Financial Planning and Control Summative Assessment: Outline & Rubric Summative Assessment Outline Financial Planning and Control Competency Name: Financial Planning and Control Competency Statement: Demonstrate knowledge and application of the 3 key steps of financial planning – 1 forecasting the firm’s short-term and long-term financial needs; 2 developing budgets to meet those needs, and 3 establishing financial controls to see if the company is achieving its goal. Summative Assessment Submission Title: Financial Planning and Control Accounting Problems Competency Objectives: 1. Develop a forecast of short- and long-term financing needs and pro forma financial statements. 2. Prepare a budget and use variance analysis to evaluate performance. 3. Demonstrate knowledge of standard costing and variances. 4. Perform profitability and cost analyses of businesses and business segments. 5. Construct a balanced scorecard for strategic planning and control purposes considering both quantitative and qualitative data. Program Learning Outcomes: N/A Institutional Learning Outcomes: N/A Purpose of this Assessment The final assessment for this competency is to complete a series of comprehensive financial accounting problems that address budgeting, forecasting, standard costing, variance analysis, profitability, and cost analysis using a balance scorecard. Items Required for Submission A comprehensive solution set to a selection of managerial accounting problems that involve: • Preparing Forecasting/Proforma Statements • Preparing Capital Budgets Financial Planning and Control Summative Assessment: Outline & Rubric • Generating Operating Budgets • Demonstrating a knowledge of standard costing and variances • Performing profitability and cost analyses of businesses and business segments • Constructing a balanced scorecard for strategic planning and control purposes, considering both quantitative and qualitative data Step ONE: Preparation In order to prepare for this assignment, it is important to carefully review the entire scenario for each problem found in Appendix A. When reviewing each problem, the following questions should be considered: 1. What possible tasks are required? 2. What you will need to complete the problem? 3. What formulas will you need? 4. What resources from this competency might you reference to successfully complete this problem? 5. Think about possible plans of action for what steps you will take—what strategies will you use to tackle each problem? Step TWO: Perform Calculations & Explain Methods For each problem (found in Appendix A): 1. Use your plan of action to solve each problem, clearly outlining the procedures used, providing a concise explanation of each step, labeling relevant formulas, and showing worked out calculations and complete solutions. You may use an Excel spreadsheet or a calculator to help you perform the necessary calculations, but all corresponding work must be shown completely. 2. Answer all questions posed in the problem; if applicable, analyze and evaluate your results and provide a contextual explanation of the solutions you obtained. 3. Review your calculations and solutions and make sure that an external viewer would be able to follow your methodology and make sense of your calculations and corresponding explanations. Make certain that you have completed all steps of each problem. Financial Planning and Control Summative Assessment: Outline & Rubric Step THREE: Complete Checklist for Submission Before you submit, check to see if you believe you have met the criteria noted below. Did you…. ü Answer all parts of each question completely and accurately? ü Provide clear and accurate steps, calculations, and solutions? ü Include an insightful analysis and evaluation of results where relevant? ü Provide a comprehensive and accurate description of each of the four areas of a balanced scorecard, an accurate and clear definition of a key performance indicator (KPI), and meaningful real world examples of KPIs for each balanced score card area? Step FOUR: Submit Your Work • Your completed final assessment documents should be submitted through the Final Assessment page of your competency.
