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USING ACCOUNTING FOR DECISION MAKING —Ass#2

Step 1: Analysing Financial Statements
Read Chapter 4, Study Guide („Analysing Financial Statements‟). Read it quickly, perhaps skimming some parts, seeking to understand what you are reading. What is the author trying to say? While you do this note on your copy of Chapter 4 key concepts and questions (KCQs) that occur to you. Include a summary of your KCQs in your ASS#2, Step 1.
Your personal engagement with the reading is what I am interested in. When reading the chapter note down on the white spaces on the pages (or on a separate sheet of paper, if you are reading it on a screen) your key concepts and questions (KCQs) from the reading. These are key ideas from the chapter that seem important or interesting to you and questions that you have as you read this material. Do not summarise the readings. I will say it again, do not summarise the readings. I am interested in your reactions, understandings, and questions from the readings. I know what the reading says, as I wrote it. So simply giving me a summary of each reading will not be telling me anything I do not already know.
Use the words “I” and “me” in your ASS#2, Step 1. Different people will have different reactions to the readings. Tell me what your reactions actually are. This is what I am interested in. Do not tell me what you think I might want to hear. Be genuine and honest in your reactions to the readings

Step 2: Restating Your Firm’s Financial Statements
Go to the „Restated Financial Statements‟ tab in your firm‟s spreadsheet. This is where you will input your firm‟s restated financial statements, once you have prepared them. You will need to make sure you restate your firm‟s financial statements for the most recent two (2) years, for example 2010 and 2011. You may find your firm‟s spreadsheet already has empty columns for a number of years up to 2009. If this is the case, insert two additional blank columns for the last two years into your firm‟s spreadsheet. You will need to include the years (for example, 2010 and 2011) as well as the currency (for example, „$m‟) for these additional columns. If you have difficulty doing this, ask others in the class. Everyone will be facing similar issues with their firms.

Restate your firm‟s financial statements based on material covered in Chapter 4, Study Guide (Sections 4.2 & 4.3). You may see items in your firm‟s financial statements such as minority interests; investments in associates; futures, options, hedges or derivatives; deferred tax; or movements in foreign currency translation reserves. You may wonder what these are and whether they relate to your firm‟s operating or financial activities. I encourage you to discuss with other students any issues you (and they) may face in restating your firm‟s financial statements. Also, participate in the discussion forums with others in the course.
Restating the financial statements of a firm can be quite time consuming and, at times, a little frustrating, especially when you do it for the first time. However, in your future career or when making investment decisions in your personal life, if you find yourself restating a few firms‟ financial statements you should find it becomes a largely mechanical exercise which you can do quite quickly. But this is not usually the case with restating the financial statements of your first firm!

Step 3: We Have Got to Make Some Decisions
You are the manager of The Quite Amazing Buggy Company, a major producer of baby buggy‟s internationally. You have five products you can produce and sell. These are: Terrain Buggy – Suburbs; Terrain Buggy – Suburbs Elite; City Runner; Sweep Axi; and the F11 v5 Twin. You are only able to access 100,000 kg of steel, due to a current world-wide shortage of steel.
The selling price, variable costs, market demand and amount of steel required per unit of each product is set out below:

Terrain Buggy–Suburbs
$
Terrain Buggy-Suburbs Elite $
City Runner
$
Sweep
Axi
$
F11 v5 Twin
$
Selling Price
600
250
300
300
200
Variable Costs
300
150
150
200
250
Contribution Margin
300
100
150
100
(50)
Market Demand (units)
100,000
25,000
250,000
10,000
50,000
Steel required per unit
2kg
1kg
2kg
0.5kg
1.5kg

a. How much of each of these five products should The Quite Amazing Buggy Company produce and sell to maximise its profits? Show all your workings.
b. Comment on your answer. What are the strengths of your analysis? What are the weaknesses? How might the management accounts of The Quite Amazing
Buggy Company support you as a manager in making this decision?

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