Wk 4, ACC 543: Flexible Budget

Flexible Budget

Assignment Content

For this assignment, refer to the scenario located in “Problems – Series A,” section 8-19A of Ch. 8, “Performance Evaluation,“ of Fundamentals of Managerial Accounting Concepts (attached). This scenario puts you in charge of preparing a budget for the Redmond Management Association annual public relations luncheon.

Read the scenario in the textbook and complete the activity below.

Use Microsoft® Excel®—showing all work and formulas—to complete the following:

· Prepare a flexible budget.

· Compute the sales volume variance and the variable cost volume variances based on a comparison between the master budget and the flexible budget.

· Compute flexible budget variances by comparing the flexible budget with the actual results.

Create a 6- to 8-slide presentation for the budget committee meeting. Complete the following in your presentation:

· Summarize the results of the sales volume and variable cost volume variances computations based on the comparison between the master budget and the flexible budget.

· Summarize the results of the flexible budget variances computations based on the comparison between the flexible budget and the actual results.

· Justify the favorable or unfavorable budget variances.

· Since this is a not-for-profit organization, address why anyone should be concerned with meeting the budget.

· Make recommendations for what can be done differently to stay on budget for future luncheons. Provide specific examples to support your recommendations.

Speaker notes must be 50 – 175 words.

Cite references to support your assignment.

Format your citations according to APA guidelines.

(Edmonds et al, 2020, p. 379 – 380)

Reference

Edmonds, T., Edmonds, C., Edmonds, M., & Olds, P. (2020). Fundamental managerial accounting concepts (9th ed). McGraw-Hill Education.