Create a budgeted profit and loss statement for a manufacturing business.

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Subject: Business    / Accounting

Assessment Task 2 –Prepare Operational Budgets

Instructions to Student General instructions:

In an Excel spreadsheet templates provided you are required to:

• Create a budgeted profit and loss statement for a services business.

• Create a budgeted profit and loss statement for a manufacturing business.

• Compare and discuss the difference between the two profit and loss statements.

Information/materials provided: templates for budget are provided.

Assessment criteria: To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard:

• Prepare a budgeted profit and loss statements for 2 types of business.

• Determine a budget KPI.

• Discuss the differences between the 2 types of business budgets.

Assessment 2

Task 1

Below you are provided with details of two companies and their budgets. Prepare the budgets and answer the following questions.

A. From the following information relating to Marmax Consulting Services, prepare a budgeted profit & loss statement for the month of December 2016, showing the profit level required by management:

a. The fees budget estimate is achieved at 100 per cent

b. Only 80 per cent of the fees budget estimate is achieved

c. Nominate at least 1 Key Performance Indicator (KPI) in this budget

The fees budget shows a budgeted level of 1000 consultancy hours at $100 per hour.

Expenses are as follows:

Advertising is a fixed amount of $4,500 per annum plus 1.25 per cent of fees

Office wages $2,000 per month

Office supplies 10 cents per consultancy hour

Staff salaries $8,500 per month Staff commission 4 per cent of budgeted fees

Vehicle expenses $15,300 per annum plus 0.25 per cent of fees

Interest expense 15.5% per annum of a loan of $20,000

Legal fees $1,000 per month

Rates $12,900 per annum

Income tax 33 cents in the dollar

Fixed costs include: Office wages; Staff salaries; Legal fees; Rates

B. From the following information relating to Bailey’s Manufacturing Pty Ltd:

a Prepare the budgeted profit and loss statement for the month of December 2016. Actuals for this budget have not been determined at this time.

b Nominate at least 1 Key Performance Indicator (KPI) in this budget
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Baileys Manufacturing Pty Ltd

Sales Budget

Unit Sales

Unit Sales

Sales revenue

October

1,000

150

150,000

November

1,200

150

180,000

December

1,300

150

234,000
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Baileys Manufacturing Pty Ltd

Production Budget

Unit Sales

Closing Stock

Total required

Opening Stock

Estimated Production

October

1,000

50

1,050

150

900

November

1,200

70

1,270

50

1,220

December

1,300

90

1,390

70

1,320

The cost of production budget shows the manufacturing cost per unit as follows:

October $88

November $90

December $95
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Baileys Manufacturing Pty Ltd

Operating expenses budget

$

$

$

$

Expense

October

November

December

Total

Selling

9,000

9,500

9,000

27,500

Administration

1,000

2,000

1,500

4,500

Financial

2,000

2,000

3,000

7,000

Opening stock is valued at $88 per unit

The tax rate is 30per cent

Bailey’s Manufacturing Pty Ltd use Average cost for stock valuation

C. Examine the two budgeted profit and loss statement budgets and discuss the major differences between Budget A Marmax Consulting Services and Budget B Bailey’s Manufacturing Pty Ltd (Apart from the Actuals being presented for Budget A, and Budget B being over a quarter)

Task 2

In a word document answer the following the following budgeting theory questions.

A. Explain the principles of double-entry bookkeeping and how they affect the budgeting process.

 

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demonstrate your knowledge of the change process through a comprehensive analysis and discussion of the following aspects of organizational change.

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We have determined that change is inevitable and subject to a number of variables attributing to the success or failure of the change process. The Final Paper is an exploration of a change initiative that you have personally experienced or researched. The paper should demonstrate your knowledge of the change process through a comprehensive analysis and discussion of the following aspects of organizational change. Your paper must include:

An identification and description of a professional change initiative personally experienced or researched.
A discussion of the change initiative as seen through the eyes of the leader and the follower.
A discussion of the successes and failures experienced during the change event.
An analysis of the concepts and theories used to facilitate the change process.
An evaluation of the impact of the change upon the organization.
A discussion on the sustainability of the change effort.

You must incorporate concepts and theories relating to the change process as they apply to each section of the paper.
Writing the Final Paper
The Final Paper:

Must be eight to ten double-spaced pages in length (excluding the title and reference pages), and formatted according to APA style as outlined in the
Must include a title page with the following:

Title of paper
Student’s name
Course name and number
Instructor’s name
Date submitted

Must begin with an introductory paragraph that has a succinct thesis statement.
Must address the topic of the paper with critical thought.
Must use headers to identify the specific aspect of change within the paper.
Must end with a conclusion that reaffirms your thesis.
Must use at least three scholarly sources from the Ashford University Library, in addition to the course text.
Must document all sources in APA style as outlined in the

Must include a separate reference page that is formatted according to APA style as outlined in the Ashford Writing Center

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Discuss the British victories from 1758 to 1760 that gave victory to Great Britain over the French in North America.

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Discuss the British victories from 1758 to 1760 that gave victory to Great Britain over the French in North America. What impact did this victory have on the American colonies? At least 200 words and list the reference.

 

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identify and apply strategies select/design as well as applying methods/techniques from the marketing concept and present and communicate your findings.

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Business Environment
Introduction
The aim of this assignment is to measure the outcome of students learning in terms of knowledge acquired understanding and demonstrating skills or abilities gained in relation to achieving the learning outcomes.
Each area mentioned below should carry a detailed analysis including theories concepts models and industry examples.
The Assignment Scenario: You are asked to produce a report on an organisation(s) of your choice where appropriate. The main areas which must be covered within the report are seen below:
the purposes of different types of organisation
the extent to which an organisation meets the objectives of different stakeholders
the responsibilities of an organisation and strategies employed to meet them
how economic systems attempt to allocate resources effectively
the impact of fiscal and monetary policy on business organisations and their activities
the impact of competition policy and other regulatory mechanisms on the activities of a selected
organisation
how market structures determine the pricing and output decisions of businesses
the way in which market forces shape organisational responses using a range of examples
how the business and cultural environments shape the behaviour of a selected organisation
the significance of international trade to UK business organisations
the impact of global factors on UK business organisations
the impact of policies of the European Union on UK business organisations.
Merit
Within your answer where appropriate you should identify and apply strategies select/design as well as applying methods/techniques from the marketing concept and present and communicate your findings.
Distinction
You are asked to reflect and evaluate on your answer and justify any conclusions reached. It would also be beneficial if you demonstrate lateral thinking when referring to Nootrilitious and its current/potential markets.
Layout and referencing:
? The assignment must be in written format.
? Pages must be numbered at the bottom right side of each page.
? Spell check the document and make sure there are no grammatical errors.
? You must include a bibliography at the end to show where your information was sourced.
Achievement of a pass grade
A pass grade is achieved by meeting all the requirements defined in the assessment criteria for the unit.
Achievement of a merit or distinction grade
All the assessment criteria and merit grade descriptors need to be completed within the unit to achieve a merit grade
All assessment criteria merit and distinction grade descriptors must be completed within a unit to achieve a distinction grade
Plagiarism and Collusion
Any act of plagiarism and collusion will be seriously dealt with in accordance with the college regulations. Using the work of others without acknowledging source of information or inspiration is plagiarism. Even if the words are changed or sentences are put in different order it is still PLAGIARISM.
Collusion is described as the submission of work produced in collaboration for another assignment based on the assessment of individual work. When one person shares his/her work with others who submit part or all of it as their own work.
Extension and Late Submission
If you need an extension for a valid reason you must request one using an Extension Request Form available from the college. Please note that the lecturers do not have the authority to extend the coursework deadlines and therefore do not ask them to award a coursework extension.
Support Materials and Resource
Use of the internet and lecturers notes acceptable and encouraged.
The Business Environment Ian Worthington
Economics for Business: Blending Theory and Practice- Ian Worthington
Lecture Notes

 

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