|University||Singapore Management University (SMU)|
You have recently appointed Management Accountant of Must Survive Pte Ltd, a company operating in Singapore. The owner and CEO of the company have requested that you prepare a cash budget for the last three months of the current year ended 31 December 2020. The CEO is very concerned about the liquidity crisis that the company is facing amid the evolving Covid 19 situation.
He supplies you with the following information:
- Cash balance as at 1st October 2020 is expected to be of $10,000.
- Sales are expected to be about as follows:
September 2020 230,000$
October 2020 200,000$
November 2020 140,000$
December 2020 150,000$
To ensure adequate cash inflows from receivables, the company has decided to allow a generous cash discount of 10% if payment is made in the month of sales. It is estimated that 40% of the receivables will pay in the month of sales, 60% will pay in the month following the sale.
- Purchases are expected to be 50% of the sales value of that month. Suppliers offer the company a one-month credit term.
- Salaries have been set at $20,000 per month, payable at the end of the month.
- Administrative overheads are set at $10,000 per month. The overheads are paid in the month incurred. Overheads include depreciation of $3,000 per month.
- A machine is to be purchased in October 2020 for $80,000 in total. It will be paid for in four equal monthly installments starting in October 2020.
- In light of the Covid 19 situation, the company expects to receive a new government grant of $20,000 in total. This will be received in four equal monthly installments, starting in October 2020.
- Prepare a Cash Budget for the business for each of the three months from October 2020 to December 2020 showing the ending cash balance at the end of each month.
- The CEO has read an article about the concept of Beyond Budgeting. He has requested you to provide a brief explanation of how Beyond Budgeting differs from traditional budgeting systems.
Provide an overview of the Balanced Scorecard as used in performance measurement. What are the essential characteristics of the Balanced Scorecard that makes it very useful for performance measurement? (800 words)
It is recommended that you conduct some research to supplement your answers and marks will be awarded for the depth and quality of the answer. Please remember to provide references using the APA Referencing Standard.
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