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ACC 543B – Compt 2

Competency Assessment Title: Flexible Budget

Assignment Directions

Review the scenario and complete the activity below. This scenario can also be found in the “Problems – Series A” section 8-19A of Ch. 8,

“Performance Evaluation,” of Fundamental Managerial Accounting Concepts.

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 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 detailed speaker notes.

    ACCCB/543 Competency 2 Assessment and Rubric
    Course Title: Managerial Accounting and Legal Aspects of Business
    Competency Assessment Title: Flexible Budget
    Assignment Directions
    Review the scenario and complete the activity below. This scenario can also be found in the “Problems – Series A” section 8-19A of Ch. 8,
    “Performance Evaluation,” of Fundamental Managerial Accounting Concepts.
    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 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 detailed speaker notes.
    Copyright 2021 by University of Phoenix. All rights reserved.
    ACCCB/543 Competency 2 Rubric
    Page 2 of 3
    Competency Assessment Rubric
    Assignment/Performance
    Criteria
    Mastery
    100%
    Meets Expectations
    85%
    Not Met
    0%
    1. Flexible Budget
    (weight 15%)
    Created a flexible budget in
    Excel, showing all work and
    formulas, and all calculations
    are correct.
    Created a flexible budget in
    Excel, showing most work
    and formulas, and most
    calculations are correct.
    Created a flexible budget in Excel, showing
    minimal work and formulas, and some
    calculations are correct or did not create a flexible
    budget.
    2. Sales Volume and
    Cost Volume Variances
    (weight 15%)
    In Excel, all components of
    the computations of the sales
    volume and variable cost
    volume variances based on a
    comparison between the
    master budget and the
    flexible budget were correct.
    In Excel, most components of
    the computations of the sales
    volume and variable cost
    volume variances based on a
    comparison between the
    master budget and the
    flexible budget were correct.
    In Excel, some components of the computations
    of the sales volume and variable cost volume
    variances based on a comparison between the
    master budget and the flexible budget were
    correct did not compute the sales volume and
    variable cost volume variances based on a
    comparison between the master budget and the
    flexible budget.
    3. Flexible Budget
    Variance
    (weight 15%)
    In Excel, computation of
    flexible budget variances
    based on comparison
    between the flexible budget
    with the actual results was
    completely correct.
    In Excel, computation of
    flexible budget variances
    based on comparison
    between the flexible budget
    with the actual results was
    mostly correct.
    In Excel, computation of flexible budget variances
    based on comparison between the flexible budget
    with the actual results was somewhat correct or
    did not compute flexible budget variances based
    on comparison between the flexible budget with
    the actual results.
    4. Results: Sales Volume
    and Variable Cost
    Volume Variances
    (weight 10%)
    Thoroughly summarized the
    results of the sales volume
    and variable cost volume
    variances computations
    based on a comparison
    between the master budget
    and flexible budget from a
    creative and innovative
    perspective.
    Partially summarized the
    results of the sales volume
    and variable cost volume
    variances computations
    based on a comparison
    between the master budget
    and flexible budget.
    Narrowly summarized the results of the sales
    volume and variable cost volume variances
    computations based on a comparison between
    the master budget and flexible budget or did not
    summarize the results of the sales volume and
    variable cost volume variances computations
    based on a comparison between the master
    budget and flexible budget.
    Copyright 2021 by University of Phoenix. All rights reserved.
    ACCCB/543 Competency 2 Rubric
    Page 3 of 3
    Assignment/Performance
    Criteria
    Mastery
    100%
    Meets Expectations
    85%
    Not Met
    0%
    5. Results: Flexible
    Budget Variances
    (weight 10%)
    Thoroughly summarized the
    results of the flexible budget
    variances computations
    based on a comparison
    between the flexible budget
    and actual results from a
    creative and innovative
    perspective.
    Partially summarized the
    results of the flexible budget
    variances computations
    based on a comparison
    between the flexible budget
    and actual results.
    Narrowly summarized the results of the flexible
    budget variances computations based on a
    comparison between the flexible budget and
    actual results or did not summarize the results of
    the flexible budget variances computations based
    on a comparison between the flexible budget and
    actual result.
    6. Justified Budget
    Variances
    (weight 10%)
    Thoroughly justified the
    favorable or unfavorable
    budget variances from a
    creative and innovative
    perspective.
    Partially justified the favorable
    or unfavorable budget
    variances.
    Narrowly justified the favorable or unfavorable
    budget variances or did not justify the favorable or
    unfavorable budget variances.
    7. Meeting the Budget
    (weight 10%)
    Thoroughly discussed why
    someone should be
    concerned with a not-for-profit
    organization meeting the
    budget from a creative and
    innovative perspective.
    Partially discussed why
    someone should be
    concerned with a not-for-profit
    organization meeting the
    budget.
    Narrowly discussed why someone should be
    concerned with a not-for-profit organization
    meeting the budget or did not discuss why
    someone should be concerned with a not-for-profit
    organization meeting the budget.
    8. Recommendations
    (weight 15%)
    Provided thorough, creative,
    and innovative
    recommendations for staying
    on and supported all
    recommendations with
    examples.
    Provided partial
    recommendations for staying
    on budget and supported
    most recommendations with
    examples.
    Provided narrow recommendations for staying on
    budget and supported some recommendations
    with examples or did not provide
    recommendations for staying on budget.
    Copyright 2021 by University of Phoenix. All rights reserved.

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