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Chapter 7 - Master Budget & Planning

Across
Contains several individual budgets that are linked with each other to form a coordinated plan
Budget that shows the number of units to be produced in a period
Budget that shows the budgeted costs for the direct materials that will need to be purchased to satisfy the estimated production for the period
An expense budget that plans the predicted operating expenses not included in the selling expenses or manufacturing budgets
A managerial accounting report showing predicted amounts of sales and expenses for the budget period
Twelve-month budget that rolls forward one month as the current month is completed
First step in preparing the master budget
Formal statement of a company's future plans and can be used to help motivate employees
Down
Responsible for budgeting policies and for coordinating the efforts of all participants in the budgeting process
This budget is an estimate of the types and amounts of selling expenses expected during the budget period
Shows expected cash inflows and outflows during the budget period
Budgeted financial statement that shows predicted amounts for the company’s assets, liabilities, and equity as of the end of the budget period
Budget that shows the budgeted costs for factory overhead that will be needed to complete the estimated production for the period
Budget that shows the budgeted costs for the direct labor that will be needed to satisfy the estimated production for the period
The process of planning future business actions and expressing them as formal plans