Describe what a budget is, compared to a what a variance report, variance analysis, etc.

Describe in detail what a budgeting process is, compared to variance analysis, standard cost analysis, etc.

Describe in detail what is or is not necessary for budgets to be effective.

Describe what is or is not a result of following a well-designed budgeting process.

Describe in detail what benefits are derived from budgeting.

Demonstrate you are familiar with and able to distinguish between what is true and not true about budgeting.

Demonstrate you are familiar with who(m) is/are responsible for the central guidance of the budget process.

Demonstrate that you are familiar with: production budgets, sales budgets, cash budgets, rolling budgets, capital expenditures budgets and the differences between them.

Describe which budget figures are the most useful and how these figures are developed.

Describe what the practice of preparing budgets for each of several future periods and revising those budgets as each period is completed, adding a new budget each period, etc., is, and what it is not.

Demonstrate you are familiar with and describe what the master budgeting process typically begins and ends with, etc.

Demonstrate that you are familiar with and can describe what standard costs are and what they are not, etc.

Demonstrate that you are familiar with and can distinguish between variable costs, fixed costs, standard costs, product costs, and period costs.

Demonstrate that you know the difference between actual price per unit of input and the standard price per unit of input, and what this would result in.

Demonstrate that you know the difference between actual quantity of input used and the standard quantity of input used, and what this would result in.

Demonstrate that you understand the difference between the actual cost incurred and the standard cost, and what this difference is referred to.

Demonstrate that you understand what is or is not part of the flow of events in variance analysis.

Describe what standard costs are used in the calculation of.

Demonstrate that you are familiar with and describe what the following is referred to: An analytical technique used by management to focus attention on the most significant variances and give less attention to the areas where performance is reasonably close to standard.

Demonstrate that you are familiar with and describe what the following is referred to: In this type of control system, the master budget is based on a single prediction for sales volume, and the budgeted amount for each cost essentially assumes that a specific amount of sales will occur.

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