Assist E&M with Budgeting and Scenario Analysis
1) Using the 2019 actual data provided in the ‘Schedule 1’ and the assumptions provided in ‘2020 Budget Assumptions’ worksheet of the student workbook, complete the budget for E&M for the year ending 31 December 2020. Assume the budget is phased evenly over the 12 months.
Complete your calculations using Schedule 1 provided in the student workbook
2) Using the budget prepared in (1) above, provide a scenario analysis based on the three following scenarios that are potential outcomes of the COVID-19 restrictions:
i) All events are cancelled for April, May
ii) All events are cancelled for April, May and Jun
iii) All events are cancelled over April, May, June and a there is a 25% reduction from July to December
Complete your calculations using Schedule 2 provided in the student workbook
3) Prepare a flexible budget analysis using the actual event days for the six months ending 30 June 2020.
Complete your calculations using Schedule 3 provided in the student workbook
4) You are eligible for an additional two marks for professional presentation and calculations within the excel worksheets. Schedules should be professionally presented and use formulas where possible that link cells from the ‘2020 Budget Assumptions’ worksheet and other schedules. See the notes for this assessment on p7 for further information
Task B: Management Report
Write a Management Report to the partners of E&M evaluating their financial performance and budgeting process. The report should include the following:
1) Describe your findings from the scenario analysis. Include one graph that represents the three scenarios. Suggest one additional scenario related to the final 6 months of the year.
2) Analyse key variances between the budget and actuals for the six months ending 30 June 2020. Provide explanations and possible reasons for the revenue and cost variances based on the background information you have been provided. Include one to two graphs that support your analysis using information from Schedule 3.
3) Using the provided case information, your knowledge of management accounting practices and your analysis from Schedules 1-3, provide two recommendations to E&M on how they can improve their budgeting process to be more suited to operating in uncertain times.
4) You are eligible for an additional three marks for professional presentation within the Management Report. The report should be professionally presented with regard to formatting, structure, spelling, grammar and appropriateness to the intended audience
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