Following are a number of key terms and concepts introduced in the chapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–12). Note that not all key terms and concepts will be used.
a. Budgeting | i. Cash budget |
b. Top-down budgeting | j. Committed cost |
c. Participative budgeting | k. Discretionary cost |
d. Zero-based budgeting | l. Standard cost |
e. Single-period budget | m. Ideal (or engineered) standard |
f. Rolling (or continuous) budget | n. Attainable standard |
g. Operating budget | o. Past experience standard |
h. Budget slack (or budget padding) | p. Predetermined overhead application rate |
_______A plan comprised of the sales budget (or sales forecast), the purchases/ production budget, the operating expense budget, the income statement budget, the cash budget, and the budgeted balance sheet.
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