Master Budgets – Managerial Accounting/Cost Accounting

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Master Budgets – Managerial Accounting/Cost Accounting

Master Budgets – Managerial Accounting/Cost Accounting

Master budget-Components & order of the master budget & examples of each part including budgeted financial statements

Language: english

Note: 4.6/5 (237 notes) 45,560 students

Instructor(s): Robert (Bob) Steele

Last update: 2020-09-06

What you’ll learn

  • Managerial accounting concepts
  • Budget timing methods
  • Characteristics and tasks of the budget committee
  • Order of operations for a master budget
  • How to construct a sales budget
  • How to build a production budget
  • How to make a materials budget
  • How to construct a direct labor budget
  • How to build a factory overhead budget
  • How to make a general and administrative budget
  • How to put together a cash budget
  • How to constructed a budgeted cost of goods manufactured statement
  • How to build a cost of goods sold budget
  • How to make a budgeted income statement
  • How to make a budgeted balance sheet

 

Requirements

  • An understanding of basic accounting terms

 

Description

Master budget construction, including demonstration problems, excel worksheets, practice test questions, discussion questions, and a comprehensive problem we work together using Excel in a step by step format.

The course will provide a managerial accounting overview, comparing managerial accounting and financial accounting, and providing essential managerial accounting tools we will need in the budgeting process.

We will discuss methods of budget timing and the pros and cons of each technique.

The course will discuss the characteristics and functions of the budget committee.

We will discuss the components of a master budget and break it out into its parts, listing the order that those components need to be completed in.

The course will discuss how to put together a sales budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will discuss how to put together a production budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

The course will discuss how to put together a materials budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will discuss how to put together a direct labor budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

The course will discuss how to put together a factory overhead budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will discuss how to put together a general and administrative budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

The course will discuss how to put together a cash budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will discuss how to put together a budgeted cost of goods manufactured statement and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

The course will discuss how to put together a budgeted cost of goods sold statement and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will discuss how to put together a budgeted income statement and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

The course will discuss how to put together a budgeted balance sheet and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will also go over a comprehensive problem in Excel so we can see all the components of the master budget and work through them in one place.

 

Who this course is for

  • Accounting students
  • Business owners
  • Anyone who whats to learn accounting

 

Course content

  • Introduction
    • Introduction
    • PDF – 105 Why Budget
    • 105 Why Budget
    • PDF – 110 Budget Problems
    • 110 Budget Problems
    • Multiple Choice 1
    • Accounting Comic Break
  • Managerial Accounting Overview
    • 2 Managerial Accounting Overview
    • PDF – 10 Managerial Accounting Introduction
    • 10 Managerial Accounting Introduction
    • PDF – 20 Cost Classifications
    • 20 Cost Classifications
    • PDF – 30 Product Costs & Period Costs.
    • 30 Product Costs & Period Costs.ENCODING
    • PDF – 40 Prime Costs & Conversion Costs
    • 40 Prime Costs & Conversion Costs
    • PDF – 50 Manufacturer’s Balance Sheet
    • 50 Manufacturer’s Balance Sheet
    • PDF – 60 Manufacturer’s Income Statement
    • 60 Manufacturer’s Income Statement
    • PDF – 70 Manufacturing Activities Flow
    • 70 Manufacturing Activities Flow
    • PDF – 80 Just In Time (JIT) Manufacturing
    • 80 Just In Time (JIT) Manufacturing
    • PDF – 90 Job Cost Vs Process Cost
    • 90 Job Cost Vs Process Cost
    • Multiple Choice 2
    • Accounting Comic Break
  • Budget Timing and Budget Committee
    • 3 Budget Timing and Budget Committee
    • PDF – 115 Budget Timing
    • 115 Budget Timing
    • PDF – 120 Budget Committee
    • 120 Budget Committee
    • Accounting Comic Break
  • Sales Budget, Production Budget, & Materials Budget
    • 4 Sales Budget, Production Budget, & Materials Budget
    • PDF – 210 Sales Budget, Production Budget, & Materials Budget
    • 210 Sales Budget, Production Budget, & Materials Budget
    • Excel Worksheet Download
    • Worksheet – 210 Sales Budget, Production Budget, & Materials Budget
    • Excel Worksheet Download
    • Worksheet – 210 Sales Budget, Production Budget, & Materials Budget
    • Accounting Comic Break
  • Direct Labor, Factory Overhead, Selling, & General and Administrative Budgets
    • 5 Direct Labor, Factory Overhead, Selling, & General and Administrative Budgets
    • PDF – 220 Direct Labor, Factory Overhead, Selling, General and Administrative
    • 220 Direct Labor, Factory Overhead, Selling, General and Administrative
    • Excel Worksheet Download
    • Worksheet – 220 Direct Labor & Factory Overhead
    • Excel Worksheet Download
    • Worksheet – 225 Selling & Administrative Budget
    • Discussion Question 1
    • Accounting Comic Break
  • Cash Budget
    • 6 Cash Budget
    • PDF – 230 Cash Budget
    • 230 Cash Budget
    • Excel Worksheet Download
    • Worksheet – 230 Cash Budget
    • Discussion Question 2
    • Accounting Comic Break
  • Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    • 7 Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    • PDF – 240 Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    • 240 Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    • Excel Worksheet Download
    • Worksheet – 240 Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    • Discussion Question 3
    • Accounting Comic Break
  • Budgeted Income Statement
    • 8 Budgeted Income Statement
    • PDF – 250 Budgeted Income Statement
    • 250 Budgeted Income Statement
    • Excel Worksheet Download
    • Worksheet – 250 Budgeted Income Statement
    • Discussion Question 4
    • Accounting Comic Break
  • Budgeted Balance Sheet
    • 9 Budgeted Balance Sheet
    • PDF – 260 Budgeted Balance Sheet
    • 260 Budgeted Balance Sheet
    • Excel Worksheet Download
    • Worksheet – 260 Budgeted Balance Sheet
    • Short Calculation Questions
    • Discussion Question 5
    • Accounting Comic Break
  • Verify The Budget
    • 10 Verify The Budget
    • Excel Worksheet Download
    • Worksheet – 270 Verify The Budget
    • Discussion Question 6
    • Accounting Comic Break
  • Comprehensive Problem
    • 11 Comprehensive Problem
    • Excel Worksheet Download
    • 210 Sales Budget, Production Budget, & Materials Budget
    • 215 Materials Budget
    • 220 Direct Labor & Factory Overhead
    • 225 Selling & Administrative Budget
    • 230 Master budget, Cash Budget part 5
    • 240 Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    • 250 Budgeted Income Statement
    • 260 Budgeted Balance Sheet
    • 270 Verify The Budgets
    • Accounting Comic Break
  • Finance Perspective – Forecasting & Budgeting
    • 405 Forecasting Objectives
    • 410 Pro Forma Income Statement
    • 415 Cash Budget
    • 420 Pro Forma Balance Sheet
    • 425 Percent of Sales Method
  • Finance Perspective – Practice Probs – Forecasting & Budgeting
    • 414 Sales Projection – Multiple Scenarios
    • 416 Estimated Net Sales
    • 418 Projected Units to be Produced
    • 423 Calculate Cost of Goods Sold Using FIFO & LIFO
    • 424 Calculate Cost of Ending Inventory LIFO & FIFO
    • 427 Schedule of Cash Receipts
    • 428 Schedule of Cash Receipts – Multiple Scenarios
    • 430 Schedule of Cash Payments
    • 431 Schedule of Cash Payments – More Complex
    • 432 Production Schedule & Schedule of Cash Payments
    • 434 Cash Budget & Cash Receipts Schedule
    • 435 Cash Budget, Cash Receipts Schedule, Cash Payments Schedule
    • 437 Required New Fund Formula All Balance Sheet Accounts Change Relative to Sale
    • 438 Required New Fund Formula – Current Assets & Liabilities Change Relative to
  • Finance Perspective – Excel Probs – Forecasting & Budgeting
    • 414 Sales Projection – Multiple Scenarios
    • 416 Estimated Net Sales
    • 418 Projected Units to be Produced
    • 421 Calculate Cost of Goods Sold Using FIFO
    • 423 Calculate Cost of Goods Sold Using LIFO & FIFO
    • 424 Calculate Cost of Ending Inventory LIFO & FIFO
    • 427 Schedule of Cash Receipts
    • 428 Schedule of Cash Receipts – Multiple Scenarios
    • 430 Schedule of Cash Payments
    • 431 Schedule of Cash Payments – More Complex
    • 432 Production Schedule & Schedule of Cash Payments
    • 434 Cash Budget & Cash Receipts Schedule
    • 435 Cash Budget, Cash Receipts Schedule, Cash Payments Schedule
    • 436 Cash Receipts, Cash Payments, & Cash Budget
    • 437 Required New Fund Formula – All Balance Sheet Accounts Change Relative to Sa
    • 438 Required New Fund Formula – Current Assets & Liabilities Change Relative to
  • Finance Perspective – Financing Decisions
    • 605 The Nature of Asset Growth
    • 610 Patterns of Financing
  • Finance Perspective – Practice Probs – Financing Decisions
    • 611 Estimated Sales Values Estimated Sales Values
    • 613 Estimating Financing Needed for Increase in Assets
    • 615 Level Production vs Seasonal Production
    • 617 Short Term Loan vs Long Term Loan
    • 619 Equipment Short Term Financing vs Long Term Loan Financing
    • 620 Asset & Financing Mix Options
    • 622 Asset Mix & Financing Mix
    • 624 Comparing Financing Strategies
    • 625 Financing Strategies – Permanent & Temporary Assets
    • 626 Expectations Hypothesis Theory for Expected Returns on Securities
    • 629 Break Even Point in Interest Rates
    • 631 Level Production & Budgeted Cash Flow
  • Finance Perspective – Excel Probs – Financing Decisions
    • 611 Estimated Sales Values
    • 613 Estimating Financing Needed for Increase in Assets
    • 615 Level Production vs Seasonal Production
    • 617 Short Term Loan vs Long Term Loan
    • 619 Equipment Short Term Financing vs Long Term Loan Financing
    • 620 Asset & Financing Mix Options
    • 622 Asset Mix & Financing Mix
    • 624 Comparing Financing Strategies
    • 625 Financing Strategies – Permanent & Temporary Assets
    • 626 Expectations Hypothesis Theory for Expected Return on Securities
    • 629 Break Even Point in Interest Rates
    • 631 Level Production & Budgeted Cash Flow

 

Master Budgets – Managerial Accounting/Cost AccountingMaster Budgets – Managerial Accounting/Cost Accounting

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