MAA103 - Accounting for Decision Making - Budget Report Writing - Accouting and Finance Assignment Help

Assignment Task

1. I’m completing Assignment 3 myself. Do I still need to enrol into a group on Cloud? 
Yes, and the deadline for registration will be on 17 September 2020 Friday 5 pm. Late registrations may attract a 10% penalty to their final mark. 
2. I couldn’t contact my group member/find my group number/username to fill them in the Excel Template. Can I complete that after working on the budgets in the end? All the values including the solutions for each assignment is generated based on ALL of your student IDs, username and group number. YOU MUST enter all these details before you start reading the instructions. If you end up changing any of these details (student ID, Group number, Username) after you’ve completed the assignment, the marker may not be able to verify the values and so, 0 marks will be awarded. 
3. When calculating sales/purchases in units, do I need to round the “Units” (i.e. 140.8 
units to 141 units) ? For the purpose of this Assignment, please do not round the “units” and use the decimal places (i.e. 140.8 units). However, you can round the final answer to the nearest dollar. 
4. I can’t find any information for Year 2020. 
On page 3 of the Assignment Instructions, it states the following: Due to COVID-19, i- Optometry is effectively shut down and the owners are planning to re-opening 1st January 2021. This effectively means 2020 is a write-off meaning you can assume there to be no sales, costs, or purchases in December 2020. 
5. Am I required to prepare the budgets for Year 2019, 2020 or 2021? 
You’re required to prepare budgets for ONLY Year 2021 based on the financials (actual values) in Year 2019. 
6. How do I calculate amounts based on the growth/decline rate? 
Do note that the following is a generic example and does not necessarily relate to your specific figures. Suppose the price of a toy is $100 and increased in value by 10%. The new price would be the original value x (1+rate) i.e. $100 x (1+0.10) = $110 Suppose you went shopping and wanted to purchase something that originally cost $200 and there was a 10% discount/decline, the new price would be $200 x (1-0.10) = $180 
7. Do I need to record the depreciation for any of the assets as I can’t find any 
information? If you go through the Excel Spreadsheet, all relevant information has been provided to you under the Fact Sheet. 
8. I can’t seem to find the opening/starting cash balance on 1 Jan 2021. 
If you look carefully, this figure has been provided to you in the Excel Template under Group Information. 
9. Have I done anything wrong if my cash bank balance or net profit for a given month is a 
negative figure? Budgeted amounts can be positive or negative, it is up to you to think about whether the number/calculation is accurate or not. 
10. Should I enter the expenses as a negative number? 
It’s up to you, either way, you’ll need to be careful with how you calculate the “totals”. 
11. How do I calculate the ending inventory requirement for Dec 2021 if I wasn’t given 
figures in Year 2022? You can’t figure out Dec 2021 if you were NOT given amounts for 2022. That said, carefully look at the information to see if there was ‘some information’ that would allow you to calculate Jan 2022 sales (the information is definitely there). 
12. Do I need to complete the operating budgets if they are not marked? 
While there are no marks allocated for these budgets, we highly recommend you complete them. 
13. What do I include in the schedule of expected collections? 
For the purpose of this unit, the schedule of expected collections is only relevant for sales of inventory. On the Cash Budget, you can aggregate/combine the cash collections for both sales and service revenue. 
14. What do I include in the schedule of expected payments? 
For the purpose of this unit, the schedule of expected payments is only relevant for purchases of inventory. If there are any other “expenditures” that you’ve paid for, you’ll need to present them separately on the cash budget. 
15. Should I include cash sales into the schedule of expected collections? 
Either way is fine so long as the final cash collected from customers is correct on the cash budget. 
16. Can I aggregate both the sales and service revenue on the Income Statement? 
You should be able to work this out given the headings on the Income Statement. 
17. How do I differentiate between sales and service revenue? 
For the purpose of this unit, sales revenue is used when selling inventory/goods to customers. On the other hand, service revenue is used when selling services to customers. This would be consistent to what we’ve already covered in class and the previous Assignments. 
18. Can I use “cell-refencing”, “copy and paste” , or any excel functions? 
Yes, as this won’t be an issue with the marking and if anything, we highly encourage this. 
19. Is CVP (Cost-Volume-Profit) analysis required in this assignment? No. 
20. Am I required to classify/separate the operating expenses into General & Admin and 
Selling Expenses? Yes! We have provided percentages (%) that relates to Store/Office for you to be able to do this. Do note that some other expenses are obvious as to which category they fall under. 
21. Would drawings/CAPEX/initial costs/interest payable/equipment etc fall under 
general/admin expenses? This is something we’ve covered in the previous weeks and we expect you to know this. Do revisit the previous concepts that we’ve covered in class. This was also something that would have already been completed in Assignment 2. 
22. If the business is expected to pay insurance once a year, on the Income Statement, 
should I record the expense in the month that I’ve paid? This is what we would like you to think through. Recall that the Income Statement is prepared on “accrual basis”, which means revenues are recorded when earned and expenses are recorded when incurred. On the other hand, the Cash Budget is prepared on “cash basis”, which means cash inflows are recorded when cash is received and cash outflows are recorded when cash is paid. 
23. When it states the shop fittings will increase by 100%, does this mean the total amount 
of shop fittings will double? It means the business is required to purchase an additional 100% of shop fittings based on the initial cost given (on top of the existing shop fittings). 
24. When the total costs of the fixed assets are expected to increase due to the 
requirements of the business, does this also increase the depreciation amounts? This is something that we would like you to think through. What’s the purpose of recording depreciation and how would you calculate it? 
25. I’ve written more than 900 words in the “letter” (for example, 1200 word). Will I be 
penalised? The word limit is 900 words (+/-10% tolerance). The markers will stop reading your “letter” at the 990-word count. 
26. My group member has not been responding to my emails and has not contributed to 
the Assignment? What now? Please contact the teaching team and let us know as soon as there is a reasonable doubt the team member will not contribute to the assignment. The sooner you let us know the more things we can do to help. Also, regularly check your group members on Cloud Deakin as well for any incidences of ‘free-riders’ and if this happens, we will penalise the other student(s) and remove them from your group.

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