Accounting 10, 20, 30

(a)	Define the functions, goals, purposes and advantages of a budget and the budgeting process.
(b)	Differentiate between the concepts of planning and control when discussing budgets.
(c)	Identify and present the contributions of five types of budgets including sales, purchases, cost of goods manufactured, selling and administrative expense and cash to the master budget as part of the profit planning process.
(d)	Organize and construct a budgeted income statement and budgeted balance sheet based on budget information.
(e)	Differentiate and describe the variances (e.g., manager’s performance or because of production/ market/ economic conditions) between budgeted and actual data that require further investigation.
(f)	Compare and outline the differences between a master budget and a flexible budget using what-if questions to observe changes in net income/loss, using variations in selling price, fixed costs, variable administration expense.