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ACCT310 Managerial Accounting
Questions:
Introduction
In the introduction, paraphrase the below scenario using APA format and describe what steps you will take to prepare the master budget for June.
You are the managerial accountant at Reliable Company and are part of the organization’s budgeting committee. You have been assigned to support the marketing department and manage its master budget. The marketing department is responsible for the following:
Managing the firm’s marketing
Hiring subcontractors
Selling the consulting expertise to smaller outside firms
The department’s expenses are as follows:
Salaries and benefits of $48,000/month
Web site operations of $21,000/ month
Online advertising expenses of $15,000/month
Miscellaneous expenses of $3,500/month
The sales forecast for its consulting services are as follows:
April: $190,000
May: $200,000
June: $205,000
The department pays a sales commission of 5%, and this is paid in the following month. Subcontractor expenses are estimated at 45% of sales and are paid the month after they are billed. Consulting fees are collected 20% in the month of sale, 70% in the following month, and 10% in the second month following sale.
Background
Discuss the benefits and limitations of the master budgeting process, the budgets included in the master budgeting process and the steps that the marketing department will take to prepare the master budget.
Budget Based Recommendations
Use the guiding questions below to develop recommendations based on the June budget to help the manager of the marketing department
How does the master budget help the manager understand the company’s external environment and the impact the environment have on the marketing department?
How does the budget help the manager with forecasting?
How does the budget help the marketing department coordinate their needs with other departments?
How can the budget be used to evaluate the marketing department’s performance?
Conclusion
In this section, summarize the results of your analysis and the overall uses and limitations of the budget to the marketing department
ACCT310 Managerial Accounting
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