ACC 311 Milestone One Guidelines and Rubric

Overview: This assessment focuses on the SRS Educational Supply Company case study. The company provides educational materials and supplies to educational
institutions. The SRS business model is to be a one-stop provider of educational supply needs. For example, some of their product lines include educational
workbooks, classroom visual aids, instructor support materials, art supplies, lab supplies, and administrative office supplies. While SRS serves all levels of
educational institutions, the majority of its customers are K–12 schools. Sales can vary quite a bit from month-to-month, as K–12 educational institutions have
seasonal ordering patterns. Thus, budgeting is vital for planning and cash-flow purposes. SRS has a June 30 fiscal year end.

For Milestone One of Final Project II, you will create department budgets for the four main departments of SRS Educational Supply Company: Sales, Purchasing
Operation, and Finance.

Prompt: Assume you are the new cost accountant at SRS. In this new position, you have been asked to perform a few tasks for the company’s leadership team.
The company has four main managers: sales manager, purchasing manager, operations manager, and finance manager. Each manager has general information
about the company as a whole, as well as information about their own department—private information known only by this departmental manager—that is
more accurate than the general corporate information.

First, review the information for Final Project II. Then, using the Final Project II workbook, complete the four department budgets for the three-month period
beginning July 1 and ending September 30.

Specifically, you must address the critical elements listed below:

I. Budgeting: Prepare Budgets

A. Review the financial information and enter data into the correct tabs in the Final Project II workbook. Be sure to complete all the relevant tabs in
the workbook. Complete the following:
i. A sales budget by month and in total
ii. A schedule of expected cash collections from sales by month and in total
iii. A merchandise purchase budget in dollars by month and in total
iv. A schedule of expected cash disbursements for merchandise purchases by month and in total
v. A selling and administrative budget by month and in total
vi. A schedule of expected cash disbursements for selling and administration by month and in total
vii. A cash budget by month and in total
 Rubric

Guidelines for submission: Submit your Final Project II Workbook with all the relevant sections for Milestone One completed.

Critical Element Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value
Budgeting: Sales Prepares an accurate sales budget by Prepares a sales budget by month based on the case Does not prepare a sales budget by 15
Budget month and in total based on the case study data, but does not make a total budget, or month and in total based on the case
study data there are errors in the data entry or calculations study data
Budgeting: Schedule Prepares an accurate schedule of Prepares a schedule of expected cash collections Does not prepare a schedule of 14
of Expected Cash expected cash collections from sales by from sales by month based on the case study data, expected cash collections from sales by
Collections month and in total based on the case but either does not make a total budget or there are month and in total based on the case
study data errors in the data entry or calculations study data
Budgeting: Prepares an accurate merchandise Prepares a merchandise purchase budget in dollars Does not prepare a merchandise 14
Merchandise purchase budget in dollars showing the showing the budget by month based on the case purchase budget in dollars showing the
Purchase Budget budget by month and in total based on study data, but either does not make a total budget budget by month and in total based on
the case study data or there are errors in the data entry or calculations the case study data
Budgeting: Schedule Prepares an accurate schedule of Prepares a schedule of expected cash Does not prepare a schedule of 15
of Expected Cash expected cash disbursements for disbursements for merchandise purchases by month expected cash disbursements for
Disbursements for merchandise purchases by month and in based on the case study data, but either does not merchandise purchases by month and
Merchandise total based on the case study data make a total budget or there are errors in the data in total based on the case study data
entry or calculations
Budgeting: Selling and Prepares an accurate selling and Prepares a selling and administrative budget by Does not prepare a selling and 14
Administrative administrative budget by month and in month based on the case study data, but either administrative budget by month and in
Budget total based on the case study data does not make a total budget or there are errors in total based on the case study data
the data entry or calculations
Budgeting: Schedule Prepares an accurate schedule of Prepares a schedule of expected cash Does not prepare a schedule of 14
of Expected Cash expected cash disbursements for selling disbursements for selling and administration by expected cash disbursements for selling
Disbursements for and administration by month and in month based on the case study data, but either and administration by month and in
Selling and total based on the case study data does not make a total budget or there are errors in total based on the case study data
Administration the data entry or calculations
Budgeting: Cash Prepares an accurate cash budget by Prepares a cash budget by month based on the case Does not prepare a cash budget by 14
Budget month and in total based on the case study data, but either does not make a total budget month and in total based on the case
study data or there are errors in the data entry or calculations study data
Total 100%