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ACCT 556 Week 7 Course Project Fantastic Inc
Fantastic, Inc. is a case study which allows you to incorporate numerous
financial and managerial accounting concepts into a single business
setting. You will take the position of the company controller who will
prepare the budget for the year ended December 31, 2006, using the
actual data from 2001 through 2005 and information given to you by
various departments. You will prepare a report for the president of the
company describing the strengths and weakness of the corporation as
well as to provide suggestions for the future. In short, you will be
responsible for the planning and control procedures for the company
from an accounting standpoint.
In order to focus on important accounting concepts, certain
simplifications are necessary to make this case manageable. The student
should keep the following simplifications in mind while working on this
case:
 Work in process inventories will be ignored.
 Financial and IRS tax will be the same.
 Some projections for 2006 will be given.
 Standards used for the 2006 budget will be the reasonably obtainable
standards.
 No hourly worker will work overtime.
 All price changes will occur on January 1st and will remain in effect
for the entire year.
 The actual 2005 information is available while preparing the 2006
budget.