Read the scenario located in “Problems – Series A,” section 8-19A of Ch. 8, “Performance Evaluation,“ of Fundamentals of Managerial Accounting Concepts. This scenario puts you in charge of preparing a budget for the Redmond Management Association annual public relations luncheon.
Continue to the Prepare a Flexible Budget tab.
Use Excel® – showing all work and formulas – to complete the following:
Prepare a flexible budget.
Compute the sales volume variance and the variable cost volume variances based on a comparison between the master budget and the flexible budget.
Compute flexible budget variances by comparing the flexible budget with the actual results.
Continue to the Presentation tab.
Mr. Snow was extremely upset with the budget deficit. He immediately called you, the treasurer, to complain about the budget variance for the meal cost. He told you that the added dessert caused the meal cost to be $4,810 ($25,110 – $20,300) over budget. He added, “I could expect a couple hundred dollars one way or the other, but several thousand is totally unacceptable. At the next budget meeting of the budget committee, I want you to explain what happened.”
Create a 6- to 8-slide presentation for the budget committee meeting showing your findings and recommendations from your computations.
Complete the following in your presentation:
Summarize the results of the sales volume and variable cost volume variances computations based on the comparison between the master budget and the flexible budget.
Summarize the results of the flexible budget variances computations based on the comparison between the flexible budget and the actual results.
Justify the favorable or unfavorable budget variances.
Since this is a not-for-profit organization, address why anyone should be concerned with meeting the budget.
Make recommendations for what can be done differently to stay on budget for future luncheons. Provide specific examples to support your recommendations.
Include speaker notes.
ACC-201-R3860 Financial Accounting 22EW3OverviewIn previous modules, you examined the initial stages of the
accounting cycle and practiced journalizing financial transactions. In
Milestone One, you will complete the first part of your course project
to demonstrate your ability to accurately record financial data, which
will continue to be used to complete other parts of the project.
ScenarioYou are a certified public accountant (CPA) who is working with a
small bakery to prepare their financial statements for three months of
the current fiscal year. Because the company is a startup and so small,
the accounting is done manually in Microsoft Excel. You have been given
the accounts and information you need to prepare their financial
statements, but you will need to use the accounting cycle to report
accurate information to the finance department.
PromptRecord Financial Data: Use accepted accounting principles to accurately capture business transactions for October, November, and December in the Company Accounting Workbook Template Spreadsheet using the data provided in the Accounting Data Appendix Word Document.
Specifically, you must address the following rubric criteria:
Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.
Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.
Inventory Valuation: Prepare entries for the month
of December to reflect the new line of products offered by the company,
which includes using the entries from the “Inventory Valuation” tab to
complete your journal for the month of December.
Guidelines for SubmissionUsing the provided template, submit your company accounting workbook
with the following portions completed: October, November, and December
journal entries; the “T Accounts” tab; and the “Inventory Valuation”
tab. This should be completed and submitted using Microsoft Excel.
Please note that there are drop-down menus embedded in the “Accounts”
columns as well as formulas throughout the spreadsheet to help you
complete the workbook without accidentally introducing errors.
Week 2 IDEA Assignment Attached Files: File Ames_AR.xlsx (25.511 KB) File Ames_Inventory.xlsx (19.438 KB) File IDEA Week 2 ACG EssayAccounting Assignment Help Week 2 IDEA Assignment
File Ames_AR.xlsx (25.511 KB)
File Ames_Inventory.xlsx (19.438 KB)
File IDEA Week 2 ACG 4651.docx IDEA Week 2 ACG 4651.docx – Alternative Formats (18.386 KB)
File To Modify a field type in IDEA.docx To Modify a field type in IDEA.docx – Alternative Formats (595.166 KB)
Assignment Click for more options IDEA Assignments:
IDEA is analytical software commonly used in auditing. There is a link in “Getting Started” to the software which you downloaded in week 1. This software is needed again for assignments this week. Remember to use the tutorial videos provided by IDEA
CaseWare IDEA Tutorials: Importing An Excel Spreadsheet
YouTube URL: http://www.youtube.com/watch?v=8Lie1SYd2lA
IDEA 10: Direct Extraction
YouTube URL: http://www.youtube.com/watch?v=l-EGig9ekco
IDEA Assignments –
read the article and the answer the questionsRead the Wall Street Journal articleLinks to an external site. before you begin the assignment. The article will give you some context and provide you with a list of potential firms. and then answer the quetions that in the attached file.
The video shown below demonstrates how to use sec.gov to access the company’s latest 10-K (iXBRL version), as well as its footnotes. For this project, you have to use sec.gov.
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