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ACC 561 Week 5 Learning Team Assignment

ACC 561 Week 5 Learning Team Assignment

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About The ACC 561 Week 5 Learning Team Assignment

ACC 561 Week 5 Learning Team Assignment is the five but the most important one to be cleared for completing the University of Phoenix Accounting major exam.Learning Team Assignment is a 5 week course and 5 Learning Team Assignment answers is held in last or the 5th week. The exam result evaluates knowledge gathered from the topics covered in the various subjects during the whole 6-week session. In this document, we have included important and frequently asked questions with their respective answers for ACC 561 Week 5 Learning Team Assignments paper. We believes that this document will help students of Phoenix University a lot.

 

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Learning Team Assignment

Team Budget Analysis Simulation Exercise

Please discuss with your teammates the business case below from your textbook - Exercise BYP20-1, page 1072.

The grade provided for this assignment will be based on your participation (frequency and quality) in the discussions. To obtain full credit, you should post a minimum of four substantive posts during the week on a minimum of two separate days. Each post should be substantive and provide insight on one of the three questions posted at the end of the exercise (a to c). The idea of the assignment is that you can work on a "team" environment to find solutions to these questions.

At the end of your discussions, the team should select five top ideas to revise the existing budgeting process and write a brief, one page "memo" to your boss (instructor) outlining these selected ideas.

Your grade will be based on:

Participation (four posts, two days): 4 points

Results Memo: 1 point

Additional instructions:

• Ensure your posts reflect on any of the suggested questions (a to c).

• Your deliverable should be presented in a "memo" format addressed to your boss.

• Work on the team discussions assuming you are in a real-life work environment.

• Remember that your grade will be mostly based on the quality of your discussions.

DECISION MAKING ACROSS THE ORGANIZATION

BYP20-1 Palmer Corporation operates on a calendar-year basis. It begins the annual budgeting process in late August when the president establishes targets for the total dollar sales and net income before taxes for the next year.

The sales target is given first to the marketing department. The marketing manager formulates a sales budget by product line in both units and dollars. From this budget, sales quotas by product line in units and dollars are established for each of the corporation's sales districts. The marketing manager also estimates the cost of the marketing activities required to support the target sales volume and prepares a tentative marketing expense budget.

The executive vice president uses the sales and profit targets, the sales budget by product line, and the tentative marketing expense budget to determine the dollar amounts that can be devoted to manufacturing and corporate office expense. The executive vice president prepares the budget for corporate expenses. She then forwards to the production department the product-line sales budget in units and the total dollar amount that can be devoted to manufacturing.

The production manager meets with the factory managers to develop a manufacturing plan that will produce the required units when needed within the cost constraints set by the executive vice president.

The budgeting process usually comes to a halt at this point because the production department does not consider the financial resources allocated to be adequate.

When this standstill occurs, the vice president of finance, the executive vice president, the marketing manager, and the production manager meet together to determine the final budgets for each of the areas. This normally results in a modest increase in the total amount available for manufacturing costs and cuts in the marketing expense and corporate office expense budgets. The total sales and net income figures proposed by the president are seldom changed. Although the participants are seldom pleased with the compromise, these budgets are final. Each executive then develops a new detailed budget for the operations in his or her area.

None of the areas has achieved its budget in recent years. Sales often run below the target.

When budgeted sales are not achieved, each area is expected to cut costs so that the president's profit target can be met. However, the profit target is seldom met because costs are not cut enough.

In fact, costs often run above the original budget in all functional areas (marketing, production, and corporate office).

The president is disturbed that Palmer has not been able to meet the sales and profit targets.

He hired a consultant with considerable experience with companies in

Palmer's industry. The consultant reviewed the budgets for the past 4 years. He concluded that the product line sales budgets were reasonable and that the cost and expense budgets were adequate for the budgeted sales and production levels.

Instructions

(a) Discuss how the budgeting process employed by Palmer

Corporation contributes to the failure to achieve the president's sales and profit targets.

(b) Suggest how Palmer Corporation's budgeting process could be revised to correct the problems.

(c) Should the functional areas be expected to cut their costs when sales volume falls below budget? Explain your answer.

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