Join Jim Stice for an in-depth discussion in this video The master budget, part of Accounting Foundations: Budgeting.
- The master budget is the most detailed…and most heavily used budget in an organization.…This budget is an integrated group of detailed budgets…that together constitute the overall operating,…investing and financing plans for a specific time period.…The flow of the preparation of the individual budgets…within this master budget network works like this.…First, the budgeting process should be based…on the long-term strategic goals and plans of the company.…In fact, if there is no connection…between the company's long-term strategic plans…and the company's detailed budgets,…then the long-term strategic plans are irrelevant.…
Another maybe more positive way to say that same thing…is that the detailed budgets within the master budget…give relevance to the company's long-term strategic goals.…Now in a manufacturing firm,…the master budget begins with a forecast of sales.…The sales forecast, in connection…with the long-term strategic plan,…leads to the capital budget…or the plan for the purchase of long-terms assets.…
Released
7/23/2015This course covers purchase budgets, production budgets, hiring budgets, overhead budgets, and cash budgets. Professors Jim and Kay Stice help you weigh the impact of strict versus more moderate budgeting on employee morale, and show how budgets pay off in the future, when you can use them to evaluate your business performance.
- Understanding the budgeting process
- Involving other people
- Creating a manufacturing budget
- Budgeting for merchandising and service firms
- Budgeting cash flow
- Using a flexible budget
Skill Level Appropriate for all
Duration
Views
Related Courses
-
Finance Essentials for Small Business
with Jim Stice54m 33s Appropriate for all -
Accounting Foundations (2014)
with Earl Kay Stice2h 46m Appropriate for all -
Supply Chain Foundations
with Eddie Davila1h 42m Appropriate for all -
Accounting Foundations: Bookkeeping
with Jim Stice1h 27m Beginner
-
Introduction
-
Welcome1m 54s
-
-
1. The Budgeting Process in Organizations
-
The budgeting process3m 34s
-
2. Budgeting: Manufacturing
-
The master budget5m 20s
-
The sales budget5m 35s
-
The production budget3m 22s
-
The direct materials budget5m 21s
-
The direct labor budget2m 40s
-
3. Budgeting: Merchandising and Service
-
Sales budget: Service firm5m 15s
-
Supplies and labor: Service2m 45s
-
Overhead and SG&A: Service4m 35s
-
4. Cash Flow Budgeting
-
Financing2m 21s
-
5. Flexible Budgeting
-
Using the right benchmark2m 44s
-
Using the flexible budget2m 49s
-
-
Conclusion
-
Wrap-up2m
-
- Mark as unwatched
- Mark all as unwatched
Are you sure you want to mark all the videos in this course as unwatched?
This will not affect your course history, your reports, or your certificates of completion for this course.
CancelTake notes with your new membership!
Type in the entry box, then click Enter to save your note.
1:30Press on any video thumbnail to jump immediately to the timecode shown.
Notes are saved with you account but can also be exported as plain text, MS Word, PDF, Google Doc, or Evernote.
Share this video
Embed this video
Video: The master budget