Description
ACC 311 Final Project II Guidelines and Rubric
Overview
Cost accounting is used for two main purposes. The first purpose is to determine the actual costs of products, projects, processes, or services so an organization can report
correct and accurate information on their financial statements. The second purpose is to aid the management team in making decisions and guiding the planning and
control functions of the organization. Cost accounting provides an analysis of cost behavior, cost-volume-profit relationships, budgeting, resource costing, and activitybased costing. The roots of cost accounting are in the manufacturing business, but cost-accounting concepts are also used in service industries.
This assessment focuses on the SRS Educational Supply Company case study. SRS is a company that provides materials and supplies to educational institutions. The SRS
business model is to be a one-stop provider of educational supply needs. For example, some of their product lines include workbooks, classroom visual aids, instructor
support materials, art supplies, lab supplies, and administrative office supplies. While SRS serves all levels of educational institutions, the majority of their customers are K12 schools. Sales can vary quite a bit from month to month, as K-12 educational institutions have seasonal ordering patterns. Thus, budgeting is vital for planning and cash
flow purposes. SRS has a June 30th fiscal year end.
The final project is divided into two parts. In Final Project II, you will review the financial information provided for the four main departments of the organization: sales,
purchasing, operations, and finance. Based on the information provided, you will create departmental budgets for each of the four departments. You will then create a
master budget based on the department budgets. In addition, you will create an executive brief presentation regarding the budgeting process. You will also provide an
overview of the department and master budgets.
This final project contains one milestone, which is submitted in Module Five to scaffold learning and ensure quality final submissions. The final product will be submitted in
Module Seven.
In this assignment, you will demonstrate your mastery of the following course outcomes:
ACC-311-02: Prepare budgets for various purposes in order to aid managerial decision-making processes
ACC-311-03: Prepare cost accounting reports to internally communicate information to managerial decision makers
Prompt
The company has four main managers: a sales manager, a purchasing manager, an operations manager, and a finance manager. Each manager has both general information
about the company as a whole and information about their own department. The information known only by the departmental manager is more accurate than the general
corporate information.
Based on the information and data in the case study document, create a master budget for the three-month period beginning July 1st and ending September 30th. You are
responsible for creating a budget for each department that will become the master budget.
Specifically, you will address the following critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets).
I. Budgeting: Prepare Budgets
A. Review the financial information in the case study. Create spreadsheets and enter your data for the following:
1. Prepare the sales budget by month and in total. [ACC-311-02]
2. Prepare a schedule of expected cash collections from sales by month and in total. [ACC-311-02]
3. Prepare a merchandise purchase budget in dollars by month and in total. [ACC-311-02]
4. Prepare a schedule of expected cash disbursements for merchandise purchases by month and in total. [ACC-311-02]
5. Prepare a selling and administrative budget by month and in total. [ACC-311-02]
6. Prepare a schedule of expected cash disbursements for selling and administration by month and in total. [ACC-311-02]
7. Prepare a cash budget by month and in total. [ACC-311-02]
8. Prepare a budgeted income statement (pro forma) for the three-month period ending September 30th using the absorption costing approach.
[ACC-311-02]
9. Prepare a master budget balance sheet (pro forma) as of September 30th. [ACC-311-02]
II. Reporting
A. Analyze Data
1. Briefly summarize each department budget and note any large variances. [ACC-311-03]
2. Explain two variances that might cause concern or prompt further analysis. [ACC-311-03]
B. Executive Brief Presentation
1. Create an executive briefing presentation in which you briefly summarize all budgets. Include all supporting documentation as addendums to the
brief. [ACC-311-03]
Milestones
Milestone One: Budgets
In Module Five, you will prepare and submit the department budgets. This submission will be graded using the Final Project II Milestone One Rubric.
Final Submission: Final Project II Submission
In Module Seven, you will submit your final project. You will compile the department budgets, master budget, and an overview of the budgeting process in an executive
brief presentation. Based on the performance analysis of the company’s press division, you will prepare a memo for the company’s leadership team to explain the
performance level of the press division and whether it should continue operations. It should be a complete, polished artifact containing all of the critical elements of the
final product. It should reflect the incorporation of feedback gained throughout the course. This submission will be graded using the Final Project II Rubric.
Final Project II Rubric
Guidelines for Submission: Your Final Project II submission is an organizational financial analysis report, which is your choice of a 12- to 15-page Microsoft Word document
OR a 12- to 15-slide Microsoft PowerPoint presentation (excluding title page and references list):
Word Document: If you submit a Word document, it should be double spaced, with 12-point Times New Roman font and one-inch margins, and it should use the
latest guidelines for APA formatting for references and citations. Include your name, course number and course name, and report title on the title page. Upload
your Final Project II Student Workbook with any edits based on instructor feedback as a separate addendum.
PowerPoint: If you submit a PowerPoint presentation, it should include speaker notes (in addition to slide bullet points for each budget) that briefly summarize
each of the budgets and the two variances. Upload your Final Project II Student Workbook with any edits based on instructor feedback as a separate addendum. ACC 311 Final Project II Guidelines and Rubric
Overview
Cost accounting is used for two main purposes. The first purpose is to determine the actual costs of products, projects, processes, or services so an organization can report
correct and accurate information on their financial statements. The second purpose is to aid the management team in making decisions and guiding the planning and
control functions of the organization. Cost accounting provides an analysis of cost behavior, cost-volume-profit relationships, budgeting, resource costing, and activitybased costing. The roots of cost accounting are in the manufacturing business, but cost-accounting concepts are also used in service industries.
This assessment focuses on the SRS Educational Supply Company case study. SRS is a company that provides materials and supplies to educational institutions. The SRS
business model is to be a one-stop provider of educational supply needs. For example, some of their product lines include workbooks, classroom visual aids, instructor
support materials, art supplies, lab supplies, and administrative office supplies. While SRS serves all levels of educational institutions, the majority of their customers are K12 schools. Sales can vary quite a bit from month to month, as K-12 educational institutions have seasonal ordering patterns. Thus, budgeting is vital for planning and cash
flow purposes. SRS has a June 30th fiscal year end.
The final project is divided into two parts. In Final Project II, you will review the financial information provided for the four main departments of the organization: sales,
purchasing, operations, and finance. Based on the information provided, you will create departmental budgets for each of the four departments. You will then create a
master budget based on the department budgets. In addition, you will create an executive brief presentation regarding the budgeting process. You will also provide an
overview of the department and master budgets.
This final project contains one milestone, which is submitted in Module Five to scaffold learning and ensure quality final submissions. The final product will be submitted in
Module Seven.
In this assignment, you will demonstrate your mastery of the following course outcomes:
ACC-311-02: Prepare budgets for various purposes in order to aid managerial decision-making processes
ACC-311-03: Prepare cost accounting reports to internally communicate information to managerial decision makers
Prompt
The company has four main managers: a sales manager, a purchasing manager, an operations manager, and a finance manager. Each manager has both general information
about the company as a whole and information about their own department. The information known only by the departmental manager is more accurate than the general
corporate information.
Based on the information and data in the case study document, create a master budget for the three-month period beginning July 1st and ending September 30th. You are
responsible for creating a budget for each department that will become the master budget.
Specifically, you will address the following critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets).
I. Budgeting: Prepare Budgets
A. Review the financial information in the case study. Create spreadsheets and enter your data for the following:
1. Prepare the sales budget by month and in total. [ACC-311-02]
2. Prepare a schedule of expected cash collections from sales by month and in total. [ACC-311-02]
3. Prepare a merchandise purchase budget in dollars by month and in total. [ACC-311-02]
4. Prepare a schedule of expected cash disbursements for merchandise purchases by month and in total. [ACC-311-02]
5. Prepare a selling and administrative budget by month and in total. [ACC-311-02]
6. Prepare a schedule of expected cash disbursements for selling and administration by month and in total. [ACC-311-02]
7. Prepare a cash budget by month and in total. [ACC-311-02]
8. Prepare a budgeted income statement (pro forma) for the three-month period ending September 30th using the absorption costing approach.
[ACC-311-02]
9. Prepare a master budget balance sheet (pro forma) as of September 30th. [ACC-311-02]
II. Reporting
A. Analyze Data
1. Briefly summarize each department budget and note any large variances. [ACC-311-03]
2. Explain two variances that might cause concern or prompt further analysis. [ACC-311-03]
B. Executive Brief Presentation
1. Create an executive briefing presentation in which you briefly summarize all budgets. Include all supporting documentation as addendums to the
brief. [ACC-311-03]
Milestones
Milestone One: Budgets
In Module Five, you will prepare and submit the department budgets. This submission will be graded using the Final Project II Milestone One Rubric.
Final Submission: Final Project II Submission
In Module Seven, you will submit your final project. You will compile the department budgets, master budget, and an overview of the budgeting process in an executive
brief presentation. Based on the performance analysis of the company’s press division, you will prepare a memo for the company’s leadership team to explain the
performance level of the press division and whether it should continue operations. It should be a complete, polished artifact containing all of the critical elements of the
final product. It should reflect the incorporation of feedback gained throughout the course. This submission will be graded using the Final Project II Rubric.
Final Project II Rubric
Guidelines for Submission: Your Final Project II submission is an organizational financial analysis report, which is your choice of a 12- to 15-page Microsoft Word document
OR a 12- to 15-slide Microsoft PowerPoint presentation (excluding title page and references list):
Word Document: If you submit a Word document, it should be double spaced, with 12-point Times New Roman font and one-inch margins, and it should use the
latest guidelines for APA formatting for references and citations. Include your name, course number and course name, and report title on the title page. Upload
your Final Project II Student Workbook with any edits based on instructor feedback as a separate addendum.
PowerPoint: If you submit a PowerPoint presentation, it should include speaker notes (in addition to slide bullet points for each budget) that briefly summarize
each of the budgets and the two variances. Upload your Final Project II Student Workbook with any edits based on instructor feedback as a separate addendum.
