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HEBSBACC Bachelor Of Accounting

tag 0 Download 3 Pages / 587 Words tag 19-07-2021

Question:

Mr McAdams had promoted Chris Lee to Vice-president of Finance, Lee had been practically running the business for several years during which time sales and profit has been declining. On November 15, 2016, Mr McAdams announced that his son Lachlan McAdams would take over as owner and president on January 1, 2017. Lachlan was a graduate of a MBA program and for several years had been working for a large consulting firm as a marketing specialist.

In their private discussions, Mr McAdams told his son that the problems in the family firm were marketing rather than financial, so the situation was ready made for Lachlan. Mr McAdams, it seems, has been completely taken in by Chris Lee. When Lachlan finally arrived at McAdams Manufacturing Company on December 1, 2016,and began to read various internal reports he realised that McAdams Manufacturing Company did not have a cash budget and there didn’t seem to be much in the way of financial planning.
 
Lachlan asked Chris Lee about this. Lee’s response was that McAdams Manufacturing Company ran on the basis of several well-developed decision rules and budgets weren’t necessary because the firm never ran out of funds, Mr McAdams simply deposited $10,000 or $20,000 in the company’s bank account. Lachlan’s response was swift and clear: “My father is a millionaire, but I am not!” Lee indicated he didn’t know much about budgeting but he would get an assistant accountant to work up some “stuff”.

Lachlan decided to call his old friend, Stephanie Singh. Stephanie was in charge of several large budgeting projects for a consulting firm and Lachlan knew Stephanie to be a recognized expert on budgeting for small companies. Fortunately for Lachlan, Stephanie wasn’t busy that week and was able to fly in the next day.Stephanie spent two days going over the accounting records, interoffice emails and everything else she could find. On Friday morning, Lachlan read the following email Dear Lachlan Had to leave last night for Brisbane. During the two days I spent in the office I discovered:
1. You have no budget or control system at all.
2. Chris Lee’s decision rules are all wrong.
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