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Focus Competencies In this project, you will demonstrate your mastery of the following competencies: Describe how managerial accounting supports management information systems Utilize managerial...

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Focus

Competencies

In this project, you will demonstrate your mastery of the following competencies:

  • Describe how managerial accounting supports management information systems
  • Utilize managerial accounting techniques and models to support an organization’s strategic plan
  • Explain how managerial accounting is used to make decisions about short-term business opportunities, capital investments, and evaluating operational performance

Scenario

Your business has been open for a month, and you have prepared an income statement and completed a variance analysis on the data. Now you will meet with investors and a few other internal stakeholders to share your company’s progress over the past month and how it has performed with respect to your cost and budget projections. The investors would like to see the thought process behind your financial strategy and how your company has performed in its first month. They have therefore asked you to present a report that includes the costing and income data from your Project Workbook.

Directions

Submit a detailed report to your potential investors and other stakeholders to explain and defend your costing strategies and to share your business’s performance to date. Your report can be in the form of a PowerPoint presentation or a Word document (based on the templates provided in the What to Submit section). In either format, be sure to effectively communicate with your stakeholders by breaking down concepts and using investor-friendly language to build their trust and confidence. If you choose to do a PowerPoint presentation, you’ll need to include speaker notes for each slide.

  1. Introduction: Provide a short overview of your company and the purpose of this report.
    1. Business Overview: Name your company and describe its business and your vision for its future.
    2. Purpose of the Report: Explain the purpose of the report and describe why the information is important.
    3. Methods and Approach: Explain the management accounting methods you used for generating the information that you are about to share in terms of your adherence to industry standards and the American Institute of Certified Public Accountants (AICPA) code of ethics.
  1. Financial Strategy: Review your original business plan and costing strategies.
    1. Costing System: Justify the use of job order costing for this business. Be sure to compare and contrast the various costing systems you learned about in this course as part of your defense.
    2. Selling Prices: Share and explain the selling prices you established for each of your products. Be sure to reference your cost-volume-profit analysis in your defense.
    3. Contribution Margin: Share and explain your contribution margin per unit. Be sure to reference your cost-volume-profit analysis in your defense.
    4. Target Profits: Identify your break-even points for achieving different target profits. Then explain the target profits you selected for each area of your business. Be sure to reference your cost-volume-profit analysis in your defense.
  1. Financial Statements: Using the information in the Milestone Two Market Research Data Appendix, assess your financial performance to date.
    1. Statement of Cost of Goods Sold: Share the statement of cost of goods sold and logically interpret the business’s performance against the provided benchmarks.
    2. Income Statement: Share the income statement and logically interpret the business’s performance against the provided benchmarks.
    3. Variances: Illustrate all variances for the direct labor time and the materials price.
    4. Significance of Variances: Evaluate the significance of the variances in terms of the potential to impact future budgeting decisions and planning.

What to Submit

To complete this project, you must submit the following:

PowerPoint Template:Investor Report
Use this template to submit a PowerPoint presentation with speaker notes. Sources should be cited according to APA style.

OR

Word Template:Investor Report
Use this template to submit an 8- to 10-page Word document. Sources should be cited according to APA style.

discussion-professional-practice-nze03enh-njhje4ew.docx job-vs-process-1-jgbp3lsb-rl4tbkur.docx acc-202-investor-report-templatedocx3fd2lsessionvalmf44u23dpu8ym0alliliqpbpoou738482-pvbybylb-cpvcgzq4.docx
Answered 9 days After Jun 10, 2021

Solution

Khushboo answered on Jun 20 2021
151 Votes
PowerPoint Presentation
[DOGS CARE RETREAT
Investor Report
Prepared by Elizabeth Martinez
Instructions: Replace all text in
ackets with your own information.
1
Introduction
The entity was engaged in the business of pet care services which is offering various services to the client and it is divided into three segments such as Collars, leashes and harnesses.
The entity is located in New Orleans, Louisiana.
The vision of the entity is ensuring the owners of the pet to get relaxed as the service provided by the entity will be the best safety service to the pets.
The mission of the entity is to do the pet care services for the entire region with the nominal cost.
2
The entity was engaged in the business of pet care services which is offering various services to the client and it is divided into three segments such as Collars, leashes and harnesses. The entity is located in New Orleans, Louisiana. The vision of the entity is ensuring the owners of the pet to get relaxed as the service provided by the entity will be the best safety service to the pets. The mission of the entire in the next five years is to provide the affordable quality grooming and boarding care to the pets which will ensure that the human parents will experience the positive results. Further in the coming ten years the mission of the entity is to do the best pet care services for the entire region with the nominal cost.
2
Purpose
Company Profile
Ethics and management accounting methods
Mission and Vision
Costing Systems
Financial Strategy
Financial statement
Variance analysis
3
Thank you for attending this meeting. I am here to discuss the vision and mission of my entity. I am sure that with your help and kind effort this entity can be the premiere and most renowned entity with the business of pet service in the area. As it is evident that the costing system employed is the most accurate system for accounting the revenue earned and expenses incu
ed by the entity. The financial strategy of cost volume profit analysis will be helping the entity in achieving its target income from each business segment. The financial statement is revealing sound business condition of the entity. Further the variance analysis will help in forecasting the future on the basis of actual outcome of the entity as it helps in finding the deviation. This will help in overcoming such variance to have great year ahead.
3
Methods and Approach
Management accounting methods:
Job order Costing
Process based costing
ABC costing
The entity is following six principle of professional conduct
Accountabilities
The public interest
Honesty
Impartiality and individuality
Due diligence and care
Scope and nature of services (Vitez, O 2020)
4
The management accounting methods used by the entity in determining the costing strategy includes
Job order Costing: Cost for each serviced quantity of the product is determined using this accounting methods
Process based costing
Activity based costing: It is used for allocating the costs on the basis of cost drivers affecting the activities of the entity.
The six principle of the professional conduct
Responsibilities : exercise moral judgement
The public interest: serve in the interest of public
Integrity: it will help in increasing the confidence of the public
Objectivity and independence: free from conflict of interest and independent in fact
Due care: Follow the technical and ethical standard of the profession
Scope and nature of services
It has been ensured that the accounting firm to the entity is member of AICPA and following all the principle and standard which will...
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