Match the definition the term. Terms: Cost variance Overhead cost variance Price variance Quantity variance Standard costs Sales budget Production Budget Balanced scorecard Profit center Cost center Definitions: 1. A plan showing the units of goods to be sold and sales to be derived; usually starting pointing the budgeting process. 2. A system of performance measures, including the nonfinancial measures, used to asses manager performance. 3. A department that incurs cost and genrate revenues, such as a selling department 4. The difference between actual and budgeted sales or cost caused by the difference between the actual per unit and the budgeted price per unit. 5. The difference between actual cost and standard cost, made up of a price variance and a quantity variance. 6. The difference between the total overhead cost actually incurred and the total overhead cost applied to products 7. The difference between the actual budgeted cost caused by the difference between the acutal quantity and the budgeted quantity. 8. Preset cost for delivering a product, component, or service under normal conditions. 9. A department that incurs costs without directly gernating revenues, such as a legal or accounting department.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Match the definition the term.
Terms:
Definitions:
1. A plan showing the units of goods to be sold and sales to be derived; usually starting pointing the budgeting process.
2. A system of performance measures, including the nonfinancial measures, used to asses manager performance.
3. A department that incurs cost and genrate revenues, such as a selling department
4. The difference between actual and budgeted sales or cost caused by the difference between the actual per unit and the budgeted price per unit.
5. The difference between actual cost and standard cost, made up of a price variance and a quantity variance.
6. The difference between the total overhead cost actually incurred and the total overhead cost applied to products
7. The difference between the actual budgeted cost caused by the difference between the acutal quantity and the budgeted quantity.
8. Preset cost for delivering a product, component, or service under normal conditions.
9. A department that incurs costs without directly gernating revenues, such as a legal or accounting department.
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