TAILIEUCHUNG - Lecture Fundamentals of cost accounting - Chapter 13: Planning and budgeting

Budgeting is necessary for success. In chapter 13 we discuss the planning purpose of the budgeting process. We show how a master budget is developed and how it fits into the overall plan for achieving the organizational goals. | Planning and Budgeting Chapter 13 Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Budgeting is necessary for success. In Chapter 13 we discuss the planning purpose of the budgeting process. We show how a master budget is developed and how it fits into the overall plan for achieving the organizational goals. Budgets A budget is a financial plan of the resources needed to carry out activities and meet financial goals. Budgets play an important role in managing cash flows. Critical success factors are the strengths of a company that enable it to outperform competitors. LO1 . 1 Understand the role of budgets in overall organization plans. 13 - A budget is a financial plan of the resources needed to carry out activities and meet financial goals. The budget ties together the goals of the organization, the plans for achieving those goals, the decisions that are made, and finally, the performance evaluation. By identifying a company’s critical success factors, those strengths that enable the company to outperform competitors, and incorporating those factors into the strategic plan, companies are able to improve their overall competitiveness. Human Element in Budgeting . 2 Understand the importance of people in the budgeting process. Organization goals Individual goals Goal congruence Participative budgeting: Use of input from lower- and middle-management employees; also called grass roots budgeting 13 - Using input from lower- and middle management, a participative budget facilitates goal congruence between the organization and individual goals. Sales Forecasting . 3 Estimate sales. Forecasting sales is the most difficult aspect of budgeting. Sales staff Market researchers Delphi technique Trend analysis Econometric models 13 - Forecasting sales is the most difficult aspect of budgeting, and the rest of the budget depends upon sales. A participative sales budget, including input from staff, along .

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