hi professor i need your support in answering the essay question in the attached file

Assignment 2 Budgeting Deadline As indicated on the VLE Learning Objectives for Course. 1. Develop quantitative skills necessary to read, interpret and perform the calculations for the accounting reports involved in cost control and profit planning. 2. Evaluate and identify financial strengths and weaknesses of a business through appropriate conceptual analysis. 3. Analyse information and knowledge effectively in order to develop meaning to solve complex problems and make decisions Guidelines for assignment This is an individual assignment Ground your answer in relevant theory Plagiarism and reproduction of someone else's work as your own will be penalized Make use of references, where appropriate - Use Harvard or APA referencing method. Late submission are not accepted Structural elements should include an introduction, main body, and a conclusion Weight - 60% Word count guidance : question 1 1000, question 2 n/a Type of assignment: Excel Assessed Work Folder and Business Report Start / Finish : Week 5 - 6 Learning Outcome Assessed: 3,4 Question 1 - Planning and Control Write an essay of 1000 words demonstrating your conceptual understanding of the following questions. 1. Is budgeting used primarily for scorekeeping, attention, directing or problem solving? 2. How do strategic planning, long range planning and budgeting differ? 3. Why is budgeted performance better than past performance as a basis for judging actual results? 4. What are the major benefits of budgeting? 5. Is budgeting an unnecessary burden for day to day problems? Explain your answer. 6. Why is the sales forecast the starting point for budgeting? 7. How do Spreadsheets aid the application of sensitivity analysis? Question 2 - Budget Preparation - Intellectual and Practical Skills Application of learning: Prepare the following budgets for the 6 months ending 30 September 2014. You are required to use Excel spreadsheets, which can be copied into word once you finish, should you wish. A template is available for you to use as a basis. a) b) c) d) e) f) g) h) Sales budget Cash Budget Debtors Budget Creditors Budget Production Cost Budget Raw Materials and finished goods Budget Profit and Loss Account Budget Balance Sheet Budget Draw conclusions from your budgets and prepare a short management report using the information below. Asian Ltd Balance Sheet as of 31st March 2014 Fixed Assets Current Assets Debtors Stock: 200,000 (Feb 20,000, March 28,000) Raw Materials Finished Goods 48,000 18,000 26,000 92,000 Current Liabilities Creditors (Feb 16,000, March 20,000) Bank - - 36,000 6,000 - 42,000 Net Current Asset/Working Capital 50,000 Net Assets 250,000 Finance by: Share Captial Profit and Loss Total Shareholders Equity 200,000 50,000 250,000 Additional Information: Fixed Assets are depreciated at 20% straight line method per year. Purchases will be 5,000 in April, increasing by 1000 per month and paid 2 months after purchase. Sales in April will be 20,000, increasing by 2,000 per month and paid 2 months in arrears. Production costs per unit will be: Direct materials 15 Direct Labour 12 Production overheads 5 Direct Labour and production overheads are paid as they are incurred. Production units per month are 500 units. Sales units in April are 400 units, increasing by 40 units per month. Expenses run at 10,000 per month, paid in the month that they are incurred