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An Operating Budget - Manage Budgets and Financial Plans - Accounting and Finance Assessment Answer
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Internal Code: 1AGDCE
3. Determine the total labour required for a standard month’s production and for the additional production in March. You are advised that the total labour availability is 2,400 hours based on normal working hours. Since the existing labour force is nearly fully utilized, are there any issues for Hasan? If so, what options would you investigate and what would you recommend, given that overtime is costed at $75 per hour?
4. What other issues Hasan face? List at least three. For each issue, suggest a contingency plan that you would expect to be in place Inputs not available. Limited storage capacity for additional product
Figuring out the cost of external storage rental. If the profit of production of additional product is higher than the rent, we will take it. If the costs are higher than profit. So we won't take extra special orders.
5. Describe the checks that are preformed to ensure a budget can be achieved.
Question 2.
1. Explain in your own words the role of a budget and its relationship with the strategic objectives of an organization.
2. For what reasons might you adjust the format or methods of communication about budgets to employees?
3. Analyze the optional policies and make a recommendation to Hugo as to which policy he should consider as the better option. Include in your response a projected cash flow spreadsheet for each of the proposals.
Accounting and Finance Assessment Answer
TASK: Read the case study, then complete the questions that follow. 1. Explain in your own words the role of a budget and its relationship with the strategic objectives of an organization. 2. Prepare a sales budget for March using the label provided below.
3. Determine the total labour required for a standard month’s production and for the additional production in March. You are advised that the total labour availability is 2,400 hours based on normal working hours. Since the existing labour force is nearly fully utilized, are there any issues for Hasan? If so, what options would you investigate and what would you recommend, given that overtime is costed at $75 per hour?
4. What other issues Hasan face? List at least three. For each issue, suggest a contingency plan that you would expect to be in place Inputs not available. Limited storage capacity for additional product
Figuring out the cost of external storage rental. If the profit of production of additional product is higher than the rent, we will take it. If the costs are higher than profit. So we won't take extra special orders.
5. Describe the checks that are preformed to ensure a budget can be achieved.
Question 2.
1. Explain in your own words the role of a budget and its relationship with the strategic objectives of an organization.
2. For what reasons might you adjust the format or methods of communication about budgets to employees?
3. Analyze the optional policies and make a recommendation to Hugo as to which policy he should consider as the better option. Include in your response a projected cash flow spreadsheet for each of the proposals.
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