Category: Accounting

Flexible Budget

Posted on | by Brian Leakey

Scenario: The Redmond Management Association held its annual public relations luncheon in April Year 2. Based on the previous year’s results, the organization allocated $25,290 of its operating budget to cover the cost of the luncheon. To ensure that costs would be appropriately controlled, you, the treasurer, prepared the following budget for the Year 2 luncheon.

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.

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. 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.

Brand positioning

Posted on | by Brian Leakey

Brand positioning is an important process in the overall marketing strategy that influences advertising and public relations. By understanding how to position the brand based on customer preferences, targeted messages (such as advertising and other forms of communication) appeal to the segmented customer groups.
Once the brand is positioned in the marketplace, the next step is to target customers with specific marketing messages, personalized, and appealing to current loyal customers and new, prospective customers. This is why demographic and psychographic variables are important when segmenting customer groups and developing marketing and public relations messages.
How do you do this? It starts with customer and competitor research.
To prepare for this assignment, do the following:
• View the What is SWOT Analysis? | A SWOT Analysis of Amazon
• Check out the sample SWOT analysis
Add the following 3 main ideas in your 3-5 page assignment:
• Create a SWOT analysis of your favorite brand. Use the SWOT template to help you with your SWOT analysis. Include the name of the brand, a bit about its history (which you can find on its Web site), what it sells, and any other identifying information. Then, list 2–3 competitors of the brand. Were you surprised by its competitors? Explain. Use this SWOT template from Microsoft. Remember to watch the Starbucks SWOT analysis video.
• Find the following about the brand:
o 2 strengths
o 2 weaknesses
o 2 opportunities
o 2 threats
• Find at least 1 public relations piece from the Web site or other sources such as a social media site, a blog, or a video. Briefly explain your perception of the brand.

Net Investment in Lease

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How is NIL affecting the way the specific school/conference/division looks (structure) and works (function), now and in the future!

Framework:

Emotional Intelligence
Questions to ask yourself:
How did the Athletic Leader(s) initially react to the issue/topic/scenario?
How did the Athletic Leader(s) respond with time/space for self-assessment?
How did the Athletic Leader(s) demonstrate social awareness?
How did the Athletic Leader(s) demonstrate managing key relationships?
Use this as the lens through which you FIND the specific primary/secondary articles that will be most relevant.

Fund Accounting, Nonprofit Entities, and Government Entities

Posted on | by Brian Leakey | Leave a Comment on Fund Accounting, Nonprofit Entities, and Government Entities

 

What is fund accounting? According to the authors of your textbook, Debra C. Jeter and Paul K. Chaney (2022), “Accounting for nonbusiness organizations is
referred to as fund accounting. Nonbusiness organizations are economic entities that are organized to provide a socially desirable service without regard to
financial gain. In contrast, business enterprises are designed to earn a return on investment for equity investors, operate in a competitive market, and face
liquidity concerns.”
In this short paper, you will explore fund accounting, including the principles, standards, and methods used. You will also explain the differences between
government entities, nonprofit entities, and partnerships.
Directions
Use the resources for the principles, standards, and methods for the different types of organizations, linked in the Supporting Materials section, and your
textbook to research fund accounting. Also use the resources to research the differences between government entities, nonprofit entities, and partnerships.
Specifically, you must address the following rubric criteria:
Explain the principles and methods used for fund accounting.
Explain how government entities use fund accounting.
Explain how nonprofit entities use fund accounting.
Describe at least one rule for each of the following:
Government entities
Nonprofit entities
Partnerships
Your response should include a total of three to six rules.
Explain at least three main differences between the following:
Government entities
Nonprofit entities
Partnerships

Loan request

Posted on | by Brian Leakey

QUESTION 1 of 2 Required: Critically evaluate the loan request outlined below and recommend whether you would lend the requested amount. Your answer must indicate the relevant facts of the case; the appropriate concerns with this loan proposal and provide the relevant recommendations.

The Bank of Monash has just received a loan proposal from an established client seeking to buy a local mixed grocery store / convenience food store. John and Joan Jones have been customers with the Bank of Monash for the past seven years. Until two years ago they were the hard-working owners of the local dry cleaners and laundromat. Their business was well run and profitable, mainly servicing the needs of the local university staff and student population. As a result of the skills learned while cleaning graduation gowns, their business had also built up a profitable side line in cleaning wedding gowns and similar formal clothes. After working long hours for the previous five years John and Joan had sold their dry cleaners and took a long-overdue extended holiday. After their long holiday John and Joan have worked as managers in several other cleaning businesses specialising in formal wear. Now feeling refreshed and ready to meet the challenges of running a small business again, John and Joan seeking to borrow from the Bank of Monash to buy another small business serving the needs of the Monash community. They are seeking to borrow $220,000 as a five-year term loan as well as an overdraft (line of credit) of $25,000 The business the John and Joan are seeking to buy is Mario’s Monash Munchies (MMM). MMM has been part of the Monash community since 1958. The business has changed hands a number of times since it was established, the well-recognised name has stayed with the business. MMM is a small grocery and convenience store that provides a range of products to Monash community as well as a limited range of fast food items such as hot pies, coffee and soups. While the prices charged by MMM are a bit higher that the supermarket prices, MMM offers the advantage of being on campus and open for longer hours during semester (MMM has a long-term lease arrangement with the university student union). This has made MMM something of a Monash University institution, particularly with students dropping in after evening class to have a cup of soup to eat when catching the bus or train home. The most recent financial statements and balance sheet from MMM for the last three years together with a forecast for 2024 are provided below.

Service firms that might use job-order costing

Posted on | by admin3

 

Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial post should be a minimum of 300 words in length, and is due on Sunday. By Tuesday, you should respond to two additional posts from your peers.
Question A
Give some examples of service firms that might use job-order costing, and explain why it is used in those firms.
Question B
What is activity-based product costing and when is it beneficial?