Master Budget Reflection
Cost Accounting I
DQ1 Master Budget Reflection [WLOs: 1, 2, 3] [CLOs: 1, 5, 6]
Prior to beginning work on this discussion forum, read Chapters 6, 7, and 8 in your textbook.
Write: Make sure your response addressing the following question is more than 200 words and include an in-text citation from the reading material where appropriate.
Many organizations operate with an annual budget as their guide. This helps the organization ensure that their spending relates to their strategic goals and acts as a tracking measure of progress each accounting period. In your own words, explain the concept of a master budget and explain each of the sub-budgets that are created to support the creation of that master budget. List these sub-budgets in the order in which they would be prepared to arrive at the end result, the master budget.
DQ2 Flexible Budget Reflection [WLOs: 1, 2, 3] [CLOs: 1, 3, 5, 6]
Prior to beginning work on this discussion forum, read Chapters 7 and 8 in your textbook.
Write: Make sure your response addressing the following question is more than 200 words and include an in-text citation from the reading material where appropriate.
Some individuals assume that a flexible budget means the organization just changes the budget whenever something happens that was not budgeted. Nothing could be further from the truth. In your own words explain the concept of a flexible budget, why it is used, and what value it serves managers within the organization. Illustrate the use of a flexible budget with an example.
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