13 May Describe how managerial accounting supports management information systems
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. You will explain how it has performed compared with 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 asked you to present a report that includes the cost 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 Microsoft PowerPoint presentation or a Microsoft Word document. Refer to the templates linked in the What to Submit section below. In either format, be certain 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 Microsoft PowerPoint presentation, include speaker notes for each slide.
Note: This will be the same business that you worked on in Milestones One, Two, and Three.
Introduction: Provide a short overview of your company and the purpose of this report.
Business Overview: Include the business name and describe its business and your vision for its future.
Purpose of the Report: Explain the purpose of the report and describe why the accounting information is important.
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 AICPA and CIMA (Association of International Certified Professional Accountants) code of ethics.
Financial Strategy: Review your original business plan and costing strategies.
Costing System: Justify the use of job order costing for this business. Compare and contrast the various costing systems you learned about in this course as part of your defense.
Selling Prices: Share and explain the selling prices you established for each of your products. Reference your cost-volume-profit analysis in your defense.
Contribution Margin: Share and explain your contribution margin per unit. Reference your cost-volume-profit analysis in your defense.
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. Reference your cost-volume-profit analysis in your defense.
Financial Statements: Using the information in the Milestone Two Market Research Data Appendix, which is linked in the Supporting Materials section, assess your financial performance to date.
Statement of Cost of Goods Sold: Share the statement of cost of goods sold and logically interpret the business’s performance against the benchmarks provided.
Income Statement: Share the income statement and logically interpret the business’s performance against the benchmarks provided.
Variances: Illustrate all variances for the direct labor time and the materials price.
Significance of Variances: Evaluate the significance of the variances in terms of the potential to impact future budgeting decisions and planning.
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