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Assignment on Accounting Practices and Management Accounting Techniques

Relationship of Assignment to Learning Outcomes

Task:

Relationship of Assignment to Learning Outcomes (Refer Course Guide).

L.O. 2. Demonstrate knowledge of generally accepted accounting practices.

Although these are projected statements, they are prepared on the same basis as historical statements. Some of the transactions will help you understand the impact of accounting policies such as depreciation and accrual accounting with the latter especially evident when comparing the Income Statement and Cash Flow Statement.

L.O.4. Apply management accounting techniques to planning and short term decision making.

As the scenario is set in the future, preparing the assignment should also help with understanding the planning process and the use of tools such as excel to model different scenarios and ascertain their impact on the profit, cash flow and resources of a business.
Required:

(i)On the Data Input Sheet, enter the given data which has not yet been entered.

(ii)On Revenue & NCA sheet, complete the revenue, cash collections and depreciation calculations.

(iii)On the Cash Flow Sheet, complete the Projected Cash Flow from Operations for each of the three months October, November and December and the totals for the quarter 1 October to 31 December 2020. Note some cash flow rows have been named, but you will need to enter the remaining cash flow names yourself.

(iv)On the Income Statement Sheet, complete the Projected Income Statement for the quarter ended 31 December 2020. A month by month Income Statement is not required. Note that some expenses have been identified but you need to enter the remaining expenses yourself.

(v)Check the flexibility of your workbook by changing the estimated Advertising on the Data Sheet from $500 to $700. Enter the resulting Net Profit and ending Cash Balance in the boxes provided on the Income Statement Sheet (remember to change the Advertising back to the original $500 before submitting your assignment).

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