version #1 A Budget B. Master budget C. Sales forecast D. Direct Materials Budge

Question

version #1 A Budget B. Master budget C. Sales forecast D. Direct Materials Budget E. Sales budget F. Variable costs G. Production budget H. Relevant range I Fixed costs J. Contribution margin K. Break-even point L Margin of safety An estimate of expected sales for the budget penod. The projection of potential sales for the industry and the company's expected share of such sales Management's plans expressed in financial terms for a specified future time period. A projection of production requirements to meet expected sales. A set of interrelated budgets that constitute a plan of action for a specified time period. An estimate of the quantity and cost of direct materials to be purchased. The amount of revenue remaining after deducting variable costs. The difference between actual or expected sales and sales at the break-even point. Costs that vary in total directly and proportionately with changes in the activity level. The level of activity at which total revenues equal total costs. The range over which the company expects to operate during the year. Costs that remain the same in total regardless of changes in the activity level.

Explanation / Answer

Sales budget An estimate of expected sales…………….. Sales forecast The projection of potential sales for the industry….. Budget Managements's plans………………… Production Budget A projection of production requirements…………… Master Budget A set of interrelated…………………. Direct Materials Budget An estimate of the quantity and cost of direct materials….. Contribution margin The amount of revenue remaining after ……………. Margin of safety The difference between actual or expected sales…………… Variable costs Costs that vary in total directly……………………. Breakeven point The level of activity at which……………… Relevant range The range over which ………………………. Fixed costs Costs that remain the same in total………………..

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