Budget Planning And Control; Financial Accounting For
Managers
Before approaching this assignment, be sure that you have
watched the following video.
Budgetary Planning featuring Babycakes *FULL VIDEO*. (2016).
YouTube.
Babycakes, a specialty bakery, is the company that will be
considered for all parts of your budget planning and control report. For this
assignment, you will develop a three to four (3 – 4) page paper in which you
address the following.
Briefly discuss the ways a realistic budget will benefit the
owner of Babycakes versus having no budget at all. Be sure to use Babycakes as
the company and any specific product details in your explanation.
Prepare a sales budget for the LA Babycakes store for the
4th quarter of 2016. Present the number of units, sales price, and total sales
for each month; include October, November, and December, and a total for the
quarter. Use one-half of the Valentine’s Day sales as the basis for a usual day
in the new quarter. Use 30 days for each month. Calculate the total sales for
each month for October, November, and December.
Create three (3) new products, one (1) for each of the three
(3) holiday seasons in the 4th quarter. Estimate the sales units, sales price,
and total sales for each month. Describe the assumptions used to make these
estimates. Include an overview of the budget in the report, presenting the
actual budget as an appendix with all data and calculations. Add these amounts
to your sales budget.
The owner of Babycakes is interested in preparing a flexible
budget rather than the static budget she currently uses. She does not
understand why, when sales increase, her static budget often shows an
unfavorable variance. Explain how a flexible budget will overcome this problem.
Use the details of your newly prepared budget for the 4th quarter of 2016 to
address her concern.
Imagine that Babycakes is facing a financial challenge that
is causing the actual amount of money that it spends to become significantly
more than its budgeted amount. Include a discussion of your own unique cause of
the overspending. Explain the corrective actions needed to address these
challenges.
Integrate relevant information from at least three (3)
quality academic resources in this assignment. Note: Please do not use your
textbook as an academic resource. Also, Wikipedia and other Websites that are
unreliable do not qualify as academic resources.
Your assignment must follow these formatting requirements.
Be typed, double spaced, using Times New Roman font (size
12), with one-inch margins on all sides; references must follow APA or
school-specific format. Check with your professor for any additional
instructions.
Include a cover page containing the title of the assignment,
the student’s name, the professor’s name, the course title, and the date. The
cover page and the reference page are not included in the required page length.
An abstract is not required.
The specific course learning outcomes associated with this
assignment are:
Evaluate management control systems and examine their
relationship with accounting and planning, including feedback and non-?nancial
performance measurements.
Evaluate decision-making tools for capital investments,
budgeting, and budgeting controls.
Analyze financial accounting tools and techniques that
convert financial accounting data into information for decision making.
Use technology and information resources to research issues
in financial accounting for managers.
Write clearly and concisely about financial accounting using
proper writing mechanics.
Grading for this assignment will be based on the quality of
your responses, logic and organization of the paper, and language and writing
skills. Please review the Rubric for the Assignment: Budget Planning and
Control.
Points: 200Assignment: Budget Planning and
ControlCriteriaExemplary90-100% AProficient80-89% BFair70-79% CLess than
Minimum Expectations60-69% D1. Babycakes is used as the company for all parts
of the budget planning and control report. Briefly discuss each of the main
reasons the owner of Babycakes needs a budget using the specific company and
product details. Include the possible outcomes with a good budget versus having
no budget.Weight: 20%Thoroughly described the reasons for using a budget and
the possible outcomes of a good budget versus no budget.Satisfactorily
described the reasons for using a budget and the possible outcomes of a good
budget versus no budget.Partially described the reasons for using a budget and
the possible outcomes of a good budget versus having no budget.Did not submit
or incompletely described the reasons for using a budget and the possible
outcomes of a good budget versus no budget.2. Prepare a sales budget for the
Babycakes LA store for the 4th quarter of 2016. Present each month; October,
November, and December, and a total for the quarter. Use one-half of the
Valentine’s Day (one day) of sales as the basis for a usual day. Include
changes needed due to Halloween, Thanksgiving, and Christmas. Discuss the
budget details in the report. Include the actual budget as an appendix with all
data and calculations used. Weight: 20%Thoroughly prepared a sales budget for
the 4th quarter and described the details it was based on. Include the actual
budget as an appendix with all data and calculations used.Satisfactorily
prepared a sales budget for the 4th quarter and described the details it was
based on.Include the partial budget as an appendix with all data and
calculations used.Partially prepared a sales budget for the 4th quarter and
described the details it was based on.Include the partial budget, not in
appendix with all data and calculations used.Did not submit or incompletely
prepared a sales budget for the 4th quarter and described the details it was
based on. Does not include actual budget as an appendix with all data and
calculations used.3. Explain the benefits of using a flexible budget based on
the budget you prepared for the 4th quarter of 2016.Weight: 15%Thoroughly
submitted or explained the benefits of using a flexible budget over a static
budget.Satisfactorily submitted or explained the benefits of using a flexible
budget over a static budget.Partially submitted or explained the benefits of
using a flexible budget over a static budget.Did not submit or explain the
benefits of using a flexible budget over a static budget.4. Explain the
modifications and corrective actions needed to correct challenges and the
expected results.Weight: 20%Thoroughly explained the modifications and
corrective actions needed to correct the challenges and the expected
results.Satisfactorily explained the modifications and corrective actions
needed to correct the challenges and the expected results.Partially explained
the modifications and corrective actions needed to correct the challenges and
the expected results.Did not submit or incompletely explained the modifications
and corrective actions needed to correct the challenges and the expected
results.5. Three (3) relevant and appropriate academic quality references used.
Weight: 5%Exceeds number of required references; all references high- quality
choices.Meets number of required references; all references high- quality
choices.Does not meet the required number of references; some or all references
poor quality choices.No references provided.6. Writing Mechanics, Grammar, and
Formatting.Weight: 5%Mostly free of errors in grammar, spelling, punctuation,
or formatting.Partially free of errors in grammar, spelling, punctuation, or
formatting.Numerous errors in grammar, spelling, and punctuation.Serious and
persistent errors in grammar, spelling, punctuation, or formatting.7.
Appropriate use of APA in-text citations and reference section.Weight: 5%Most
in-text citations and references are provided, and they are generally formatted
correctly in APA style.In-text citations and references are provided, but they
are only partially formatted correctly in APA style.In-text citations and
references are given, but not in APA format.Lack of in-text citations and/or
lack of reference section.8. Information Literacy and Integration of
Sources.Weight: 5%Sources are mostly integrated using effective techniques of
quoting, paraphrasing, and summarizing.Sources are partially integrated using
effective techniques of quoting, paraphrasing, and summarizing.Sources are
rarely integrated using effective techniques of quoting, paraphrasing, and
summarizing.Serious errors in the integration of sources, such as intentional
or accidental plagiarism, or failure to use in-text citations.9. Clarity and
Coherence of Writing. Weight: 5%Information is mostly clear and generally
supported with reasons and evidence that logically support ideas.Information is
partially clear with minimal reasons and evidence that logically support
ideas.Information is somewhat confusing with not enough reasons and evidence
that logically support ideas.Information is confusing to the reader and fails
to include reasons and evidence that logically support ideas.
