Pick three of the key terms that appears and briefly discuss it using your own words....

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Question

Accounting

Pick three of the key terms that appears and briefly discuss itusing your own words. Your response must consist of at least threesentences.
Key Terms:
Administrative expense budget
Budget committee
Budget director
Budgetary slack
Budgets
Capital expenditures budget
Cash budget
Continuous budget
Control
Controllable costs
Direct labor budget
Direct materials purchases budget
Dysfunctional behavior
Effectiveness
Efficiency
Ending finished goods inventory budget
Feature costing
Financial budgets
Flexible budget
Flexible budget variances
Goal congruence
Incentives
Incremental approach
Marketing expense budget
Master budget
Myopic behavior
Operating budgets
Overhead budget
Participative budgeting
Production budget
Pseudoparticipation
Research and development expense budget
Rolling budget
Sales budget
Static budget
Variable budget
Zero-base budgeting
Control limits
Currently attainable standards
**Direct labor efficiency variance(LEV)
Direct labor rate variance (LRV)
Direct materials price variance(MPV)
Direct materials usage variance(MUV)
Favorable (F) variance
Fixed overhead spending variance
Fixed overhead volume variance
Ideal standards
Kaizen standards
Mix variance
Price (rate) variance
Price standards
Quantity standards
Standard bill of materials
Standard cost per unit
Standard cost sheet
Standard hours allowed
Standard quantity of materials allowed
Total budget variance
Unfavorable (U) variance
Unit standard cost
Usage (efficiency) variance
Variable overhead efficiency variance
Variable overhead spending variance
Yield variance**

Answer & Explanation Solved by verified expert

3.6 Ratings (493 Votes)

You have asked for 3 terms Term 1 Cash Budget Cash Budget is prepared based on the estimate of cash that will be received and the cash that will be disbursed It is also prepared to figure out if there will be any shortfall or deficit in the availability of Cash Balance Cash Budget is prepared for future periods It See Answer

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Pick three of the key terms that appears and briefly discuss itusing your own words. Your response must consist of at least threesentences.Key Terms:Administrative expense budgetBudget committeeBudget directorBudgetary slackBudgetsCapital expenditures budgetCash budgetContinuous budgetControlControllable costsDirect labor budgetDirect materials purchases budgetDysfunctional behaviorEffectivenessEfficiencyEnding finished goods inventory budgetFeature costingFinancial budgetsFlexible budgetFlexible budget variancesGoal congruenceIncentivesIncremental approachMarketing expense budgetMaster budgetMyopic behaviorOperating budgetsOverhead budgetParticipative budgetingProduction budgetPseudoparticipationResearch and development expense budgetRolling budgetSales budgetStatic budgetVariable budgetZero-base budgetingControl limitsCurrently attainable standardsDirect labor efficiency variance(LEV)Direct labor rate variance (LRV)Direct materials price variance(MPV)Direct materials usage variance(MUV)Favorable (F) varianceFixed overhead spending varianceFixed overhead volume varianceIdeal standardsKaizen standardsMix variancePrice (rate) variancePrice standardsQuantity standardsStandard bill of materialsStandard cost per unitStandard cost sheetStandard hours allowedStandard quantity of materials allowedTotal budget varianceUnfavorable (U) varianceUnit standard costUsage (efficiency) varianceVariable overhead efficiency varianceVariable overhead spending varianceYield variance