Explain the purpose of the presentation, including a persuasive case for the importance of the accounting information to be shared. What does this mean? Explain why are your financial statements, managerial accounting conclusions and reports important. Sell every potential investor with substantiated data from your workbook tabs and avoid the all-too-easy, pie-in-the-sky oral sales pitch. Explains and defends the methods for generating the information in the presentation in terms of their adherence to industry standards and the AICPA Code of Conduct". What does this mean? Generating information means you will discuss how the financial reports are generated from the ledgers and how there is a check and balance system - otherwise known as internal control from financial accounting. What precautions are in place to ensure the employees and your business adhere to the AICPA Code of Conduct? Be creative!! Illustrates how managerial accounting methods support the mission of the organization using specific examples". What does this mean? What were some of the managerial tools that were learned in the course and how are they illustrated throughout the presentation? Why are items such as the contribution margin important? Why should variances be calculated? The specifics for your chosen methods will be explained later in the presentation. Justifies the use of job order costing by comparing and contrasting the various costing systems covered in the course." What does this mean? Contrast and comparison is a writing technique where two items are shown to be similar (contrast) and how they differ (comparison). One of the costing systems MUST be Job Order, but the other can be any cost system of your choice. Explains and defends the selling prices for grooming, day care, and boarding by citing financial data from the cost-volume-profit analysis." What does this mean? The key to profits lies with the contribution margin for each of your services. Given the space constraints of your facility, you may have attempted to maximize the bundled service contribution margin at full capacity. Alternatively, some students may have performed a market survey of competitors and then analyzed the results to observe the impact on each contribution margin. Be sure to express your rational in writing!! Explains and defends the target profits for each area of the business by citing financial data from the cost-volume-profit analysis." What does this mean? Did you try to maximize the profits in each area of your business or did you decide to provide a service that some customers would prefer over the others? Which of the three services is your market leader? How does the data from YOUR cost-volume-profit analysis support your decision. Keep in mind, some customers may never need boarding or day care services, but will only use your grooming services. Conversely, there will be customers that will rely heavily on your boarding and day care services, but never have their dog groomed while at your facility. How can you adjust your sales mix to maximize profits? Explains and defends the contribution margin per unit and contribution margin ratio by citing financial data frm the cost-volume-profit analysis." What does this mean? Reread the suggestion for targeted profits, but consider the contribution margin and contribution margin ratios. Shares the statement of cost of services (or income statement as applicable) and logically interprets the business performance against the provided benchmarks". What does this mean? What are the provided benchmarks? This is a major area of ambiguity with the Final Project and, what I would suggest is, after presenting the statement of cost of services, that students recast the Cost of Services statement to show what would have happened IF there were no direct labor and direct material variances. The Cost of Services will change and, in turn, the Income Statement will change. How so? The statement of cost of services shows $2,000 of direct materials used, but the variance analysis tab reflects $1,600 of unfavorable materials variances. What would the direct materials used have been if there was zero variance? The direct labor is reported on the Cost of Services tab as $6,240, but there are $270 of unfavorable favorable variances. What would the direct labor have been if there was a zero variance balance? Recalculate the Cost of Services and then, recalculate the Income Statement with the revised Cost of Services. Be sure to illustrate both sets of statements - before and after. Explain what your expectations were and how the variances impacted the actual statements. For students who follow through on this, the grade will be EXEMPLARY for the Cost of Services and Income Statement critical elements. Where do the variances from our Variance Analysis tab come from? When a January budget is compared to the January results (see the data on the Variance Analysis tab), we have stripped away the Sales Volume Variance and are left with the four underlying variances. As a potential Angel Investor, I want to know how the business incurred $1,870 of net unfavorable variances in one month alone and what is being done about it? Consider this: What percentage decline did the variances have on your net income? 10%, 30%, 50%? There needs to be an explanation!! What should be the focus? Among the questions are: 1) What caused more time to be spent grooming dogs when the actual number of dogs groomed matched the actual number of grooms as planned? What are you doing about it? 2) Why did we use more materials grooming the dogs when the actual number of dogs groomed matched the actual number of grooms as planned? What are you doing about it? 3) What about those price variances? Why did these variances occur and what is being done? 4) Equally important, but almost universally absent is, what has been the impact of all four variances on future budget considerations?