Budgeting and Decision Making - Kenyatta University
Budgeting and Decision Making
Larry M. Walther Christopher J. Skousen
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Budget ing and Decision Making ? 2009 Larry M. Walt her, under nonexclusive license t o Christ opher J. Skousen & Vent us Publishing ApS. All m at erial in t his publicat ion is copyright ed, and t he exclusive propert y of Larry M. Walt her or his licensors ( all right s reserved) . I SBN 978- 87- 7681- 492- 2
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Budgeting and Decision Making
Cont ent s
Part 1. Budgeting: Planning for Success
1. Importance of Budgets 1.1 Forms and Functions 1.2 Avoiding Business Chaos 1.3 An Electrifying Case in Budgeting 1.4 Recapping Benefits of Budgeting
2. Budget Processes and Human Behavior 2.1 Budget Construction 2.2 Mandated Budgets 2.3 Participative Budgets 2.4 Blended Approach 2.5 Organizational Structure Considerations 2.6 Flattening the Organization Chart 2.7 Budget Estimation 2.8 Slack and Padding 2.9 Zero-Based Budgeting 2.10 The Impossible Budget and Employee Capitulation 2.11 Ethical Challenges in Budgeting
3. Components of the Budget 3.1 Sales Budget 3.2 Production Budget 3.3 Direct Material Purchases Budget 3.4 Direct Labor Budget
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Budgeting and Decision Making
3.5 Factory Overhead Budget 3.6 Selling and Administrative Expense Budget 3.7 Cash Budget 3.8 Budgeted Income Statement and Balance Sheet 3.9 External Use Documents 3.10 Performance Appraisal
4. Budget Periods and Adjustments 4.1 Continuous Budgets 4.2 Flexible Budgets 4.3 Encumbrances
Part 2. Tools for Enterprise Performance Evaluation
5. Responsibility Accounting and Management by Exception 5.1 Centralized Versus Decentralized Decision-Making 5.2 Responsibility Centers 5.3 Cost Center 5.4 Profit Center 5.5 Investment Center 5.6 Affixing Responsibility 5.7 Responsibility Center Reports 5.8 The Power of a Data Base System 5.9 Traceable Versus Common Fixed Costs 5.10 Management by Expansion
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Budgeting and Decision Making
6. Flexible Budgets 6.1 Flexible Budget for Performance Evaluations 6.2 Flexible Budgets for Planning 6.3 Flexible Budgets and Efficiency of Operation
7. Standard Costs 7.1 Setting Standards 7.2 Philosophy of Standards 7.3 The Downside of the Standards
8. Variance Analysis 8.1 Variances Relating to Direct Materials 8.2 An Illustration of Direct Material Variance Calculations 8.3 Journal Entries for Direct Material Variances 8.4 When Purchases Differ From Usage 8.5 Variances Relating to Direct Labor 8.6 An Illustration of Direct Labor Variance Calculations 8.7 Journal Entries for Direct Labor Variances 8.8 Factory Overhead Variances 8.9 Variable Versus Fixed Overhead 8.10 Variances Relating to Variable Factory Overhead 8.11 Exploring Variable Overhead Variances 8.12 An Illustration of Variable Overhead Variances 8.13 Journal Entry for Variable Overhead Variances 8.14 Careful Interpretation of Variable Overhead Variances 8.15 Variances Relating to Fixed Factory Overhead 8.16 An Illustration of Fixed Overhead Variances 8.17 Journal Entry for Fixed Overhead Variances 8.18 Recapping Standards and Variances
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