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Profit Planning
& Master Budget
Planning and Control
PlanningPlanning ----
involvesinvolves
developingdeveloping
objectives andobjectives and
preparing variouspreparing various
budgets tobudgets to
achieve theseachieve these
objectives.objectives.
ControlControl ––
involves the stepsinvolves the steps
taken bytaken by
management thatmanagement that
attempt to ensureattempt to ensure
the objectives arethe objectives are
attained.attained.
Advantages of Budgeting
Advantages
Define goalDefine goal
and objectivesand objectives
Uncover potentialUncover potential
bottlenecksbottlenecks
CoordinateCoordinate
activitiesactivities
CommunicatingCommunicating
plansplans
Think about andThink about and
plan for the futureplan for the future
Means of allocatingMeans of allocating
resourcesresources
Responsibility Accounting
Managers should be held responsible forManagers should be held responsible for
those items — andthose items — and onlyonly those items — thatthose items — that
the manager can actually controlthe manager can actually control
to a significant extent.to a significant extent.
Managers should be held responsible forManagers should be held responsible for
those items — andthose items — and onlyonly those items — thatthose items — that
the manager can actually controlthe manager can actually control
to a significant extent.to a significant extent.
Choosing the Budget Period
Operating BudgetOperating Budget
1999 2000 2001 2002
The annual operating budgetThe annual operating budget
may be divided into quarterlymay be divided into quarterly
or monthly budgets.or monthly budgets.
The annual operating budgetThe annual operating budget
may be divided into quarterlymay be divided into quarterly
or monthly budgets.or monthly budgets.
Participative Budget System
Flow of Budget DataFlow of Budget Data
S u p e r v is o r S u p e r v is o r
M id d le
M a n a g e m e n t
S u p e r v is o r S u p e r v is o r
M id d le
M a n a g e m e n t
T o p M a n a g e m e n t
Human Factors in Budgeting
The success of budgeting depends upon:The success of budgeting depends upon:
• The degree to which top managementThe degree to which top management
accepts the budget program as a vitalaccepts the budget program as a vital
part of the company’s activities.part of the company’s activities.
• The way in which top managementThe way in which top management
uses budgeted data.uses budgeted data.
The success of budgeting depends upon:The success of budgeting depends upon:
• The degree to which top managementThe degree to which top management
accepts the budget program as a vitalaccepts the budget program as a vital
part of the company’s activities.part of the company’s activities.
• The way in which top managementThe way in which top management
uses budgeted data.uses budgeted data.
The Budget Committee
A standing committee responsible forA standing committee responsible for
• overall policy matters relating to the budgetoverall policy matters relating to the budget
• coordinating the preparation of the budgetcoordinating the preparation of the budget
A standing committee responsible forA standing committee responsible for
• overall policy matters relating to the budgetoverall policy matters relating to the budget
• coordinating the preparation of the budgetcoordinating the preparation of the budget
The Master Budget
Production
Budget
Selling and
Administrative
Budget
Direct
Materials
Budget
Manufacturing
Overhead
Budget
Direct
Labor
Budget
Cash
Budget
Sales
Budget
Budgeted Financial StatementsBudgeted Financial StatementsBudgeted Financial StatementsBudgeted Financial Statements
The Master Budget
Production
Budget
Selling and
Administrative
Budget
Direct
Materials
Budget
Manufacturing
Overhead
Budget
Direct
Labor
Budget
Cash
Budget
Sales
Budget
Budgeted Financial StatementsBudgeted Financial StatementsBudgeted Financial StatementsBudgeted Financial Statements

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Budget: 1. Profit planning & Master Budget

  • 2. Planning and Control PlanningPlanning ---- involvesinvolves developingdeveloping objectives andobjectives and preparing variouspreparing various budgets tobudgets to achieve theseachieve these objectives.objectives. ControlControl –– involves the stepsinvolves the steps taken bytaken by management thatmanagement that attempt to ensureattempt to ensure the objectives arethe objectives are attained.attained.
  • 3. Advantages of Budgeting Advantages Define goalDefine goal and objectivesand objectives Uncover potentialUncover potential bottlenecksbottlenecks CoordinateCoordinate activitiesactivities CommunicatingCommunicating plansplans Think about andThink about and plan for the futureplan for the future Means of allocatingMeans of allocating resourcesresources
  • 4. Responsibility Accounting Managers should be held responsible forManagers should be held responsible for those items — andthose items — and onlyonly those items — thatthose items — that the manager can actually controlthe manager can actually control to a significant extent.to a significant extent. Managers should be held responsible forManagers should be held responsible for those items — andthose items — and onlyonly those items — thatthose items — that the manager can actually controlthe manager can actually control to a significant extent.to a significant extent.
  • 5. Choosing the Budget Period Operating BudgetOperating Budget 1999 2000 2001 2002 The annual operating budgetThe annual operating budget may be divided into quarterlymay be divided into quarterly or monthly budgets.or monthly budgets. The annual operating budgetThe annual operating budget may be divided into quarterlymay be divided into quarterly or monthly budgets.or monthly budgets.
  • 6. Participative Budget System Flow of Budget DataFlow of Budget Data S u p e r v is o r S u p e r v is o r M id d le M a n a g e m e n t S u p e r v is o r S u p e r v is o r M id d le M a n a g e m e n t T o p M a n a g e m e n t
  • 7. Human Factors in Budgeting The success of budgeting depends upon:The success of budgeting depends upon: • The degree to which top managementThe degree to which top management accepts the budget program as a vitalaccepts the budget program as a vital part of the company’s activities.part of the company’s activities. • The way in which top managementThe way in which top management uses budgeted data.uses budgeted data. The success of budgeting depends upon:The success of budgeting depends upon: • The degree to which top managementThe degree to which top management accepts the budget program as a vitalaccepts the budget program as a vital part of the company’s activities.part of the company’s activities. • The way in which top managementThe way in which top management uses budgeted data.uses budgeted data.
  • 8. The Budget Committee A standing committee responsible forA standing committee responsible for • overall policy matters relating to the budgetoverall policy matters relating to the budget • coordinating the preparation of the budgetcoordinating the preparation of the budget A standing committee responsible forA standing committee responsible for • overall policy matters relating to the budgetoverall policy matters relating to the budget • coordinating the preparation of the budgetcoordinating the preparation of the budget
  • 9. The Master Budget Production Budget Selling and Administrative Budget Direct Materials Budget Manufacturing Overhead Budget Direct Labor Budget Cash Budget Sales Budget Budgeted Financial StatementsBudgeted Financial StatementsBudgeted Financial StatementsBudgeted Financial Statements
  • 10. The Master Budget Production Budget Selling and Administrative Budget Direct Materials Budget Manufacturing Overhead Budget Direct Labor Budget Cash Budget Sales Budget Budgeted Financial StatementsBudgeted Financial StatementsBudgeted Financial StatementsBudgeted Financial Statements