HND 财政预算报告 你不过我从此消失!.docx

AHnancialanalysisreportforTricolplcOutcome3and4Class;10E6NamezMabodaSCN:125099297CandidateNum:22IntroductionTooperatebetterinfinancialaspect,themanagementofTricolplcaskedmetoanalyzetheirfinancialconditionthenmakerecommendationsforthem.FindingsPartA(i)FlexbudgetinlinewithactualactivityTricolplcFlexedBudgetforJuneOriginalbudgetFlexedbudgetActualresultsVariance2000units1600units1600unitsF/A££££Directmaterial80,00064,00061,6002,400FDirectlabor36,00028,80035,2006,400AVariableproductionoverhead4,0003,2003,2000FixedcostDepreciation1,5001,5001,5000Rentandrates2,5002,5002,5000Administrationoverhead2,0002,0002,200200AInsurancecosts2,2002,2002,400200ATotal128.200104.2(M)108.6004.40。A(ii)VariancescalculationDireCtmaterialtotalvariance(Standardunitsofactualproduction*standardprice)(actualquantity*actualprice)(4kg*1,600*£10)-£61,600=£2,40O(F)Rateofsignificance:(3.75%)DileClmaterialIISageVarianCeStandardprice*(standardunitsofactualproduction-actualquantity)£10*(4kgxl,600)-5,6OOkg=£8,(XM)(F)Rateofsignificance(12.5%)DireClmaterialDriCeVarianCeActualquantity*(standardprice-actualprice)5,600kg*f10-(£61,600/5,600kg)=£(5,600)（八）Rateofsignificance:(8.75%)DireCIlabOUrtotalVarianCe(Standardhoursofactualproduction*standardrateph)-(actualhours*actualrateph)(2hrs*1,600)*£9-£35,200=£(6,400)（八）Rateofsignificance:(22.22%)DireCIlabourefficiencyVarianCeStandardrateph*(standardhoursofactualproduction-actualhours)£9*(2hrs*1,6-3,520hrs)=(2,880)（八）Rateofsignificance:(10%)DireCIlaboUrratevarianceActualhours*(standardrateph-actualrateph)3,520hrs*(£9*一£35,200/3,520hrs)=£(3,520)（八）Rateofsignificance:(12.22%)TotalOVerheadVarianCeTotalstandardoverheadforactualproductiontotalactualoverheads(£18,000/12+£2,500+£2,200+£2,000)-(£1,500+£2,500+£2,200÷£2,400)二£(400)（八）Rateofsignificance:(3.5%)(111) Reportaboutvariances令DirectmaterialvarianceThedirectmaterialtotalvariancecanbeanalyzedintwoaspectswhicharedirectmaterialvolumeanddirectmaterialprice.Forvolumeside,ascalculatedabove,thebudgetvolumeis6400kg;theactualvolumeis5600kg.Sothereis800kgvariancewhichisfavorableandeachunitvarianceis0.5kg.Thelikelyreasoncausingthevariancecomesfromthreeaspects.Firstofall,thecompanyupgradedtheproductionmachineryrecently,andnewmachinemayusematerialsefficiently,soitreducedthewasteofmaterials.Secondly,thecompanyswitchedsuppliersandusinghigher-gradematerialscandecreasewasteofmaterialstoo.Finally,thecompanyhasconcludedahigher-than-expectedwagesettlementforproductionoperatives,whichwillmaintainemployeeswithhigherskillsaswellasdecreaseturnoverofemployees,anditalsocanincreaseefficiencyinusingmaterials.Forpriceaspect,thebudgetpriceis£10perkg,andtheactualpriceis£11perkg,itisadversethatonepoundoverthebudgetprice.Thecompanyswitchingsuppliersmaycausetheincreaseofnegotiationcost.Theremaybealong-termrelationshipbetweenTricolplcanditsoldsuppliers,sothesuppliersmaytakelotsofdiscountstothefirm.Afterchangingsuppliers,thediscountmaydisappear.Furthermore,highergradematerialsincreasedunitprice.Overall,thetotalmaterialvarianceisfavorable.£8,000£5,600=£2,400.÷DirectlabourvarianceThedirectlabourtotalvarianceiscomposedofdirectlabourefficiencyvarianceanddirectlabourratevariance.Thebudgetdirectlabourhoursare3,200hrsandtheactuallabourhoursare3,520hrs.Therearemore320hrsneededthanthebudget,andeachunitis0.2hrs,whichitisobviouslyadverse.Thecompanyupgradingtheproductionmachinerymayneedtimeforemployeestoadoptit.Also,employeesneedtrainingtime.Therebuildprocessofmachineryconsumedtimetoo.Inaword,thechargeablehourshaveincreased.ThebudgetdirectIaourhoursrateis£9perhour,theactualhoursrateis£10perhour.Itisadversethatonepoundhigherthanbudgeted.Itispossiblecausedbybothinternalandexternalfactors.Higher-than-expectedwagesettlementmaybeinternalreasonforthevariance,andnewmachinerymaybeneededtorecruitnewemployeestooperatethemachinery,whichalsocanincreasetheexpense.Forexternalfactors,thechangingoflabourmarketmayincreaselabourcost;thegovernmentlegislationalsocanincreasethelabourcost,forexampleminimumpay.Bothdirectlabourefficiencyanddirectlabourratevariancesareadverse,sothedirectlabourtotalvarianceisadverse.令OverheadvarianceAscalculatedabove,totaloverheadvarianceiscausedbyadministrationandinsurance.Eachfactorhas£200variance,sothetotaloverheadvarianceis£400anditisadverse.Duringtheprocessofchangingsupplier,thecompanyneededmoreexpenseonpublicrelationshipornegotiation,inaddition,inordertomaintainthenewmachinery,administrationcostwillbeincreasedtoo.Forinsuranceaside,theimprovementofmachinerywillneedmoreinsurancefeestocover,whichalsocontributestotheincreaseofinsurancefeeofnewemployees.PartBSelectionandapplicationoftwoinvestmentappraisaltechniquesAsthecompanyiskeentorecoupthecostoftheinvestmentwithinfiveyears,IwillchoosePaybackperiodandNetPresentValuetohelpmecompletetheappraisal.Inordertofulfilltheappraisaleasily,therearesomeassumptionslistedbelowshouldbeconsideredbeforetheappraisal.()Allrevenueandinflowareassumedcashflow(2)A11investmentcostincurredinyear0(3)Nouncertaintyisconsidered(4)Donotconsiderinflationandtaxation(5)Marketrateofreturnisexpectedrateofreturn(6)RateofreturnisvaryingalongwithtimeTricolplcPaybackperiodforprojectdistributionarmYearNetcashflowCumulativeCashFlow££CashFlowYear0(1,000,000)(1,000,000)CashInflowYear1160,000(840,000)Year2160,000(680,000)Year3320,000(360,000)Year4320,000(40,000)Year5320,000280,000NetCashBenefitYear5280.000Note:require40,000/320,000inyear5=l8*year=1.5mothsPayback=4years1.5mothsTricolplcNetPresentValueforprojectdistributionarmAnnualcashflowPresentvaluefactorsat10%PresentValue£££Year0(1,000,000)1.000(1,000,000)Yearl160,0000.909145,440Year2160,0000.826132,160Year3320,(XM)0.751240,320Year4320,0000.683218,560Year5320,0000.621198,720935,200NPV(64800) RecommendationaboutinvestmentAccordingtoPaybackPeriodanalysis,theinvestmentcostcanberecoupedinyear4and1.5moths.Inotherwords,theperiodisundercompany,sexpectation.Theprojectcanbeexecuted.However,accordingtoNetPresentValueanalysis,intermsofpresentvalue,withinfiveyears,whattheNPVwillbringnetresultisnetcashlossbutnotnetcashsurplus.Ingeneral,thecompanyshouldconsidertimevalueandotherfactors,sotheprojectshouldnotbeexecuted. FactorsimpactontheinvestmentshouldbeconsideredVariousfactorswillimpactonresultofinvestment.Iwilloutlinefactorsshouldbeconsideredwhenthemanagementreviewingmyrecommendationinfinancialandnon-financialfactors.÷FinancialfactorAsdistributionarmisfinanciallong-termbeneficialproject,itcanbeusedinlong-termperiodandbringbenefitscontinuous.Theinvestmentcostis£1,000,000,whichcanbeconsideredalargeinvestment.Soitmorelikelyneedslongperiodpaybackperiod.Themanagementshouldfocusonlongercashflowsforlongerperiodoffuture.Ontheotherhand,NetPresentValueinyearfiveis(28,000)onlytake2.8%percentsoftheinvestmentcost,itismorelikelysurplusinyearsix.Anotherfinancialfactorissourceofmillionpounds.Ifitisinternalsource,themanagementmainlyconcentrateonopportunitiescost.Ifitiscostofcapitalorcostofcapitaltakingmuchweightofthesource,themanagementmustpaycostofthesourcefirstly,themarketingrateofreturnlikelylowforthecompany,inaddition,themanagementshouldusehigherdiscountedcashflow.令Non-financialfactorTheinvestmentmustbeconsistencewithcompany,sstrategicplan.AsTricolisaplc,itmusttakesocialresponsibilitysuchasobeyinggovernmentpolicy,minimizingimpactonenvironmentandminimizingimpactonnatives.ConclusionForrealcompetitionismorecomplexandfierce,inordertomakeaccuratedecisions,managementshouldconsidermorefactorsduringthedecision-making;furthermore,themanagementshouldusemoretoolstohelpthemsuchasIRR,DCE