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Accounting > Sales Budget > Flashcards

Sales Budget Flashcards

(1 cards)

1

Q

What does the sales budget record

A

It records predicted levels of sales in units and in revenue

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Accounting (118 decks)

Control Accounts

General Journal

Suspense Account

Adjustments to income statement

Accounting Concepts

Preparation of financial statements of sole traders

LLC Income Statements

LLC Statement Of Financial Position

LLC SOFP Terminology

Statement of changes in equity

Profitability Ratios

Liquidity Ratios

Capital Structure Ratios

Efficiency Ratios

Budgeted income statements

Budgeted statement of financial position

Benefits of using budgets

Limitations of budgets

Types of budgeting

Production budget

Purchases budget

Specific budgets Benefits

Specific Budgets Limitations

Contribution and break-even analysis

Make or Buy decisions

Acceptance of additional work

Optimum use of scarce resources

Optimum production plan

Closure of a loss-making line or production department

Standard costing - Advantages

Standard costing - Disadvantages

Variance analysis

Materials variance

Labour variances

Sales variances

Causes of variances?

Absorption Costing

Overhead abosrption

Marginal costing v Absorption costing

Activity Based Costing

Net present value

Statement of affairs

Accounting ratios to calculate missing figures

Missing figures using control accounts

Missing figures in the cash account

Late calculation of inventory

Accounting for losses of inventory

Expenses from incomplete records

Income statement from incomplete records

SOFP from incomplete records

Keeping incomplete records

Partnership Act 1890

Partnership income statements

Partnership SOFP

Revaluation account

Accounting for retirement of a partner

Accounting for admission of a new partner

Statement of cash flows (operating activities)

Statement of cash flows (Investing activities)

Statement of cash flows (Financing activities)

Statement of cash flows (change in cash and cash equivalents)

Calculating operating profit from retained earnings / profit for the year

Calculating cost of additions to non-current assets

Calculating depreciation on non-current assets

Benefits of statements of cash flows

Limitations of statements of cash flows

Schedule of non-current assets

Rights issues and bonus issues

Published Accounts

Main elements of published accounts

Purpose and importance of the international accounting standards framework

Investors' ratios

Cash and profits

The interests of stakeholders

Importance of effective communication

Accounting software

Principles of ethical behaviour

Board of Directors

The role of auditors and the audit report

The role of the remittance committee

Corporate governance

Corporate Social Responsibility

Finance Reporting Council (FRC)

Department for Business, Energy and Industrial Strategy (BEIS)

Consultative Committee of Accountancy Bodies

Chartered Institute of Management Accountants

How to act ethically

Source Documents

Books of prime entry

Capital Expenditure

Revenue expenditure

Capital/revenue income

Understanding the income statement

Statement of Financial Position

Irrecoverable debt

Income received in advance

Irrecoverable debts recovered

Provision for doubtful debts

Bank Reconciliation

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