7 - 1 Budgetary Budgetary Control StaticStatic Budgets FlexibleFlexible Budgets Responsibility...

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7 - 1 Budgetary Control Static Budgets Flexible Budgets Responsibili ty Accounting Responsibili ty Reports/Cost Responsibili ty Reports - Profit Investment Centers Next Slide Previo us Slide End End Show Show Managerial Accounting Second Edition Weygandt / Kieso / Kimmel ELS

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Transcript of 7 - 1 Budgetary Budgetary Control StaticStatic Budgets FlexibleFlexible Budgets Responsibility...

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Budgetary Control

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Managerial AccountingSecond EditionWeygandt / Kieso / Kimmel

ELS

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Budgetary Control and Responsibility Accounting

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Management Functions

• Planning

• Directing and Motivating

• Controlling

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Budgetary Control

• One of the three main functions of management is to control.

• Budgets are useful in controlling operations.

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Budgetary Control

The use of budgets to control operations. Compare actual results with planned objectives.

BUD

GETFIN

ANCIAL

STATEMENTS

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Budgetary ControlIllustration 7-1

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Budgetary Control Reporting System

Illustration 7-2

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Static Budget

A projection of budget data at one level of activity.

Budgeted Production in units (steel ingots) 10,000Budgeted Costs Indirect materials $ 250,000 Indirect labor 260,000 Utilities 190,000 Depreciation 280,000 Property taxes 70,000 Supervision 50,000

$1,100,000

Budgeted Production in units (steel ingots) 10,000Budgeted Costs Indirect materials $ 250,000 Indirect labor 260,000 Utilities 190,000 Depreciation 280,000 Property taxes 70,000 Supervision 50,000

$1,100,000

Barton Steel (Forging Department)Manufacturing Overhead Budget (Static) For the Year Ended December 31, 2002

Illustration 7-6

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Static Budget

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Flexible Budget

A projection of budget data for various levels of activity.

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Flexible BudgetIllustration 7-13

Fox Manufacturing Company (Finishing Department)Flexible Monthly Manufacturing Overhead Budget

For the Month Ended January 31, 2002

Activity level Direct labor hours 8,000 9,000 10,000 11,000 12,000Variable costs Indirect materials ($1.50) $12,000 $13,500 $15,000 $16,500 $18,000 Indirect labor ($2.00) 16,000 18,000 20,000 22,000 24,000 Utilities ($.50) 4,000 4,500 5,000 5,500 6,000 Total variable 32,000 36,000 40,000 44,000 48,000Fixed costs Depreciation 15,000 15,000 15,000 15,000 15,000 Supervision 10,000 10,000 10,000 10,000 10,000 Property taxes 5,000 5,000 5,000 5,000 5,000 Total fixed 30,000 30,000 30,000 30,000 30,000Total costs $62,000 $66,000 $70,000 $74,000 $78,000

Activity level Direct labor hours 8,000 9,000 10,000 11,000 12,000Variable costs Indirect materials ($1.50) $12,000 $13,500 $15,000 $16,500 $18,000 Indirect labor ($2.00) 16,000 18,000 20,000 22,000 24,000 Utilities ($.50) 4,000 4,500 5,000 5,500 6,000 Total variable 32,000 36,000 40,000 44,000 48,000Fixed costs Depreciation 15,000 15,000 15,000 15,000 15,000 Supervision 10,000 10,000 10,000 10,000 10,000 Property taxes 5,000 5,000 5,000 5,000 5,000 Total fixed 30,000 30,000 30,000 30,000 30,000Total costs $62,000 $66,000 $70,000 $74,000 $78,000

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Flexible Budget at 10,000 and 12,000 LevelsIllustration 7-15

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Management by Exception

The review of budget reports by management focused entirely or primarily on differences between actual results and planned objectives.

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Responsibility Reporting System The preparation of reports

for each level of responsibility in the company’s organization chart.

Illustration 7-17

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Controllable Costs

Costs that a manager has the authority to incur within a given period of time.

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Responsibility for Controlling CostsIllustration 7-17

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Decentralization

Control of operations is delegated to many managers throughout the organization.

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Segment

An area of responsibility in decentralized operations.

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Responsibility Accounting

A part of management accounting that involves accumulating and reporting revenues and costs on the basis of the manager who has the authority to make the day-to-day decisions about the items.

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Illustration 7-20

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Direct Fixed Costs

Costs that relate specifically to a responsibility center and are incurred for the sole benefit of the center.

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Indirect Fixed Costs

Costs that are incurred for the benefit of more than one profit center.

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Cost Center

A responsibility center that incurs costs but does not directly generate revenues.

Warranty Dept

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Profit Center

A responsibility center that incurs costs but also generates revenue.

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Investment Center

A responsibility center that incurs costs, generates revenues, and has control over the investment funds available for use.

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Illustration 7-18

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Responsibility ReportContribution margin less controllable

fixed costs=Controllable Margin.

Illustration 7-22

Difference Favorable F

Budget Actual Unfavorable USales $1,200,000 $1,150,000 $50,000 UVariable Costs Cost of goods sold 500,000 490,000 10,000 F Selling & administrative 160,000 156,000 4,000 F Total 660,000 646,000 14,000 FContribution margin 540,000 504,000 36,000 UControllable fixed costs Cost of goods sold 100,000 100,000 -0- Selling & administrative 80,000 80,000 -0- Total 180,000 180,000 -0- Controllable margin $ 360,000 $ 324,000 $36,000 U

Difference Favorable F

Budget Actual Unfavorable USales $1,200,000 $1,150,000 $50,000 UVariable Costs Cost of goods sold 500,000 490,000 10,000 F Selling & administrative 160,000 156,000 4,000 F Total 660,000 646,000 14,000 FContribution margin 540,000 504,000 36,000 UControllable fixed costs Cost of goods sold 100,000 100,000 -0- Selling & administrative 80,000 80,000 -0- Total 180,000 180,000 -0- Controllable margin $ 360,000 $ 324,000 $36,000 U

Mantel Manufacturing Company (Marine Division)Responsibility Report

For the Year Ended December 31, 2002

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Residual Income

The income that remains after subtracting from the controllable margin the minimum rate of return on a company’s operating assets.

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Return on Investment (ROI)A measure of management’s

effectiveness in utilizing assets at its disposal in an investment center.

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Principles of Performance Evaluation• Managers of responsibility centers should have direct

input into the process of establishing budget goals of their area of responsibility.

• The evaluation of performance should be based entirely on matters that are controllable by the manager being evaluated.

• Top management should support the evaluation process.• The evaluation process must allow managers to respond

to their evaluations.• The evaluation should identify both good and poor

performance.

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COPYRIGHT

Copyright © 2002, John Wiley & Sons, Inc. All rights reserved.Reproduction or translation of this work beyond that permitted inSection 117 of the 1976 United States Copyright Act without theexpress written permission of the copyright owner is unlawful.Request for further information should be addressed to thePermissions Department, John Wiley & Sons, Inc. The purchasermay make back-up copies for his/her own use only and not fordistribution or resale. The Publisher assumes no responsibilityfor errors, omissions, or damages, caused by the use of theseprograms or from the use of the information contained herein.


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