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Budgeting: Planning for Success

Budgeting and Decision Making

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Language:  English
This book is the twelfth of fifteen books which introduces the basic principles of accounting.
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This book is the twelfth of fifteen books which introduces the basic principles of accounting. In this book you will learn about using budgeting to plan for success. The importance of budgeting is emphasized, while focusing on the process and human behavior. Various forms of budgets are introduced. The major managerial budgets are presented, including: sales, production, direct materials purchases, direct labor, factory overhead, selling and administrative expense, and cash. Budget financial statements are also discussed.

  1. Part 1 – Budgeting: Planning for Success
  2. Importance of Budgets
    1. Forms and Functions
    2. Avoiding Business Chaos
    3. An Electrifying Case in Budgeting
    4. Recapping Benefits of Budgeting
  3. Budget Processes and Human Behavior
    1. Budget Construction
    2. Mandated Budgets
    3. Participative Budgets
    4. Blended Approach
    5. Organizational Structure Considerations
    6. Flattening the Organization Chart
    7. Budget Estimation
    8. Slack and Padding
    9. Zero-Based Budgeting
    10. The Impossible Budget and Employee Capitulation
    11. Ethical Challenges in Budgeting
  4. Components of the Budget
    1. Sales Budget
    2. Production Budget
    3. Direct Material Purchases Budget
    4. Direct Labor Budget
    5. Factory Overhead Budget
    6. Selling and Administrative Expense Budget
    7. Cash Budget
    8. Budgeted Income Statement and Balance Sheet
    9. External Use Documents
    10. Performance Appraisal
  5. Budget Periods and Adjustments
    1. Continuous Budgets
    2. Flexible Budgets
    3. Encumbrances
  6. Appendix
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Christopher

Christopher J. Skousen

Chris Skousen, Ph.D. is a Professor and Head of the School of Accountancy at Utah State University. He obtained his Ph.D. at Oklahoma State University and earned MBA and BA degrees from Utah State University. Dr. Skousen gained public accounting auditing experience with KPMG in their Portland, Oregon office, and as an intern in their in Düsseldorf, Germany office, and at Squire & Co. Dr. Skousen has taught accounting at Utah State University, The University of Texas at Arlington, Oklahoma State University, and Brigham Young University-Idaho. He has published in Accounting Horizons, Behavior Research in Accounting, Issues in Accounting Education, Accounting and the Public Interest, and other journals.

Larry

Larry M. Walther

Larry Walther, Ph.D., CPA, CMA, is the EY Professor of Accounting and Senior Associate Dean of the Jon M. Huntsman School of Business at Utah State University. Dr. Walther has authored numerous books and articles on accounting, and he has served as director and/or consultant to a number of public and nonpublic companies. Dr. Walther earned his Ph.D. in accounting from Oklahoma State University and has public accounting experience with the audit firm of Ernst & Young. He is past President of the Federation of Schools of Accountancy and served on the Accounting Accreditation Committee of the Association to Advance Collegiate Schools of Business (AACSB). Dr. Walther is the 2013 recipient of the prestigious Joseph A. Silvoso Faculty Merit Award from the Federation of Schools of Accountancy.