ACCT 5000 Intermediate Management Accounting Portfolio Case Study

ACCT 5000 Intermediate Management Accounting Portfolio Case Study

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ACCT 5000 Intermediate Management Accounting Portfolio Case Study

 

ACCT 5000 Intermediate Management Accounting Semester 2 2017

ACCT 5000 Intermediate Management Accounting Portfolio Case Study

Background: Phoenix Enterprises Group

 

Phoenix Enterprises Group (PEG) was founded in Perth in 1999. The company started as a result

of a diversification of investments from its parent company in Singapore. PEG’s initial

investment portfolio consisted of entertainment venues such as clubs and restaurants. Francis

Sik, the marketing department manager of PEG’s parent company in Singapore was sent to

 

Perth to manage and grow business operations of PEG. Although Francis had extensive experience in marketing and business expansion, he had no prior experience in accounting and

cost control. PEG thus engaged the services of an accounts officer, Jessica Boulter, to assist

with keeping “accounting records”. Jessica’s job scope consisted of basic data entry such as

recording of revenues and expenses (e.g. supplier invoices and other company expenditures)

onto a basic spreadsheet. No internal management reports were generated and these figures

were provided to an external accountant who then prepared financial reports to ensure

compliance with regulatory reporting standards.

 

Pricing of products and other investment decisions were largely based on Francis’ intuition and

understanding of the market. Due to favourable economic conditions brought about by the

mining boom, the company experienced significant business growth. Its revenues tripled from

an initial $2 million a year to $6 million and money was readily available. Francis was viewed

favourably by the management in Singapore due to his performance and was thus given much

autonomy in managing PEG. As such, Francis invested excess cash into several other unrelated

businesses. By the end of 2013, the company had business interests in shopping centres,

agricultural farms, markets, restaurants, cafes, clubs and a real estate agency.

 

However, the state of the economy rapidly deteriorated in 2014 due to a significant slowdown in

the resources sector. This had a considerable impact on revenues of PEG and the company

started experiencing financial difficulties, such as the inability to meet supplier payments on

time. In 2015, due to financial constraints, PEG wanted to consolidate and determine the

financial viability of its various businesses. However, Francis was unsure of how this can be

done as he did not have sufficient information to assess the performance of each business.

 

Francis thus decided to employ Bonnie Williamson, a chartered accountant to assist with

sprucing up the accounting records and overall management process. Specifically, Bonnie was

tasked to determine management accounting information required to assist Francis in

assessing the viability of the various business interests of PEG.

 

Required:

 

Assume you are Bonnie Williamson, and that you had identified several issues that need to be

raised with the management of PEG.

You are required to submit the reports to management of PEG to address the various issues identified. In your submission, you will be expected to use examples that are specific to this business to present and argue your points. You should not just provide a textbook summary of the theory and principles.

Please read the Guidelines available on Blackboard prior to writing up your reports. There are strict requirements as regards formatting and layout).

For Report Two (Issues 3) (10 marks):

Issue 3:

Previously the Francis did not use budgets because he did not feel the need for budgets. As the business had grown, and the operations have become more diverse, the lack of knowledge about future results were beginning to worry him.

Include in your submission a comprehensive argument for budgeting, clearly explaining the benefits of budgeting, and how it can be used to better manage and growth a business in an environment which is getting more competitive and uncertain.

2

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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