1. Details: For this assignment, you must answer the following questions:
• What is the difference between forecasting and budgeting?
• What is the difference between an operating budget and a cash budget?
• Explain what zero-based budgeting is and how it can improve the efficiency of the organization?
Remember to use the library or other credible resources to support your argument. Be sure to cite your sources using the correct standard of APA.
Objective: •critically appraise budgeting operational plans, cost categories and budgeting guidelines.
2. Details: Library Research Assignment
You have an accounting intern on staff and have been asked to explain to her the following:
• 2-3 methods by which the governing bodies communicate the standards, requirements, and guidelines for the accounting profession
o At least 1 method must include some form of computer technology.
• At least 2 ways in which accounting software can help implement financial reporting requirements
Objective: •Discuss the impact of technology on business and effective communication techniques and recognize situations that present potential ethical and legal issues and develop solutions for those issues.
3. Details: Companies often try to manage earnings by recognizing revenue before it is actually earned according to GAAP, or by deferring expenses that have been incurred. For example, to meet the targeted earnings for a specific period. A company may capitalize a cost that should be expensed. Read the following scenario and then decide how you would handle this opportunity to manage earnings.
You are a division manager of a large public company. Your bonus is calculated on your division's net income targets that you must meet. This year that target is $1.5 million. You are authorized to sign off on any decision made within your division. You are faced with the following situation:
On November 15, your division of the company ordered $150,000 worth of supplies in anticipation for the seasonal rush. Most of these supplies will be used by year-end. These supplies were delivered on November 30. If you record this expense this year, your net income will be $1.45 million and you will not meet the target, and therefore not receive your bonus of $25,000 that you have worked hard for all year. What would you do and why? (1 to 2 paragraphs)
Objective: • Assess financial accounting standards as they relate to presentation and disclosure in general purpose financial statements
• Improve research, oral and written communication skills within the financial management context
• Prioritize ethical and professional business conduct