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Master Budgets – Managerial Accounting/Cost Accounting

Master budget-Components & order of the master budget & examples of each part including budgeted financial statements
Rating: 4.5 out of 54.5 (87 ratings)
25,599 students
Created by Robert (Bob) Steele
Last updated 9/2020
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • Managerial accounting concepts
  • Budget timing methods
  • Characteristics and tasks of the budget committee
  • Order of operations for a master budget
  • How to construct a sales budget
  • How to build a production budget
  • How to make a materials budget
  • How to construct a direct labor budget
  • How to build a factory overhead budget
  • How to make a general and administrative budget
  • How to put together a cash budget
  • How to constructed a budgeted cost of goods manufactured statement
  • How to build a cost of goods sold budget
  • How to make a budgeted income statement
  • How to make a budgeted balance sheet

Requirements

  • An understanding of basic accounting terms

Description

Master budget construction, including demonstration problems, excel worksheets, practice test questions, discussion questions, and a comprehensive problem we work together using Excel in a step by step format.

The course will provide a managerial accounting overview, comparing managerial accounting and financial accounting, and providing essential managerial accounting tools we will need in the budgeting process.

We will discuss methods of budget timing and the pros and cons of each technique.

The course will discuss the characteristics and functions of the budget committee.

We will discuss the components of a master budget and break it out into its parts, listing the order that those components need to be completed in.

The course will discuss how to put together a sales budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will discuss how to put together a production budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

The course will discuss how to put together a materials budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will discuss how to put together a direct labor budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

The course will discuss how to put together a factory overhead budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will discuss how to put together a general and administrative budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

The course will discuss how to put together a cash budget and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will discuss how to put together a budgeted cost of goods manufactured statement and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

The course will discuss how to put together a budgeted cost of goods sold statement and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will discuss how to put together a budgeted income statement and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

The course will discuss how to put together a budgeted balance sheet and will also walk through a step by step process using preformatted Excel worksheets for learners to follow along with.

We will also go over a comprehensive problem in Excel so we can see all the components of the master budget and work through them in one place.

Who this course is for:

  • Accounting students
  • Business owners
  • Anyone who whats to learn accounting

Course content

17 sections • 152 lectures • 24h 18m total length

  • Preview05:57
  • Preview00:08
  • Preview10:23
  • PDF - 110 Budget Problems
    00:08
  • 110 Budget Problems
    10:24
  • Multiple Choice 1
    03:51
  • Accounting Comic Break
    00:14

  • 2 Managerial Accounting Overview
    01:30
  • PDF - 10 Managerial Accounting Introduction
    00:08
  • Preview13:03
  • PDF - 20 Cost Classifications
    00:08
  • 20 Cost Classifications
    09:31
  • PDF - 30 Product Costs & Period Costs.
    00:08
  • 30 Product Costs & Period Costs.ENCODING
    16:25
  • PDF - 40 Prime Costs & Conversion Costs
    00:08
  • 40 Prime Costs & Conversion Costs
    05:35
  • PDF - 50 Manufacturer's Balance Sheet
    00:08
  • Preview03:15
  • PDF - 60 Manufacturer's Income Statement
    00:08
  • 60 Manufacturer's Income Statement
    08:49
  • PDF - 70 Manufacturing Activities Flow
    00:08
  • 70 Manufacturing Activities Flow
    07:51
  • PDF - 80 Just In Time (JIT) Manufacturing
    00:08
  • Preview02:58
  • PDF - 90 Job Cost Vs Process Cost
    00:08
  • 90 Job Cost Vs Process Cost
    09:13
  • Multiple Choice 2
    05:35
  • Accounting Comic Break
    00:15

  • 3 Budget Timing and Budget Committee
    00:38
  • PDF - 115 Budget Timing
    00:08
  • 115 Budget Timing
    02:59
  • PDF - 120 Budget Committee
    00:08
  • 120 Budget Committee
    05:51
  • Accounting Comic Break
    00:16

  • 4 Sales Budget, Production Budget, & Materials Budget
    01:23
  • PDF - 210 Sales Budget, Production Budget, & Materials Budget
    00:08
  • 210 Sales Budget, Production Budget, & Materials Budget
    14:08
  • Excel Worksheet Download
    00:05
  • Worksheet - 210 Sales Budget, Production Budget, & Materials Budget
    15:15
  • Excel Worksheet Download
    00:05
  • Worksheet - 210 Sales Budget, Production Budget, & Materials Budget
    09:54
  • Accounting Comic Break
    00:15

  • 5 Direct Labor, Factory Overhead, Selling, & General and Administrative Budgets
    01:20
  • PDF - 220 Direct Labor, Factory Overhead, Selling, General and Administrative
    00:08
  • 220 Direct Labor, Factory Overhead, Selling, General and Administrative
    10:28
  • Excel Worksheet Download
    00:05
  • Worksheet - 220 Direct Labor & Factory Overhead
    10:18
  • Excel Worksheet Download
    00:05
  • Worksheet - 225 Selling & Administrative Budget
    15:01
  • Discussion Question 1
    1 question
  • Accounting Comic Break
    00:16

  • 6 Cash Budget
    01:45
  • PDF - 230 Cash Budget
    00:08
  • 230 Cash Budget
    16:21
  • Excel Worksheet Download
    00:05
  • Worksheet - 230 Cash Budget
    18:35
  • Discussion Question 2
    1 question
  • Accounting Comic Break
    00:15

  • 7 Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    01:12
  • PDF - 240 Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    00:08
  • 240 Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    07:27
  • Excel Worksheet Download
    00:05
  • Worksheet - 240 Budgeted Cost of Goods Manufactured & Cost of Goods Sold
    09:16
  • Discussion Question 3
    1 question
  • Accounting Comic Break
    00:15

  • 8 Budgeted Income Statement
    01:15
  • PDF - 250 Budgeted Income Statement
    00:08
  • 250 Budgeted Income Statement
    05:40
  • Excel Worksheet Download
    00:05
  • Worksheet - 250 Budgeted Income Statement
    05:57
  • Discussion Question 4
    1 question
  • Accounting Comic Break
    00:17

  • 9 Budgeted Balance Sheet
    01:18
  • PDF - 260 Budgeted Balance Sheet
    00:08
  • 260 Budgeted Balance Sheet
    13:22
  • Excel Worksheet Download
    00:05
  • Worksheet - 260 Budgeted Balance Sheet
    13:49
  • Short Calculation Questions
    14:11
  • Discussion Question 5
    1 question
  • Accounting Comic Break
    00:15

  • 10 Verify The Budget
    01:07
  • Excel Worksheet Download
    00:05
  • Worksheet - 270 Verify The Budget
    27:12
  • Discussion Question 6
    1 question
  • Accounting Comic Break
    00:14

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 16,923 Reviews
  • 352,776 Students
  • 97 Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

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