Learning Objectives

By the end of this section, you will be able to:

The students should be able to explain the objectives of the budget process.

Specific Learning Outcomes

• Describe the nature, objectives, and benefits of budgeting and the budget process.
• Identify the components of a master budget.
• Prepare a master budget for a manufacturing enterprise.
• Prepare a performance report.
• Describe how the flexible budget is used in a performance report to measure effectiveness and efficiency.
• Prepare a flexible budget.