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Describe the reasons both in favor of and against the use of budgets.
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Describe how the various components of the budget are assembled to create a complete budget package.
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Describe how to create a revenue budget.
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Demonstrate how to construct an ending finished goods inventory budget.
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Explain how to construct and test a production budget.
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Describe how to construct a direct materials and direct labor budget.
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Explain how to construct a manufacturing overhead budget.
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Describe how to construct and test a cost of goods sold budget.
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Describe how to create a sales and marketing budget.
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Describe how to create and follow up on a research and development budget.
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Describe the contents of the administration budget and how to construct it.
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Understand the various methods for reviewing a capital budgeting proposal.
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Demonstrate how to construct the various components of a compensation budget.
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Demonstrate how to construct the income statement and balance sheet portions of a master budget.
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Explain how to construct a flexible budget, and the circumstances under which you should use it.
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Describe the situations under which costs can vary.
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Demonstrate how to set up and operate a zero-
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Explain how to operate a business without using a budget.
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Discuss the methods for updating a rolling forecast, as well as the most appropriate contents of such a forecast.
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Explain the procedural steps required to report on variances from a budget.
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Explain the techniques available for improving the efficiency of the budget model and related budget formulation process.
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Describe the types of reporting formats available for the examination of budget versus actual results.
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Itemize the controls needed for the creation and ongoing use of a budget.
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