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Which of the following is not an objective of the budgeting process?

a. To communicate management's plans throughout the entire organization.

b. To provide a means of allocating resources to those parts of the organization where they can be used most effectively.

c. To ensure that the company continues to grow.

d. To uncover potential bottlenecks before they occur.

 

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Tod Thiel
Tod ThielLv2
26 Mar 2020

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Please read and share your thoughts on this recent brief article from the Journal of Accountancy on accountant skills needed for success in a tech-enabled future. Do you agree? Can you think of other skills that future accountants will need?

JOFA Article: (https://www.journalofaccountancy.com/issues/2018/jun/technology-skills-for-accountants.html)

"Many experts expect accountants' work and duties to change fundamentally in the coming years. As technology is developed to handle tasks that accountants traditionally have performed, CPAs' attention is likely to shift toward advisory roles, investigating exceptions and anomalies identified by technology, and developing processes and controls that will enable technology to perform certain necessary tasks. The technology will allow for a more complete audit that uses all available data rather than samples. And the scrutinizing of anomalies will provide opportunities for auditors to provide more useful information to clients.

Here are some of the skills CPAs will need to succeed in these new duties:

Understand how processes work. Even the most well-designed technological solutions are useless if they are not set up properly and monitored to determine whether they are performing effectively. Advising and consulting on business process improvements also will be a promising niche for CPAs in the future.

Communicate effectively with technologists. Successful CPAs who understand processes likely will not have the technological skills to code and implement systems. Technology experts, meanwhile, are unlikely to understand accounting and auditing rules and the deliverables required from systems. CPAs will need to be able to team with technologists and describe the decision trees that must be embedded in the technology to process the correct data and deliver the desired intelligence.

Learn to advise or consult, not command. Accountants are used to providing rule-based, definitive answers about making appropriate journal entries, information to be included in footnotes, and whether financial statements are materially misstated. But as accountants take on more advisory and consulting duties, they will need to learn how to provide opinions and advocate for their ideas without being overbearing.

Analyze data and communicate with clients. As technology results in the automation of more compliance-based services, accountants will have more time to spend with clients. To make the most of this time, accountants will need to learn how to analyze data for business insights and then be able to communicate those insights to clients."

Feasibility Study and Business Plan Development:

One vehicle for acquiring an understanding of the entrepreneurial process is through the preparation of a start-up business plan. The focus of this experience is to select a concept and create a complete and persuasive business plan. Writing a business plan requires you to ask tough questions about the nature of the business.

What are the benefits of your product or service?

What is the target market and how will you penetrate it?

How will you develop and produce the product or service?

What is required from the management team?

What are the risks of the venture and what can you do to reduce them?

What are the financial implications of the plan?

What resources, including funding, are required to successfully create the business plan?

To understand the related entrepreneurial process, students will take a hands-on approach. Students will decide upon a concept and develop a feasibility study after being approved. Based on that work, you will develop a comprehensive business plan. In most cases, the primary objective of your business plan will be to receive funding if you want to become an entrepreneur. Your plan will be prepared in three phases and you will submit the plan as a written and soft document and present it to the class.

Phase 1: Concept Approval – The initial task is to select and propose a business idea to the instructor for approval. ( Project type is Beauty Salon ).

Phase 2: The Feasibility Plan – This experience begins with the creation of a feasibility plan. This will evolve into a business plan that will be a tool to assist you to put the concepts we have addressed in class in action. Resources will be provided to help you with the plan, including software that can assist you through the process. After you propose and select the type of business and begin the process of assessing its feasibility and potential, the objective is to make this a positive, obtainable, and valuable experience.

Phase 3: The Business Plan – The course is designed to provide resources to assist you throughout the development of the plan. This includes the opportunity to review previous plans. You can “approach” a mentor that will be an industry or subject matter expert to assist you with the planning process.

The Written Plan: The body of the written business plan should be no more than 25 pages including the executive summary and all financial statements. The business plan’s financial section will include a complete set of financial statements (income statement, balance sheet, cash flow) for the initial three to five years of the venture. An assumption list will accompany the statements. Detailed spreadsheets and appendices can follow the text; however, the total plan should not exceed 30 pages.

Plans must include an explanation of the offering to investors that indicate the investment required, expected ROI, deal structure, marketing plan, operations plan, and management team description. Potential exit or company sustainability strategies also must be included.

Business Plan Presentation: Strong written and oral skills greatly facilitate success in the business world. Those individuals that can effectively communicate their ideas will have an advantage over those that cannot.

( Will be Project type is Beauty Salon ). Use an assumption list the statements

QUESTION I

Project Background You have just completed a postgraduatediploma in project management and are currently registered for amaster’s degree where you have to carry out a mini research oncustomer care in your organization. Develop a project proposal onthe planning, execution, analysis and reporting of the research.All processes planned for should be finalized within 6 months fromthe 4th august 2018.

GENERAL PROJECT TASK
The following needs to be done:

You know:
 How to conduct research according to the study-guide
 Sample of respondents should be at least 100
 Pilot study to be carried out

You have:
You have constituted a good team, and have decided to pay asfollows:

Field Worker / Data Collector $100 per day
Statistician $3800
Language Editor $200 per hour
Printer and Binder $400

Note: Assign resources as much as you can to accomplish all youridentified tasks

State the objective i.e. why your help is needed. State theproject goal, plus any constraints or conditions. Break down thegoal into several objectives that will be researched, and the valuethat each objective offers to the research study.

List all resources that will be needed, including your researchprofessionals like a statistician. Discuss assumed resources,including research requirements. Especially note external resourcesand requirements, e.g. does the study need an externalreviewer?

Present the specific tasks you will do as a WBS, and give costestimates, with sub-totals at each level and total estimated cost.Briefly discuss the estimates, where the costs mainly go, andefforts made to save costs.

Discuss the project dependencies and list the tasks on thecritical path. Discuss the critical path tasks, and methods used toshorten the critical path.

List and discuss the milestones and the deliverables for each.Be very specific about each milestone, including the project finishmilestone.

Explain the general strategy that will be used to manage theproject to completion. Project must have at least two phases.Discuss how they connect to each other, and the milestones. Explainwhy you took this strategy. Summarise 10 most important projectrisks, and how they will be dealt with if they occur.

Briefly summarise, giving the overall project cost, the projectbenefits as bullet points, and the general strategy. Provide a listof meetings with research specialists and others involved in theresearch process, with details like who, when and where andestimated times, and desired deliverable.

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