Explain steps to be taken to ensure accurate financial data

Assignment Help Other Subject

Reference no: EM132326111

Communicating Accounting Information Assignment - Communicate accounting information appropriately to various stakeholders in support of managerial decision making.

Learning Objectives

Create a slide presentation that depicts pertinent details of the business case.
Create a slide presentation that explains how the company could prevent embezzlement.
Create a slide presentation that depicts the steps an organization should take to ensure accurate financial data.
Prepare a business memo.
Explain variances in a performance report.
Suggest possible causes of variances in a performance report.
Propose possible remedies for variances in a performance report.
Explain how various alternatives to discounted cash flows provide information to help make capital investment decisions.
Explain the types of qualitative information that are used to make capital investment decisions.
Prepare a business email.
Determine the appropriate transfer pricing method to use for a given situation.
Explain the usefulness of a flexible budget in specific business cases.
Explain the purpose of break-even analysis.
Explain the usefulness of break-even analysis on decision-making.

Assignment Overview -

This Performance Task Assessment includes six parts. Each part involves a different case scenario that will challenge you to apply your knowledge about how to communicate accounting information in different business situations. You are strongly encouraged to use the Academic Writing Checklist when completing this Assessment.

Your response to this Assessment should:

Reflect the criteria provided in the Rubric.
Adhere to the required length.
Conform to APA style guidelines. You may use Walden Writing Center's APA Course Paper Template here.

Professional Skills: Written Communication, Technology, and Critical Thinking and Problem Solving are assessed in this Competency.

For each scenario, you will assume an important role within a fictional company and analyze various aspects of that company using accounting tools and measures.

Access the following to complete this Assessment:

Widget Company Performance Report
Investment Proposals
Graphic Art
JWIS Break-Even Analysis

This assessment has six-parts. Click each of the items below to complete this assessment.

Part 1: Ensuring Accurate Financial Data

Scenario - You work for a company that has recently experienced a case of embezzlement. The management team is looking for ideas on how it can prevent this from happening in the future and has asked you to present ideas during its next monthly meeting. Using the following case, prepare a 10-slide presentation that presents the details of the case and ideas for how the company could have prevented the embezzlement. Include details on how the company can ensure accurate financial data.

Jared Smith has served as the executive director of the Community Arts Organization for more than 10 years. The Community Arts Organization is led by a board of directors. Jared works independently. He receives all membership fee payments (cash and checks), and he pays all bills and reconciles the checking account. No one reviews Jared's work and the Community Arts Organization is not regularly audited.

Over the course of the past 5 years, Jared has committed fraud and embezzled nearly $400,000. Jared deposits membership fee payments directly into his own bank account. He also writes Community Arts Organization checks to himself and has created phony companies that he writes checks to and deposits the checks into his own bank account.

Part 2: Explaining Variances in Performance Reports and Suggesting Possible Causes and Remedies

Read the "Widget Company Performance Report" document, provided with this Assessment. Imagine that you are the manager of the production department at the Widget Company and you have been asked to explain the variances found in a performance report, propose possible causes, and make suggestions for how the variances can be remedied. Using the information provided in the Widget Company Performance Report, prepare a memo to your boss that explains the possible causes of the variances in the performance report, and suggest how the company can remedy them. (1 - 2 pages)

Part 3: Alternatives to Discounted Cash Flows, the Information They Provide to Inform Capital Investment Decisions, and the Types of and Usefulness of Qualitative Information on the Decision-Making Process

Scenario - As a new product development manager, you are considering investment proposals for two mutually exclusive investment opportunities. The projects have been analyzed using net present value (NPV), internal rate of return (IRR), payback, and accounting rate of return (ARR), and the results are presented in the Investment Proposals document.

Assume the company requires a minimum return of 16% and a payback of 3 years. Evaluate the projects using the analysis provided and write a brief report that makes a recommendation based on the data. Also include qualitative factors that should be considered and an explanation of how they would impact the recommended investment decision. (1 page)

Part 4: Using Transfer Pricing Methods

Scenario - Graphic Art, Inc. has a print division that produces art prints in China and a Retail Division in Greece that sells the prints. The Print Division has a low 20% income tax rate and the Retail Division has a high 50% income tax rate. The Retail Division in Greece is subject to a 10% import duty on the transfer price of all imported products. Both China and Greece allow firms to use either variable or full cost as the transfer price. The Graphic Art document summarizes both transfer pricing methods.

Assuming both divisions have significant positive taxable income, write a business email that describes the transfer pricing method that you think Graphic Art, Inc. should use. Be sure to cite the data from the spreadsheet. (2 - 3 paragraphs).

Part 5: The Flexible Budget

Scenario - As the newly promoted general manager of the Widget Company, you prepared a performance report using Excel and presented this to your boss. (See "Widget Company Performance Report.") Your boss e-mailed you and asked for more information regarding the usefulness of a flexible budget report to assess performance. Prepare an e-mail to your boss explaining why the flexible budget provides more useful information than a static budget. (3 - 4 paragraphs)

Part 6: Break-Even Analysis and Decision Making

Scenario - Jaden Water Inspection Service tests water quality for industrial applications.

Jaden receives $150 for each inspection and wants to expand its business by adding another employee and vehicle. Jaden anticipates that another employee would add 60 additional inspections per month. Jaden has determined that the average cost for each inspection is $45. The fixed costs for a new employee and vehicle are $3,000 per month.

To persuade his investors that adding another employee is a good idea, Jaden prepared a break-even analysis. (See the "JWIS Break-Even Analysis" document.) Assume the role of Jaden and prepare a report that includes the following (1 to 2 pages):

An explanation of the purpose of a break-even analysis as it relates to this case.
Based on the break-even analysis, an explanation of why the additional employee is a good investment.

Sub-Competency 1: Explain the steps to be taken to ensure accurate financial data.

Sub-Competency 2: Prepare a memo to a subordinate asking for clarification of the variances found in a performance report and suggest possible causes and remedies.

Sub-Competency 3: Explain how various alternatives to discounted cash flows provide information to help make capital investment decisions as well as the types of and usefulness of qualitative information on the decision-making process.

Sub-Competency 4: Create a business email that demonstrates the appropriate transfer pricing method to use for a given situation.

Sub-Competency 5: Explain the usefulness of a flexible budget.

Sub-Competency 6: Explain the purpose of break-even analysis and its usefulness in decision-making.

Attachment:- Assignment Files.rar

Reference no: EM132326111

Questions Cloud

Ensure the students are using this tool appropriately : Some schools are equipped with technology, such as iPads, for each student. How can you ensure the students are using this tool appropriately in the classroom?

Explores professional ethics and responsibilities : Explores professional ethics and responsibilities. You can use information from the CSU Online Library or other reliable sources

Important aspects of corporate strategy : What are the most important aspects of corporate strategy? Support your ideas with concepts from the material we have covered so far as well as

Considering the organizational chart of av corporate : In considering the organizational chart of AV Corporate, do you think the structure fits strategy?

Explain steps to be taken to ensure accurate financial data : IG011 Communicating Accounting Information Assignment, Walden University, USA. Explain the steps to be taken to ensure accurate financial data

What generally accepted accounting principles are required : What generally accepted accounting principles or concepts are required with depreciation, depletion, and amortization of long-term assets?

Identify and describe your business : Identify and describe your business? What depreciation method will you use to depreciate this asset? Explain why. How does depreciation affect income statement.

Porter five forces model : Explain how industry attractiveness can be determined using the Porter's five forces model?

Management and leadership functions and traits : Compare and contrast management and leadership functions and traits. your personal leadership philosophy?

Reviews

len2326111

6/21/2019 11:01:59 PM

Please find below the professor comments and your expert need to fix these comments as asked. Also, work in every point mentioned at improving the score to rubric point 3 exceed expectations. This task will be submitted in 2 parts (APA file & Powerpoint) I have already worked on ppt. Email from Prof.:- you have a good start on passing this assessment. Please see my feedback in the rubric and let me know what questions you have. When you re-submit, you do not have to send in your PowerPoint as it was fine! I look forward to reading your next submission.

6/21/2019 11:01:52 PM

This Assessment requires submission of two (2) files. Save your files as follows: Save Part 1 as IG011_Part1_firstinitial_lastname (for example, IG011_Part1_J_Smith). Save Parts 2-6 as IG011_Parts2-6_firstinitial_lastname. Instructions - Before submitting your Assessment, carefully review the rubric. This is the same rubric the assessor will use to evaluate your submission and it provides detailed criteria describing how to achieve or master the Competency. Many students find that understanding the requirements of the Assessment and the rubric criteria help them direct their focus and use their time most productively.

6/21/2019 11:01:46 PM

Rubric - Response demonstrates the same level of achievement as “2,” plus the following: More than three details of the business case are presented. More than three methods are presented. The steps are related to two recent high profile fraud cases. There is an opening that defines the context and the task, a summary discussion, and a closing. Response accurately explains whether or not all variances in performance reports should be examined. Response identifies three reasons for variances that could result from external factors over which the organization has no control.

6/21/2019 11:01:38 PM

Response discusses the stakeholders involved in the remedies and the effect of the remedies on the stakeholders. Response identifies the weaknesses of the alternative methods. Response includes rationale to support the use of qualitative information to make capital investment decisions. The email starts with a greeting, sentences are short and concise, and information is easy to find and understand. Bullet points are used for lists instead of burying them in the verbiage. Response includes a comparison of full-cost transfer pricing to variable cost transfer pricing and the related incentives. Response includes an explanation of when a static budget should be used as a benchmark.

6/21/2019 11:01:31 PM

Response includes a discussion of break-even analysis when more than one product is produced. Response includes an example of how break-even analysis could be helpful to a specific company with which the student is familiar. Writing is consistently well-organized. Introductions, transitions, and conclusions are used effectively to enhance clarity, cohesion, and flow. APA conventions for attribution of sources, structure, formatting, etc., are applied correctly and consistently throughout the paper. Sources are consistently cited appropriately and accurately.

6/21/2019 11:01:20 PM

Vocabulary and tone are consistently tailored to the audience and effectively and directly support communication of key concepts. Images and design elements are used purposefully, and they effectively support audience engagement and understanding of key concepts. Response provides a detailed and compelling analysis of implications of fallacies and logical weaknesses in a given argument. Response justifies the reasonableness and need for assumptions in an original argument.

Write a Review

Required(*) Message

User Account

All Pages