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Introduction to Managerial Accounting Assignment

Question 1a Calculate the cash that TabComp can expect to collect during April. Show all of your calculations.

1b Determine the number of computer hardware units that should be ordered in January.

Solution:

1a. Statement showing Amount to be collected in the month of April:

1b. Number of computer hardware units that should be ordered in January

The order will be required to be made for March requirements. Statement showing the required Units:

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Question 2a Prepare a schedule of expected cash collections from sales, by month and in total, for the fourth quarter.

2b Assume that the company will prepare a budgeted balance sheet as of September 30. Compute the accounts receivable as of that date.

Solution:

2a. Schedule of Expected Cash collections from sales

2b.Statement showing Accounts Receivable as on September 30:

Question 3 An incomplete monthly flexible budget is given below for Bubbles Inc., a company that owns and operates a large automatic car wash facility.

Fill in the missing data in the flexible budget.

Solution: Flexible Budget

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Question 4 a) How does the budgeting process Coulson and Smith used at CSS differ from recommended practice?

4 b What are the behavioural implications of the way Coulson and Hill went about preparing the master budget?

Solution:

4 a. The recommended practices as per budgeting processes are formulation of the committee for budget preparation, determination of period for which budget is prepared, specification of guidelines for budget, budget preparation from top to bottom and the proper approval from the top management and timely review. Coulson and Smith have not used the sales of the previous year for the preparation of the budget for the current year. They must have based the budget on the past projections and the changing market requirements. The budgets prepared by the departmental managers are very high and it is very difficult to achieve them. The individual units of the budget are being completed at the individual level and then they reach to a final level after proper review and are said to be completed after proper approval from the management. And in this case, they both have themselves prepared the master budgets and are just using the top down approach and no active involvement of departmental managers is being done.

4 b. The behavioral implication of the master budget prepared by Coulson and Smith is that they have not estimated the actual working ability of their team which had led to a high budget in which it is very difficult to achieve the goals. The main purpose of the budgeting is to encourage the staff in achieving the goals of the organization set at monetary levels. The pattern of preparing budgets may lead to high level of dissatisfaction amongst the staff and thereby the reduction in the productivity. Hence it may also adversely affect the bonus and incentives of the employee as the level of targets are very high. As the targets are very high and the employees may not be able to achieve them thus it may create environment of tension and loss of trust amongst the organization.

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