| A) | A managerial accounting report that presents predicted amounts of the company’s revenues and expenses for the budget period.
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| B) | A plan that lists dollar amounts to be received from disposing of equipment and dollar amounts to be spent on purchasing additional equipment if the proposed production program is carried out.
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| C) | The deliberate overstatement of estimated expenses or understatement of estimated revenue to make budget targets easier to reach.
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| D) | A comprehensive or overall formal plan for a business that includes specific plans for expected sales, the units of product to be produced, the merchandise (or materials) to be purchased, the expenses to be incurred, the long-term assets to be purchased, and the amounts of cash to be borrowed or loans to be repaid, as well as a budgeted income statement and balance sheet.
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| E) | As each budget period goes by, a firm adds a new set of budgets for the next period to replace the ones that have lapsed.
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| F) | The process of planning future business actions and expressing them as formal plans.
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| G) | A managerial accounting report that presents predicted amounts of the company’s assets, liabilities, and shareholders’ equity as of the end of the budget period.
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| H) | A plan that shows the expected cash inflows and outflows during the budget period, including receipts from loans needed to maintain a minimum cash balance and repayments of such loans.
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| I) | A plan that lists the types and amounts of selling expenses expected during the budget period.
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| J) | A plan that shows the predicted costs for materials, direct labour, and overhead to be incurred in manufacturing the units in the production budget.
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| K) | A plan showing the units of goods to be sold and the revenue to be derived from sales; the starting point in the budgeting process because the plans for most departments are related to sales.
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| L) | A plan showing the number of units to be produced each month.
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| M) | A plan that shows the predicted operating expenses not included in the selling expenses budget.
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| N) | A plan that shows the units or costs of merchandise to be purchased by a merchandising company during the budget period.
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| O) | The practice of preparing budgets for each of several future periods and revising those budgets as each period is completed; as one period is completed, a new budget period is added, with the result that the budget always covers the same number of future periods.
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| P) | Inventory on hand to reduce the risk of running out; a quantity of merchandise or materials over the minimum needed to satisfy budgeted demand.
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| Q) | A formal statement of future plans, usually expressed in monetary terms.
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