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Budgeting

Chapter 6 Master Budget Responsibility Accounting
by

Dan Andrews

on 7 November 2017

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Transcript of Budgeting

Budgeting
May include both financial and non-financial data

The quantitative expression of a proposed plan of action by management for a specified period

An aid to coordinating what needs to be done to implement that plan
“The Hardship of Accounting”

by Robert Frost:

Never ask of money spent

Where the spender thinks it went.

Nobody was ever meant

To remember or invent

What he did with every cent
What are some advantages
of budgeting?
Judging Performance
Motivation
Promotes coordination communication
Operating Budget
Financial Budget
What are the parts of the master budget?
Other budget stuff
software
Kaizen
ABC
Types of
Responsibility Centers
Cost
Revenue
Profit
Investment
Feedback
Variances

Actual vs Budget
Early Warning Signs
Performance Evaluation
Strategy Evaluation
Controllability
degree of influence that a manager has over costs, revenues, or related items for which he/she is being held responsible
Responsibility Accounting focuses on information sharing, not in laying blame on a particular manager
Budgeting and Human Behavior
budgeting process may be abused both by superiors and subordinate
Domination and ridicule
sandbagging
Full transcript