MGMT8500 - Flexible Budget, and Variance Analysis - Accounting and Finance Assignment Help

Assignment Task

Overview

In this assignment, you are provided with a case which includes data relating to static budget, flexible budget, and variance analysis. You will transcribe the data from the case and create:

• Static budget

• Actual budget

• Flexible budget

• Static budget variance

• Flexible budget variance

• Variance analysis

You will also write a memo regarding ethical conduct during budget preparation and how building in ‘slack’ represents unethical behaviour.

Revenue:

The revenue is calculated as number of hours that the crew works on a site, multiplied by the contracted rate with the client. The hours worked in the residential and commercial segments are shown separately, and there is a total for the combined hours worked. The revenue for each segment is arrived at by multiplying the hours for the segment by the rate. The budget is prepared for four quarters, one to four.

For quarters two, three and four it was projected that :

• Budgeted sales in hours for both commercial and residential will increase at the rate of 4% on a quarter over quarter basis.

• Budgeted selling rate will increase at 2% on a quarter over quarter basis for the commercial segment, and 4% on a quarter over quarter basis for the residential segment.

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