Reference no: EM131306935
Part A
1. Using the data in the Appendices regarding Cherokee Hospitality Equipment & Supplies business, complete the following:
a) List all personnel you would consult with in order to gain adequate advice prior to commencing your reports.
b) Determine management requirements
c) Prepare a 1 year budget & projected financial statement including:
d) Sales forecast, taking into account additional information in Appendix F
e) Estimated expenses / inventory costs
f) Estimated profits
g) Ensure report layout and format comply with management information requirements, are clear and error-free
Note: You must use appropriate spreadsheet or accounting software to undertake this task.
Part B
1. Using the data in the Appendices regarding Cherokee Hospitality Equipment & Supplies business, you are to compare their budgeted figures against actual figures located below:
Cherokee Hospitality Equipment & Supplies 1 year result:
Total Sales: $1,623,000
Total Purchases: $701,400
Total Expenses: $402,000e
You are to undertake the following:
a) Prepare a variance analysis between budgeted and actual figures
b) Ensure report demonstrates major differences and areas of underperformance
c) List the discrepancy and analyse it as a positive or negative one Locate the area and give at least 5 reasons why the discrepancy may have occurred
d) Utilise the data provided to determine the effectiveness of the cost budgeting techniques used
e) Give recommendations as to how their variance may be corrected for future budgets for the business. These recommendations should include systems to ensure mentoring and coaching.
The variance report should be submitted along with a written report detailing the answers to the above questions.
Attachment:- MYOB assignment.pdf
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