Assignment 1: Budgeting and Benchmarking for a Start-up Manufacturing Company
Due Week 8 and worth 240 points
For this assignment, you will decide what type of budget to implement for a start-up company. Also, use the Internet to research one (1) manufacturing company that is in the same industry.
Write a five to six (5-6) page paper in which you:
- Summarize the type of manufacturing company you plan to start-up, and describe the value chain for the company that you researched. Next, determine how you will design the value chain for your manufacturing company.
- Analyze the various types of budgets. Determine which type of budget the company you researched utilized, and discuss whether or not the company met its financial forecast. Suggest at least two (2) reasons why the company results would be different than the forecast. Next, decide which type of budget you plan to implement in your organization, and outline the major steps you plan to take to ensure that your organization reaches the financial forecast.
- Discuss the importance of benchmarking, and perform a benchmark analysis of the company that you researched. Next, select at least four (4) specific benchmarks you will utilize in your organization. Explain the benchmarks you selected, and determine the manner which they will benefit your organization.
- Distinguish between a job costing system and a process costing system, and determine what type of cost system the company you researched implemented. Decide the type of cost system you plan to implement in your organization, and identify any major challenges you may encounter in implementing your cost system. Suggest the manner in which you will overcome the identified challenges.
- Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Analyze the management accountant’s role in the organization.
- Analyze the advantage of budgeting, the preparation of a master budget, and other forms of planning.
- Discuss the allocation of costs to divisions, plants, departments, contracts, and products.
- Compare and contrast the various management uses of variances.
- Use technology and information resources to research issues in cost accounting.
- Write clearly and concisely about cost accounting using proper writing mechanics.