Discuss the features of their budget

Reference no: EM131667355 , Length: word count:3000

Management Accounting Assignment

Your assignment consists of two reports.

Report 1 -

Choose a city in Australia (such as Melville City Council, Perth City Council) and use the internet to access its annual budget documents. Discuss the features of their budget and list three items in the budget that you found surprising or particularly interesting, and explain why.

Report 2 -

Problem - Marc Jackson has recently been hired as a cost accountant by Offset Press Company, a privately held company that produces a line of offset printing presses and lithograph machines. During his first few months on the job, Jackson discovered that Offset has been underapplying factory overhead to the Work0in-Process Inventory account, while overstating expenses through the General and administrative Expenses account. This practice has been going on since the start of the company, which is in its sixth year of operation. The effect in each year has been favorable, having a material impact on the company's tax position. No internal audit function exists at Offset, and the external auditors have not yet discovered the underapplied factory overhead.

Prior to the sixth-year audit, Jackson had pointed out the practice and its effect to Mary Brown, the corporate controller, and has asked her to let him make the necessary adjustment. Brown directed him no to make the adjustments, but to wait until the external auditors had completed their work and see what they uncovered.

The sixth-year audit has now been completed, and the external auditors have once again failed to discover the underapplication of factory overhead. Jackson again asked Brown if he could make the required adjustments and was again told not to make them. Jackson, however, believes that the adjustments should be made and that the external auditors should be informed of the situation.

Since there are no established policies at Offset Press Company for resolving ethical conflicts, Jackson is considering one of the following three alternative courses of action:

Follow Brown's directive and do nothing further.
Attempt to convince Brown to make the proper adjustments and to advise the external auditors of her actions.
Tell the Audit Committee of the Board of Directors about the problem and give them the appropriate accounting data.

Required-

1. For each of the three alternative courses of action that Jackson is considering, explain whether or not the action is appropriate.

2. Independent of your answer to requirement (1), assume that Jackson again approaches Brown to make the necessary adjustments and is unsuccessful. Describe the steps that Jackson should take in proceeding to resolve this situation.

Reference no: EM131667355

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Reviews

len1667355

10/3/2017 4:34:30 AM

Total 3000 words needed. Both reports have equal weightage. Format: A4 paper, corner stapled; no folders accepted; typewritten in 1½ spacing; pages must be numbered. A completed assignment cover sheet must be attached to the front of your assignment. Style Guide: Assignments should be closely checked for errors of typing, spelling, grammar, etc. Where you use specific material from any source, you must provide reference to the specific quotation, and all sources consulted must be included in a bibliography at the end of your assignment.

len1667355

10/3/2017 4:34:25 AM

Adequate choice of city council - Council choice is appropriate as per the scope of the assignment requirements. Discussion of budget features - Extensive thought and detail is used to discuss accurate budget features within the chosen council budget. Identification of 3 budget items that are surprising - 3 items are well thought out and would be the best choice as surprising items within the chosen council budget. Explanation as to why the items are surprising or interesting - Excellent explanations are given as to why the items listed are surprising or interesting, concise but accurate detail is also provided. Research, referencing and format - Students used extensive scholarly references, the paraphrasing was excellent and well cited, and the format was exemplary as to how a professional academic report should be presented.

len1667355

10/3/2017 4:34:20 AM

Explanation in relation to action appropriateness - Extensive thought and detail is used to justify explanation under each action. Steps relating to resolution - Extensive steps were researched, justified and presented. Research, referencing and format - Students used extensive scholarly references, the paraphrasing was excellent and well cited, and the format was exemplary as to how a professional academic report should be presented.

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