All levels of personnel take part in the budgeting process in a meaningful, creative way. It is necessary to identify them in order to achieve full communication. A set of period budgets that have been consolidated into forecasted financial statements for the entire company. It supplies the projected costs and revenues for a part of the company. Prepare a period budget, prepare forecasted income statement and balance sheet, prepare cash budget It provides the ending cash balance for the period, which is needed to complete the forecasted balance sheet in the master budget and it highlights periods of excess cash reserves or shortages.
Answer is in the packet.
All manufacturing costs are accounted for. They allow management to determine discrepancies in the budget. A summary of expected costs for a range of activity levels, geared to changes in the level of productive output. It is a cost control tool used in evaluation performance. The standard cost would be less than the materials purchased cost.