HND财政预算报告Word下载.docx
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HND财政预算报告Word下载.docx
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●Intheinitialoutflowsofcashflowissatisfied,thetimevalueofmoneybeignored,notincludinginterestisfortheinitialcapitalinvestment.
●Theexpectedreturnontheinvestment,hereistopointtodeductthenetcashflowfromalltherelevantcosts.
●Uncertaintydoesnotexist
●Allthemarketfactorsarestable
NetPresentValue(NPV):
TheNPVmethodcalculatesthepresentvaluesofcashinflowsandoutflowsandestablisheswhether,intotal,thepresentvalueofcashinflowsisgreaterthanthepresentvalueofcashoutflows.
Calculationofnetpresentvalue,ItisshowedbyAppendix.
Payback:
Thosewaysofinordertorestoretheoriginalinvestmentcostmethodshavetoinvestmentandprojectevaluationhavemanyyears,inordertoreceivedeffectinshortesttime.
(1)year0meansnow
(2)year1meansattheendof12monthsfromnow(3)year2attheendof2yearsfromnow.
Calculationofthepaybackperiodmethod,ItisshowedbyAppendix.
Analyze
Theanalysisoftwoinvestmentappraisaltechniques
Disadvantagesofthepaybackmethod
·
Itignorescashflowsafterinitialoutflowhasbeenmet
Itignoresrisk
Itignorestimevalueofmoney
Itignoresthefactthatbenefitsfromdifferentprojectsmayaccrueatanunevenrate
Noallowanceismadeforinterestontheinitialcapitalinvestment.
AdvantagesoftheNPVmethod
Providesanobjectivebasisforevaluatingandselectinginvestmentprojects
Takesaccountofbothmagnitudeandtimingofexpectedcashflowsineachperiodofaproject’slife
Investorscannotuseasingleformulatocalculatetherateofreturn,theyshouldconsiderthevalueofthetime.
Inviewofthedatacalculatedabove,paybackwilltakefouryearsandone-and-halfmonthtocomplete,therefore,itseemstobereasonabletoacceptandinvestthiskindofproject.However,inothermethod,itisimpossibletofulfillarequirementofa10%return.Theactualrateofreturnmustbelessthan10%.
Takingthistwomethodsintoconsideration,firstly,netpresentvaluemethodsismoreaccuratethanpaybackperiodmethod,secondly,althoughitcannotrealizetheexpectedreturnin10%inthefirst5years,mainlybasingongrowingslowlyandlowreturnatbeginning,itmaybringahigherrevenueandpositivecashinflowinthefutureyears.
Personally,Ithinkwecanacceptthenewprojectforaperiodtime.
Recommendation
TherearesomeSuggestionstocontinuetodoinvestmentcompany.Wecanfromthefinancialfactoranalysisandthefinancialfactors.Thefirst.Formtheeconomicfactors.TherearesomeSuggestions.Thecompanymustmakesurethattheyhaveenoughmoneytocompletethisinvestment.Thecompanyalsoneedtoconsiderbudgetcontrolandtheabilitytosolveproblems.Andthensureneedtomoveonthisinvestment.Thecompanyshouldconsiderwhethertoprofitthemostforthecompanylong-terminterests.Thenfromnon-financialaspects.Focusontheinformationaboutthechangeinthecurrentsocialeconomic,politicalandlegal.Whethercanincreaseemploymentguidance.Clearlyknowpeoplearewillingtopayissuitableforthisinvestment.Finally,theinvestmentisinaccordancewiththecompany'
sstrategy.
3.Conclusions
Thecompany'
sconsultants,thisreportcanhelpthecompanybendofthebudgetandvarianceandusethesetwokindsofmethodsareanalyzed,andhelpthecompanychooseinvestmentinvestmentmethod.Thecompanywillmakemuchprofit.
4.Appendix
TricolPlcFlexedbudged
Basedontheallinformationabout“Zupper”expendabletable,Idrawatableasfollowing:
TricolPLCFlexedBudget
forJune2009
Originalbudget2000units
Flexedbudget1600units
Actualresults1600units
VarianceF/A
£
Directmaterial
80000
64000
61600
2400F
Directlabour
36000
28800
35200
6400A
Variableproductionoverheads
4000
3200
Insurance
2200
2400
200A
Depreciation
1500
RentandRates
2500
AdministrationOverheads
2000
Total
104200
108600
4400A
Thecalculationofthevariancesandthevariancerate
1.Directmaterialtotalvariance
(standardunitsofactualproduction×
standardprice)–(actualquantity×
actualprice)
[(4kg×
1600)×
£10]–£61600
=£64000–£61600
=£2400(F)
Theratefordirectmaterialtotalvariancesis£
2,400/£
64,000×
100%=3.75%
2.Directmaterialpricevariance
actualquantity×
(standardprice-actualprice)
=5600kg×
(£10-£11)
£1
=5600(A)
Therateofdirectmaterialpricevarianceis£
5,600/£
100%=8.75%
3.Directmaterialusagevariance
standardprice×
(standardunitsofactualproduction-actualunits)
=£10×
(4kg×
1600-5600kg)
800kg
=£8000(F)
Therateofdirectmaterialusagevarianceis£
8,000/£
100%=12.5%
Note:
Whenaddingthepriceandusagevariancestheresultmustequalthetotalvariance.Therefore,£5600(A)(price)+£8000(F)(usage)=£2400(F)(total).
4.Directlabourtotalvariance
(standardhoursofactualproduction×
standardrateph)-(actualhours×
actual
rateph)
[(2h×
£9]-(3520h×
£10)
=(3200h×
£9)-£35200
=£28800-£35200
=£6400(A)
Therateofdiretclabourvarianceis6400/28800×
100%=22.2%
5.Directlabourratevariance
actualhours×
(standardrateph-actualrateph)
3520h×
(£9-£10)
=3520h×
=£3520(A)
Therateofdirectlabourratevarianceis£
3,520/£
28,800×
100%=12.2%
6.Directlabourefficiencyvariance
standardrateph×
(standardhoursofactualproduction-
actualhours)
£9×
[2h×
1600-3520h]
=£9×
(3200h-3520h)
320h
=£2880(A)
Therateofdirectlabourefficiencyvarianceis£
2,880/£
28,000×
100%=10%
Whenaddingrateandefficiencyvariancestheresultmustequalthetotalvariance.Therefore,£3520(A)(rate)+£2880(A)(efficiency)=£6400(A)(total).
7.Overheadtotalvariance
(standardinsurancecost-actualinsurancecost)+(standardadministration
overheads-actualadministrationoverheads)
(£2200-£2400)+(£2000-£2200)
=£200(A)+£200(A)
=£400(A)
Therateofoverheadtotalvarianceis£
400/£
4,200×
100%=9.52%
Calculationofnetpresentvalueat10%
year
Annualcashflow
Presentvaluefactorsat10%
present
value
(1,000,000)
1.000
1
160,000
0.909
145,440
2
0.826
132,160
3
320,000
0.751
240,320
4
0.683
218,560
5
0.621
198,720
935,200
Netpresentvalue
£(64800)
Paybackperiodmethod:
Yearlynetcashflow£
Cumulativecashflow£
(840,000)
(680,000)
(360,000)
(40,000)
5(1st1/8of320,000)
40,000
Nail
5(2nd7/8of320,000)
280,000
Netcashbenefit
InYear5thecashinflowsforthefullyearare£320,000butonly£40,000isrequiredtorecouptheinitialinvestment.Thisisthereforereachedin1.5months.
Payback=
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