Classify the following activities as primarily managerlal accounting or financlal accounting: a Preparing a cash budget for the next quarter. b. Analyzing the profitability of a request from a potential customer. C Accumulating the transactions for the previous six months to prepare an income statement. d. Preparing a weekiy performance report for the branch manager. e Preparing an announcement to be released to the financial analysts.
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- Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an accounting intern, who has asked for your guidance on how to prepare an income statement format that will be distributed to management. Subtotals and totals are included in the information, but you will need to calculate the values. A. In the correct format, prepare the income statement using the following information: B. Calculate the profit margin, return on investment, and residual income. Assume an investment base of $100,000 and 6% cost of capital. C. Prepare a short response to accompany the income statement that explains why uncontrollable costs are included in the income statement.Marvin has been thinking about the fields of managerial and financial accounting and the functions of management within an organization. He has the following list of statements to understand. Identify them as true or false. A. Managerial accounting reports are prepared only quarterly and annually. B. Financial accounting reports are general-purpose reports. C. Managerial accounting reports pertain to subunits of the business. D. Managerial accounting reports must comply with GAAP. E. The company treasurer reports directly to the vice president of operations.Sigma PLC are a Certified Chartered Management Accountant firm. The firm has a number of clients who regularly require support concerning monthly and quarterly management accounting issues. The key issue that has been raised by a major client, Barry Prior PLC is around the scope, purpose and procedures involved in the annual budgeting process. To assist with the client’s query, the Accounting firm has been asked by the Senior Partner to prepare a report to highlight the key characteristics of budgeting. REQUIREMENT : Prepare a report that: 1.Describes the SIX main purposes of budgeting 2.Explains the difference between fixed and flexible budgets 3. Briefly outlines the functional budgets that may be prepared as part of the budgeting process. 4.Describes TWO behavioural issues that may arise from the budgeting process.
- For the following activitie, explain which of the objectives of managerial accounting activity is involved. In some cases, several objectives may be involved. Estimating the annual operating cost of a newly proposed Wells Fargo branch bank.Sigma PLC are a Certified Chartered Management Accountant firm. The firm has a number of clients who regularly require support concerning monthly and quarterly management accounting issues. The key issue that has been raised by a major client, Barry Prior PLC is around the scope, purpose and procedures involved in the annual budgeting process. To assist with the client’s query, the Accounting firm has been asked by the Senior Partner to prepare a report to highlight the key characteristics of budgeting. Prepare a report that: Describes the SIX main purposes of budgeting. Explains the difference between fixed and flexible budgets. Briefly outlines the functional budgets that may be prepared as part of the budgeting process. Describes TWO behavioural issues that may arise from the budgeting process.For the purpose of process analysis, which of the following measures would be considered an appropriate flow unit for analyzing the main operation of a local accountingfirm? Instructions: You may select more than one answer.a. Number of accountants working each weekb. Number of tax returns completed each weekc. Number of customers with past-due invoicesd. Number of reams of paper received from suppliers
- A budget is a detailed plan of all the economic activities of a business. It acts as a business barometer. It is usually prepared in the light of past experience. It is a constant endeavor of the management.You have been recently hired as general manager of Lucky’s. It is September 1, and you must prepare the operating budget of this establishment for the first quarter of the upcoming calendar year, and submit it to the corporate office. Since you have been at the operation for only a month or so, you must rely solely on historical data. You gather sales reports and records for the months of January through August of the current year. Using the data and the budget worksheet provided, prepare the operating budget for Lucky’s for the months of January through March of the upcoming year. Here is the information you determined from the most recent sales and costs records (Please note that the first month has already been completed): Sales are 10 percent higher than those of the same month during the previous year. Food cost percentage is steady at 32 percent. Fixed labor costs are steady at $9,000 per month. Variable labor costs are 15 percent of sales. Occupancy costs will remain steady…Budgeting types Consider the following budgets and budget types. Which budget or budget type should be used to meet the following needs? a. Upper management is planning for the next five years. b. A store manager wants to plan for different levels of sales. c. The accountant wants to determine if the company will have sufficient funds to pay expenses. d. The CEO wants to make companywide plans for the next year.