Answer:
a. Budgeted balance sheet.
b. Budgeted income statement.
c. Budgeting.
d. Capital expenditures budget.
e. Cash budget.
f. Master budget.
g. Participatory budget.
h. Production budget.
Explanation:
A budget is a financial plan used for the estimation of revenue and expenditures of an individual, organization or government for a specified period of time, often one year. Budgets are usually compiled, analyzed and re-evaluated on periodic basis. The benefits of having a budget is that it aids in setting goals, earmarking revenues and resources, measuring outcomes and planning against contingencies.
In Financial accounting, some of the key terms associated with budget includes;
a. Budgeted balance sheet: A report that shows predicted balances of assets, liabilities and equity at the end of a budget period.
b. Budgeted income statement: A report that shows predicted revenues and expenses for a budgeting period.
c. Budgeting: Planning future business actions and expressing them as formal plans.
d. Capital expenditures budget: Summarizes the effects of investing activities on cash.
e. Cash budget: Shows expected cash inflows and outflows and helps determine financing needs.
f. Master budget: A comprehensive business plan that includes operating, investing, and financing budgets.
g. Participatory budget: Employees affected by a budget help in preparing it.
h. Production budget: Shows the number of units for a manufacturer to produce in a period.
