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Download Intro to Managerial Accounting Financial Budget mp4 download free video

Introduction to Managerial Accounting Professor Tatianna Gershberg Lecture Financial Budget Financial Budget 0 10 Cash Budget 1 52 Example (Budgeted Cash Collections from Customers) 3 16 (Budgeted Cash Payments for Purchases) 5 44 (Budgeted Cash Payments for Operating Expenses) 6 54 (Cash Budget) 10 39 Getting Employees to Accept the Budget 15 35 Example (S22-5) 18 38 Example (S22-7) 25 42 Budgeted Balance Sheet 42 48 Budgeted Statement of Cash Flow 44 43 Sensitivity Analysis 46 09 Rolling Up Budgets 49 33 Example (S22-9) 51 58 We discuss the financial budget today, and its importance The cash budget, budgeted balance sheet, and the budgeted statement of cash flows are all part of the financial budget We go into detail about each of those budgets, and use examples to fully understand their importance to accounting The most important part of the budgeting system is to get employees to accept the budget Managers must motivate employees to accept the budget s goals To do this, managers must support the budget themselves (otherwise, nobody else will) Managers must also show employees how budgets can help them achieve better results (which will entice them to accept it) Most importantly, managers must give employees the opportunity to participate in developing the budget so that they feel more involved The master budget models the company s planned activities Technology makes it more cost-effective for managers to conduct sensitivity analysis on their own unit s budget The sensitivity analysis is a what-if technique that determines the result if predicted amounts differ from those budgeted To conduct a sensitivity analysis, spreadsheet programs such as Microsoft Excel can be used (which is cost effective) What-if budget questions can be easily changed in Excel Comprehensive sensitivity analyses can be performed Managers must react quickly if key assumptions underlying the master budget (such as sales price or quantity) turn out to be wrong Combine individual unit budgets to create the company-wide master budget Individual operating units roll up budgets to prepare the company-wide budget Budget management software is used, which is often part of an enterprise resource planning (ERP) system It allows management to conduct sensitivity analysis on unit data Managers can spend less time compiling and summarizing data and more time actually studying and analyzing the data To receive additional updates regarding our library please subscribe to our mailing list using the following link rbx business rutgers edu subscribe

7941 views | 15 likes | Rutgers Accounting Web | 2013-05-30 14:13:40
1:35

Download Intro to Managerial Accounting Master Budget and Responsibility Accounting mp4 download free video

Introduction to Managerial Accounting Professor Tatianna Gershberg Lecture Master Budget and Responsibility Accounting Learning Objectives 1 02 Why Managers Use Budgets 1 52 Benefits of Budgeting 5 27 Performance Report example 8 06 Steps to Prepare a Budget 13 11 Master Budget 15 40 Example S22-2 17 25 Prepare an Operating Budget 20 55 Example (Sales Budget) 21 35 Inventory, Purchases and Cost of Goods Sold Budget 24 51 Example 26 54 Operating Expenses Budget 28 52 Example 30 50 Budgeted Income Statement 32 44 Example S22-3 35 35 Prepare a Financial Budget 53 50 Cash Budget 55 19 Budgeted Cash Collections from Customers 56 26 Operating Budgets and Financial Budgets are the main topics for this lecture We learn why managers use a budget, how they do it, and why it s beneficial to them Performance reports are used for budgeting and we discuss this in class Of course, we use many different types of examples in order to fully comprehend this topic Managers use budgets to plan and control actions and the related revenues and expenses To incorporate management s strategic and operational plans, planning technology upgrades planning capital asset replacements, improvements, or expansions The actual results should be compared with the amount that was initially budgeted to determine corrective actions The benefits of budgeting include that they force managers to come up with a plan and try to stick with it Budgets also promote coordination and communication Budgets provide a benchmark that motivates employees and helps managers evaluate performance against planned goals The master budget is the set of budgeted financial statements and supporting schedules for the entire organization Budgeting includes three types of budgets The operating budget projects sales revenue, cost of goods sold, and operating expenses (leads to budgeted income statement) The capital expenditures budget is the plan for purchasing property, plant, equipment, and other long-term assets The financial budget plans for raising cash and paying debts (the cash budget leads to the budgeted balance sheet, which leads to the budgeted statement of cash flows) It should be noted that budgets are projected amounts, not actual amounts The inventory, purchases, and cost of goods sold budget determines the cost of goods sold for the budgeted income statement, the ending inventory for the budgeted balance sheet, and the purchases for the cash budget The equation used is the beginning inventory plus purchases minus the ending inventory equals the cost of goods sold It can be rearranged to solve for purchases so that purchases equals cost of goods sold plus ending inventory minus beginning inventory When preparing the financial budget, note the purpose of all of its components The cash budget projects cash receipts and payments It shows how to go from the beginning cash balance to the desired ending balance It has four major components - cash collections from customers, cash payments for purchases (inventory), cash payments for operating expenses, and cash payments for capital expenditures (long-term assets) The budgeted balance sheet projects each asset, liability, and stockholder s equity account The budgeted statement of cash flows projects cash flows from operating, investing, and financing activities To receive additional updates regarding our library please subscribe to our mailing list using the following link rbx business rutgers edu subscribe

63332 views | 130 likes | Rutgers Accounting Web | 2013-05-30 14:08:10
11:25

Download Intro to Managerial Accounting Financial Budgets (Chapter 6) mp4 download free video

Introduction to Managerial Accounting Professor Savita Sahay Please visit our website at raw rutgers edu TIME STAMPS Financial Budgets (overview) 0 10 Cash Budget (explained) 1 07 Cash Budget Example 1 54 Cash Collection Schedule and Sales Budget 2 44 Cash Payments Schedule and Direct Materials Budget 4 56 Cash Budget (illustration) 6 06 Budgeted Income Statement 9 13 The Budgeted Balance Sheet 10 10 Budgeted Balance Sheet Example 10 35 Financial Budgets are projections of financial results for an accounting period They include the cash budget (a projection of the cash an organization will receive and the cash it will pay out in an accounting period), the budgeted income statement (projects an organization s net income in an accounting period based on revenues and expenses estimated for that period), the capital expenditures budget (a detailed plan outlining the anticipated amount and timing of capital outlays for long-term assets in an accounting period), and the budgeted balance sheet (projects an organization s financial position at the end of an accounting period) The cash budget summarizes the cash flow prospects of all transactions considered in the master budget The information that it provides enables managers to plan for short-term loans when the cash balance is low, and short term investments when the cash balance is high Organizations may maintain a minimum cash balance to cover unusual expenditures Supporting schedules include the schedule of expected cash collections from customers and the schedule of expected cash payments for direct materials It excludes some planned noncash transactions such as depreciation expense, and gains and losses on sales of assets To receive additional updates regarding our library please subscribe to our mailing list using the following link rbx business rutgers edu subscribe

5322 views | 10 likes | Rutgers Accounting Web | 2013-10-15 14:57:05
18:37

Download Intro to Managerial Accounting Flexible Budgets and Variance Analysis (Chapter 7) mp4 download free video

Introduction to Managerial Accounting Professor Savita Sahay Please visit our website at raw rutgers edu TIME STAMPS What is a Standard 0 30 Variance Analysis 1 38 Static (Master) Budget 3 29 Static Budget Example 5 19 Level 1 Analysis - Static Budget Variance 6 07 Flexible Budgets 7 12 Flexible Budget Example 8 17 Level 2 Analysis - Flexible Budget Variance 10 15 Level 2 Analysis - Flexible Budget Variance (continued) 11 08 Practice Problem 16 38 --- Total static budget variance --- Total flexible budget variance --- Total sales volume variance A standard, or benchmark (norm) tells us how much of a material should be used in making a unit of our product, or what is an acceptable price that should be paid for each unit of material or labor Budgeted costs and standard costs might be the same thing or might be different if the company is new and is using more inputs than other competitors in the industry Impractical or unachievable standards can reduce employee morale We will use two types of standards (1) quantity standards and (2) price standards The standard price times the standard quantity equals the standard cost Variance analysis helps control costs It involves calculating differences between budgeted and actual costs and identifying the causes of differences and eliminating them Variance is equal to actual minus budgeted A favorable variance occurs when actual cost is less than budgeted cost An unfavorable variance occurs when actual cost is greater than budgeted cost Calculating variances does not improve future performance - the cause must be determined and acted upon Breaking total cost variance into categories is good - the more detailed the analysis of a variance is, the more effective managers will be in controlling future costs Three levels of variance analysis will be done, and all cost variances can be broken onto price and quantity variances A static budget (or master budget) is made before the year starts and is based on a planned volume of production Static or fixed budget is prepared for one level of sales and cannot be used effectively when the volume of sales is different The difference between the static budget and actual cost is called the static budget variance The level 1 analysis involves asking by how much and where was our budget "off"? Flexible budgets, or variable budgets, are made at year end to reflect actual quantity produced We use budgeted costs per unit and multiple them by actual output The flexible budgets can be adjusted for unexpected changes in output level, and flexible budgets are used to improve variance analysis (akin to comparing apple to oranges) Flexible budgets make variance analysis at level 2 possible It separates the variances due to difference in sales volume and due to difference in price and quantity used, and it allows managers to learn why they were off from budgeted numbers To receive additional updates regarding our library please subscribe to our mailing list using the following link rbx business rutgers edu subscribe

24001 views | 47 likes | Rutgers Accounting Web | 2013-10-15 15:27:28
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