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Participative budgeting can be very frustrating for accountants. The dilemma is that in order for this plan to be effective, then the responsible manager must

Participative budgeting can be very frustrating for accountants. The dilemma is that in order for this plan to be effective, then the responsible manager must own the “numbers”. However, most operating managers have little knowledge of how to create a budget. This week’s competency check involves both operating and financial budgets. Pay attention to each section of the process and what data is required from non-accountants.

Requirement: Watch the Video for instructions.

Present the Schedules you prepared for the CFO in a professional Word Document.  Format should be an entire schedule on one page (do not have it continued on a second page-place a page break if needed), 12 point font, Table of Contents and Executive Summary.  Include at least 3 sentences after each schedule describing how the numbers were calculated and flow from one schedule to the next.  Executive Summary should include final recommendations for Cash Borrowing needs and any additional pertinent information for upper management.  Must include Excel file attachment for backup.  Excel schedules should be imbedded in the Word Report.

Excel Budget Template attached.

Formal Budget Report is required – Should have calculations and explanation of information. 

All calculations should have a format in excel

PLEASE MAKE SURE ALL CRITERIA IS MET

Criteria

Section 1: The student is able to prepare the sales budget and the related schedule of cash collections based on the data provided.

Section 2: The student is able to prepare the production budget and related schedule of cash disbursements based on the data provided and the results from the previous schedules.

Section 3: The student is able to prepare the direct materials budget and related schedule of cash disbursements based on the data provided and the results from the previous schedules.

Section 4: The student is able to prepare the direct labor budget and manufacturing overhead budget based on the data provided and the results from the previous schedules.

Section 5: The student is able to prepare the Ending finished goods and Selling and Administrative Expense budget based on the data provided and the results from the previous schedules.

Section 6: The student is able to prepare the cash budget based on the data provided and the results from the previous schedules.

Section 7: The student is able to the budgeted income statement and balance sheet based on the data provided and the results from the previous schedules.

Analysis of budget schedule calculations and inter-relationship of budget schedules.

Mechanics and Formatting The budget is formatted appropriately, and appropriate Excel functions and formulas are used properly calculate results throughout the worksheet.

Managerial Accounting

Analyze and interpret the provided budgetary information to support operational planning, decision making and performance evaluation, and recommend possible courses of action.

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