position.
Just

as individual financial statements are prepared covering past periods, so they can be prepared covering future periods- for example, a budgeted income statement, a budgeted cash flow statement, and a budgeted balance sheet.

Слайд 4 Well-managed organizations usually have the following budgeting cycle:

Well-managed organizations usually have the following budgeting cycle: Planning the organization

Planning the organization as a whole as well as

of its subunits. The entire management team agrees as to what is expected.
Providing a frame of reference, a set of specific expectations against which actual results can be compared.

Слайд 5 Investigating variations from plans. If necessary, corrective action

Investigating variations from plans. If necessary, corrective action follows investigation. Planning

follows investigation.
Planning again, considering feedback and changed conditions.

Слайд 6 Master budget
Master budget coordinates all the financial

Master budget Master budget coordinates all the financial projections in the

projections in the organization’s individual budgets in a single

organizationwide set of budgets for a set time period.
It embraces the impact of both operating decisions and financing decisions.

Слайд 7 Operating decisions center on the acquisition and use

Operating decisions center on the acquisition and use of scare resources.

of scare resources.
Financing decisions center on how to

get the funds to acquire resources.

Слайд 8 Pro forma statements
The terminology used to describe

Pro forma statements The terminology used to describe budgets varies among

budgets varies among organizations.
For example, budgeted financial statements

are sometimes called pro forma statements.

Слайд 9 The budgeted financial statements of many companies include

The budgeted financial statements of many companies include the budgeted income

the budgeted income statement, the budgeted balance sheet, and

the budgeted statement of cash flows.

Слайд 10 Coordination
Coordination is the meshing and balancing of

Coordination Coordination is the meshing and balancing of all factors of

all factors of production or service and of all

the departments and business functions so that the company can meet its objectives.

Слайд 11 Communication
Communication is getting those objectives understood and

accepted by all departments and functions.

Слайд 12 Coordination forces executives to think of relationships among

Coordination forces executives to think of relationships among individual operations, departments,

individual operations, departments, and the company as a whole.

Coordination implies, for example, that purchasing officers make material purchase plans on the basis of production requirements.
Also, production managers plan personnel and machinery needs to produce the number of products necessary to meet revenue forecasts.

Слайд 13 For coordination to succeed, communication is essential.
The

For coordination to succeed, communication is essential. The production manager must

production manager must know the sales plan.
The purchasing

manager must know the production plan, and so on.
Having a formal document such as the budget is an effective way to communicate a consistent set of plans to the organization as a whole.

Слайд 14 Budgets should not be administered rapidly.
Changing conditions

Budgets should not be administered rapidly. Changing conditions call for changes

call for changes in plans.
A manager may commit

to the budget, but a situation might develop where some special repairs or a special advertising program would better serve the interests of the organization.
The manager should not defer the repairs or the advertising in order to meet the budget if such actions will hurt the organization in the long run. Attaining the budget should not be an end in itself.

Слайд 15 The most frequently used budget period is one

The most frequently used budget period is one year. The annual

year.
The annual budget is often subdivided by months

for the first quarter and by quarters for the remainder of the year.
The budgeted data for a year are frequently revised as the year unfolds.
For example, at the end of the first quarter, the budget for the next three quarters is changed in light of new information.

Слайд 16 Rolling budget
Businesses are increasingly using rolling budgets.

Rolling budget Businesses are increasingly using rolling budgets. Rolling budget is

Rolling budget is a budget or plan that is

always available for a specified future period by adding a month, quarter, or year in the future as the month, quarter, or year just ended is dropped.

Слайд 17 Thus, a 12-month rolling budget for the March

Thus, a 12-month rolling budget for the March 2000 to February

2000 to February 2001 period becomes a 12-month rolling

budget for the April 2000 to March 2001 period the next month, and so on.
There is always a 12-month budget in place.
Companies also frequently use rolling budgets when developing five-year budgets for long-run planning.

Слайд 18 Halifax Engineering is a machine shop that uses

Halifax Engineering is a machine shop that uses skilled labor and

skilled labor and metal alloys to manufacture two types

of aircraft replacement parts- Regular and Heavy Duty.
Halifax manager is ready to prepare a master budget for the year 2000.
To keep our illustration manageable for clarifying basic relationships, we make the following assumptions:

Слайд 19 The only source of revenue is sales of

The only source of revenue is sales of two parts. Non-sales-related

two parts. Non-sales-related revenue, such as interest income, is

assumed to be zero.
Work-in-process inventory is negligible and is ignored.
Direct material inventory and finished goods inventory are costed using the FIFO method.

Слайд 20 Unit costs of direct materials purchased and finished

Unit costs of direct materials purchased and finished goods sold remain

goods sold remain unchanged throughout the budget year (2000).
Variable

production costs are variable with respect to direct manufacturing labor-hours. Variable nonproduction costs are variable with respect to the revenues.
For computing inventoriable costs, all manufacturing costs (fixed and variable) are allocated using a single allocation base- direct manufacturing labor-hours.