TAILIEUCHUNG - Lecture Introduction to managerial accounting (6/e): Chapter 7 - Brewer, Garrison, Noreen

Chapter 7 - Profit planning. This chapter focuses on the steps taken by businesses to achieve their planned levels of profits, a process called profit planning. Profit planning is accomplished by preparing numerous budgets, which, when brought together, form an integrated business plan known as a master budget. | Profit Planning Chapter 07 Chapter 7: Profit Planning This chapter focuses on the steps taken by businesses to achieve their planned levels of profits, a process called profit planning. Profit planning is accomplished by preparing numerous budgets, which, when brought together, form an integrated business plan known as a master budget. The Basic Framework of Budgeting A budget is a detailed quantitative plan for acquiring and using financial and other resources over a specified forthcoming time period. The act of preparing a budget is called budgeting. The use of budgets to control an organization’s activities is known as budgetary control. A budget is a detailed quantitative plan for acquiring and using financial and other resources over a specified forthcoming time period. The act of preparing a budget is called budgeting. The use of budgets to control an organization’s activities is known as budgetary control. Planning and Control Planning – involves developing objectives and preparing various budgets to achieve those objectives. Control – involves the steps taken by management to increase the likelihood that the objectives set down while planning are attained and that all parts of the organization are working together toward that goal. Planning involves developing objectives and preparing various budgets to achieve those objectives. Control involves the steps taken by management to increase the likelihood that the objectives set down at the planning stage are attained and that all parts of the organization are working together toward that goal. To be effective, a good budgeting system must provide for both planning and control. Good planning without effective control is time wasted. Advantages of Budgeting Advantages Define goals and objectives Uncover potential bottlenecks Coordinate activities Communicate plans Think about and plan for the future Means of allocating resources Budgets communicate management’s plans throughout the organization. Budgets force

• Kế toán - Kiểm toán
• Managerial accounting
• Lecture Managerial accounting
• Financial statement
• Cash flows
• Profit planning
• Responsibility accounting
• Managerial accounting for managers
• Profitability analysis
• Decision making
• Operations management majors
• Nonmanufacturing costs
• Classifications of costs
• Kế toán quản trị
• Managerial accounting information
• General cost classifi cations
• Product costs
• Process costing
• Standard costing systems
• Accounting information
• Managerial decision
• Process management
• Cost concepts
• Managerial accounting basics
• Managerial cost
• Period costs
• Lecture Financial and managerial accounting
• Financial statements
• Managerial decisions
• Financial accounting
• Dynamic business environment
• Reporting manufacturing activities
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Relevant costing
• Accounting activities
• Business activities
• Income statement
• Accounting cycle
• Accounting for merchandising operations
• Merchandising operations
• Capital budgeting decisions
• Time value of money
• Income taxes
• After tax cost