Referencing Styles : Harvard For the assessment, students must write a detailed report on how they would undertake the task of gathering, record and analyse data for management budgetary use. Students may choose a company of their choice for this report in consultation with their instructor, or may alternatively use the company model detailed below (MJ Holdings Inc) Students must answer the following in their report: What data is necessary for the purpose of creating cost and operating budgets? – Be specific, i.e. cash flow reports for the last 3 months, P&L statements for the last 12 months etc What sort of a system would you set up to retrieve the necessary data? – How would you ensure the appropriate departments staff are aware of what is required of them? – How would you go about gathering the data? How would you code and classify the data appropriately for management use? How would you store the data? – Briefly discuss how you would ensure security of the financial data – Also discuss how you would ensure the financial data is protected from being erased or lost. What steps should you undertake to ensure the data is accurate and reliable? Give a detailed explanation on how you adequately ensure your interpretation of the data is reliable and consistent with management performance strategies. – What constitutes valid analysis? – What auditing requirements would be involved in this process? – What steps would you take to ensure your reasoning is logical, transparent and supported by the data? This assignment should be submitted in the form of a detailed written report Business Example (MJ Holdings Inc) MJ Holdings Inc. is a Medical Supplies company in East Melbourne specialising in orthopaedic instruments and disposable items. The company has 67 employees employed in their customer service, accounts, managements, sales, marketing and costing departments. Their annual turnover is approximately $2.5M with profits of $970,000 recorded last year. Management requires operating and cost data for budgetary decision making and has asked you to gather record and analyse the data for their uses For this assessment, students are to utilise the data in the Appendices regarding Edâ€
s Whitegoods. The instructor can role-play the part of Edward Tan, the proprietor and will give any additional information required, including company policies and procedures, milestones etc. Students are to undertake the following: List all personnel you would consult with in order to gain adequate advice prior to commencing your reports. Consult with your instructor to determine management requirements Prepare a 1 year budget & projected financial statement including: – Sales forecast, taking into account additional information in Appendix 5 – Estimated expenses / inventory costs – Estimated profits Ensure report layout and format comply with management information requirements, are clear and error-free Note: Students must use appropriate spreadsheet or accounting software to undertake this task.
