{"id":841,"date":"2015-12-27T14:55:31","date_gmt":"2015-12-27T14:55:31","guid":{"rendered":"https:\/\/courses.candelalearning.com\/managacct2x1xmaster\/?post_type=chapter&#038;p=841"},"modified":"2016-01-01T14:01:24","modified_gmt":"2016-01-01T14:01:24","slug":"chapter-8-study-plan","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-managacct\/chapter\/chapter-8-study-plan\/","title":{"raw":"Chapter 8 Study Plan","rendered":"Chapter 8 Study Plan"},"content":{"raw":"<strong>Knowledge Targets<\/strong>\r\n\r\nI can define the following terms as they relate to our unit:\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td><strong>Budget<\/strong><\/td>\r\n<td><strong>Planning Budget<\/strong><\/td>\r\n<td><strong>Flexible Budget<\/strong><\/td>\r\n<td><strong>Cash Budget\r\n<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Master Budget<\/strong><\/td>\r\n<td><strong>Activity Variance<\/strong><\/td>\r\n<td><strong>Revenue Variance<\/strong><\/td>\r\n<td><strong>Spending Variance\r\n<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Fixed Cost<\/strong><\/td>\r\n<td><strong>Variable Cost<\/strong><\/td>\r\n<td><strong>Standard Cost<\/strong><\/td>\r\n<td><strong>Standard Hours\r\n<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Standard Price<\/strong><\/td>\r\n<td><strong>Variance<\/strong><\/td>\r\n<td><strong>Quantity Variance<\/strong><\/td>\r\n<td><strong>Efficiency Variance\r\n<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Rate Variance<\/strong><\/td>\r\n<td><strong>Price Variance<\/strong><\/td>\r\n<td><strong>Materials<\/strong><\/td>\r\n<td><strong>Labor\r\n<\/strong><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><strong>Variable Overhead<\/strong><\/td>\r\n<td><strong>Fixed Overhead<\/strong><\/td>\r\n<td><strong>Selling expense<\/strong><\/td>\r\n<td><strong>Administrative expense\r\n<\/strong><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<strong>Reasoning Targets<\/strong>\r\n<ul>\r\n\t<li>I can understand the difference between a <strong>planning budget<\/strong> and a <strong>flexible budget<\/strong>.<\/li>\r\n\t<li>I can identify costs as <strong>fixed cost<\/strong> or <strong>variable cost<\/strong>.<\/li>\r\n\t<li>I can understand the purpose of using a <strong>budget<\/strong> for businesses.<\/li>\r\n\t<li>I can analyze differences between <strong>budget<\/strong> and actual and explain possible reasons for the variances.<\/li>\r\n\t<li>I can analyze and explain <strong>labor<\/strong> <strong>rate<\/strong> and <strong>efficiency variances<\/strong>.<\/li>\r\n\t<li>I can analyze and explain <strong>material price<\/strong> and <strong>quantity variances<\/strong>.<\/li>\r\n\t<li>I can understand the use of <strong>standards (including cost, hours or price)<\/strong> for budgeting and analysis.<\/li>\r\n<\/ul>\r\n<strong>Skill Targets<\/strong>\r\n<ul>\r\n\t<li>I can prepare a sales and production <strong>budget<\/strong> (or purchases <strong>budget<\/strong> for merchandiser).<\/li>\r\n\t<li>I can prepare a <strong>selling and administrative expense budget<\/strong>.<\/li>\r\n\t<li>I can prepare a <strong>cash budget <\/strong>including schedules of receivables and payables.<\/li>\r\n\t<li>I can prepare a budgeted income statement and budgeted balance sheet.<\/li>\r\n\t<li>I can prepare a<strong> master budget <\/strong>including budgets for sales, purchases, selling and administrative expenses, cash, income statement and balance sheet.<\/li>\r\n\t<li>I can prepare a <strong>flexible budget<\/strong> based on the actual level of production.<\/li>\r\n\t<li>I can prepare a <strong>flexible budget<\/strong> performance report analyzing difference between budget and actual.<\/li>\r\n\t<li>I can calculate <strong>variances<\/strong> for <strong>materials <\/strong>and<strong> labor<\/strong>.<\/li>\r\n<\/ul>\r\nClick <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1430\/2016\/03\/04031456\/Budgeting-Study-Plan.pdf\">Budgeting Study Plan<\/a> for a printable copy.","rendered":"<p><strong>Knowledge Targets<\/strong><\/p>\n<p>I can define the following terms as they relate to our unit:<\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Budget<\/strong><\/td>\n<td><strong>Planning Budget<\/strong><\/td>\n<td><strong>Flexible Budget<\/strong><\/td>\n<td><strong>Cash Budget<br \/>\n<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Master Budget<\/strong><\/td>\n<td><strong>Activity Variance<\/strong><\/td>\n<td><strong>Revenue Variance<\/strong><\/td>\n<td><strong>Spending Variance<br \/>\n<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Fixed Cost<\/strong><\/td>\n<td><strong>Variable Cost<\/strong><\/td>\n<td><strong>Standard Cost<\/strong><\/td>\n<td><strong>Standard Hours<br \/>\n<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Standard Price<\/strong><\/td>\n<td><strong>Variance<\/strong><\/td>\n<td><strong>Quantity Variance<\/strong><\/td>\n<td><strong>Efficiency Variance<br \/>\n<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Rate Variance<\/strong><\/td>\n<td><strong>Price Variance<\/strong><\/td>\n<td><strong>Materials<\/strong><\/td>\n<td><strong>Labor<br \/>\n<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Variable Overhead<\/strong><\/td>\n<td><strong>Fixed Overhead<\/strong><\/td>\n<td><strong>Selling expense<\/strong><\/td>\n<td><strong>Administrative expense<br \/>\n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Reasoning Targets<\/strong><\/p>\n<ul>\n<li>I can understand the difference between a <strong>planning budget<\/strong> and a <strong>flexible budget<\/strong>.<\/li>\n<li>I can identify costs as <strong>fixed cost<\/strong> or <strong>variable cost<\/strong>.<\/li>\n<li>I can understand the purpose of using a <strong>budget<\/strong> for businesses.<\/li>\n<li>I can analyze differences between <strong>budget<\/strong> and actual and explain possible reasons for the variances.<\/li>\n<li>I can analyze and explain <strong>labor<\/strong> <strong>rate<\/strong> and <strong>efficiency variances<\/strong>.<\/li>\n<li>I can analyze and explain <strong>material price<\/strong> and <strong>quantity variances<\/strong>.<\/li>\n<li>I can understand the use of <strong>standards (including cost, hours or price)<\/strong> for budgeting and analysis.<\/li>\n<\/ul>\n<p><strong>Skill Targets<\/strong><\/p>\n<ul>\n<li>I can prepare a sales and production <strong>budget<\/strong> (or purchases <strong>budget<\/strong> for merchandiser).<\/li>\n<li>I can prepare a <strong>selling and administrative expense budget<\/strong>.<\/li>\n<li>I can prepare a <strong>cash budget <\/strong>including schedules of receivables and payables.<\/li>\n<li>I can prepare a budgeted income statement and budgeted balance sheet.<\/li>\n<li>I can prepare a<strong> master budget <\/strong>including budgets for sales, purchases, selling and administrative expenses, cash, income statement and balance sheet.<\/li>\n<li>I can prepare a <strong>flexible budget<\/strong> based on the actual level of production.<\/li>\n<li>I can prepare a <strong>flexible budget<\/strong> performance report analyzing difference between budget and actual.<\/li>\n<li>I can calculate <strong>variances<\/strong> for <strong>materials <\/strong>and<strong> labor<\/strong>.<\/li>\n<\/ul>\n<p>Click <a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1430\/2016\/03\/04031456\/Budgeting-Study-Plan.pdf\">Budgeting Study Plan<\/a> for a printable copy.<\/p>\n","protected":false},"author":1195,"menu_order":1,"template":"","meta":{"_candela_citation":"[]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-841","chapter","type-chapter","status-publish","hentry"],"part":20,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/users\/1195"}],"version-history":[{"count":2,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/841\/revisions"}],"predecessor-version":[{"id":903,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/841\/revisions\/903"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/parts\/20"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapters\/841\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/media?parent=841"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/pressbooks\/v2\/chapter-type?post=841"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/contributor?post=841"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-managacct\/wp-json\/wp\/v2\/license?post=841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}