Reference no: EM132720344
Question: Preparea report for Best Buy corporation's senior managers to interpret and explain the SEC10K financial reports.
The following are concepts you should consider for discussion:
• Address the reasons for and benefits of budgeting.
• Discuss the concept of using budgets for variance analysis and strategy.
• Searching within the 746page downloadable Managerial Accounting Volume II in the e-readings you will find highlights of padding in budgeting where managers budget low expectations to enable actual results to look good. (Hint: Search for the word "padd" to allow for variations). Short term positive results for rewards/recognition. This is an important concept to understand and evaluate.
• How are budgets used to evaluate performance (i.e. variance analysis)?
• How can and should management use variance analysis for strategic purposes?
• How would a company be affected by budget strategy based on personal goals (i.e. padding the budget to make short term operational results look good) rather than budgeting based on current and future market analysis?
• How might this affect sales dollars, sales volume, and profits? Consider the impact of these budgeting decision on the corporation's plans for future financing, production volume and capacity (both short term and long term).
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Preparea report for best buy corporations senior managers
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