It is July 2022, and all the figures relating to budgets and actual trading performance have been assembled: • Sales were 10% above projection. • Cost of Goods Sold came in 6% over expectation. • Payroll was under estimation by 5%. • Other controllable costs increased by 3%. We need to : 1.make a financial report that Demonstrate evidence of having analysed and reviewed the budget outcomes - Quantify the variances against projections in dollar terms. - Indicate the significance of each variation in relation to the overall budget situation. - Show evidence of having used an accounting software package 2. Describe investigations 3.Described actions in response. 4. Recommend future settings 5. Address data collection 6. Address information storage
It is July 2022, and all the figures relating to budgets and actual trading performance have been assembled: • Sales were 10% above projection. • Cost of Goods Sold came in 6% over expectation. • Payroll was under estimation by 5%. • Other controllable costs increased by 3%. We need to : 1.make a financial report that Demonstrate evidence of having analysed and reviewed the budget outcomes - Quantify the variances against projections in dollar terms. - Indicate the significance of each variation in relation to the overall budget situation. - Show evidence of having used an accounting software package 2. Describe investigations 3.Described actions in response. 4. Recommend future settings 5. Address data collection 6. Address information storage
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:It is July 2022, and all the figures relating to budgets and actual trading performance have been assembled:
•
Sales were 10% above projection.
•
Cost of Goods Sold came in 6% over expectation.
•
Payroll was under estimation by 5%.
•
Other controllable costs increased by 3%.
We need to :
1.make a financial report that
Demonstrate evidence of having analysed and reviewed the budget outcomes
- Quantify the variances against projections in dollar terms.
- Indicate the significance of each variation in relation to the overall budget situation.
- Show evidence of having used an accounting software package
2. Describe investigations
3.Described actions in response.
4. Recommend future settings
5. Address data collection
6. Address information storage
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