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Master Budget and Responsibility Accounting Chapter 6 Budgets and the Budgeting cycle Planning the performance of the company as a whole, as well as planning the performance of its subunits(such as departements or divisions). Providing a frme of reference, a set of specific expectations against which actual results can be compared. Investigating variation from palns. If necessary, corrective action follows investigation. Planning again, in light of feedback and changed conditions. Advantages of Budgets Compels strategic planning and implementation of palns Provides a framework for judging performance Motivates managers and employeres. Promotes coordination and communication among subunits within the company. Strategiy, Planning, and Budgets Long – Run Planning Long – Run Budgets Short – Run Planning Short – Run Budgets Strategic Analysis Framework for Judging Performance Motivating Managers and Employees Coordination and Communication Administration of Bugets Revenues Budget Ending Inventory Budget Production Budget Direct Materials Costs Budget Direct Manufacturing Labor Costs ManufacturingO verhead Costs Budget Cost of Goods Sold Budget R & D / Design Costs Budget Marketing Costs Budget Distribution Cost Budget Customer Service Costs Budget Administrative Costs Budget Budgeted Income Statement Capital Expenditures Budget Cash Budget Budgeted Balance Sheet Budgeted Statement of Cash Flows