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QUESTION 1 Panopticism (4 marks) See your text chapter 1, page 4. Describe Panopticism. How may it be relevant to management accounting? Give examples (about 200 words). Use images to enhance your...

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QUESTION 1 Panopticism (4 marks)
See your text chapter 1, page 4. Describe Panopticism. How may it be relevant to management accounting? Give examples (about 200 words). Use images to enhance your answer.

QUESTION 2 Control (4 marks)
List and explain three functions of management accounting. Refer to the text chapter 1. Give examples (about 150 words).

QUESTION 3 Checklists (4 Marks)
Explain how the Van Halen rock band used checklists as a control device. See chapter 1 of your text. Use Internet resources to enhance your answer (about 200 words).

QUESTION 4 Manufacturing statement and income statement (18 marks)
Spreadsheet. See the Spreadsheet Advice PDF in Interact2 Resources and the examples in your textbook.

Create a manual, handwritten solution. Scan or use your phone to copy and paste an image of your handwritten solution in your word file. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which method you chose. We ask for a handwritten solution because this is the method you will use in the final exam. In the meantime, we also want you to acquire spreadsheeting skills. Having spreadsheet skills will enhance your future employment prospects.

Check the assignment requirements below paying particular attention to the spreadsheet requirements. Ensure you have separate data and report areas with the latter showing only formulas. Use IF functions to allow for the possibility of either a net profit or a net loss. Show row and column headings and paste both a normal view and a formula view.

The question below has been adapted from your text P1-21.

QUESTION 5 Labour cost concepts (8 marks)

See chapter 2 of your text.

A. "If a perpetual inventory system is used for recording movements of raw materials there is no need to conduct a physical stocktake." Do you agree? Why?
B. Should overtime payments be treated as direct labour, or as overhead? Explain.


QUESTION 6 Understanding the entries in the Materials Control account (6 marks)

See chapter 2 of your text.

Create a manual, handwritten solution. Scan or use your phone to copy and paste an image of your handwritten solution in your word file. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which method you chose. We ask for a handwritten solution because this is the method you will use in the final exam. In the meantime, we also want you to acquire spreadsheeting skills. Having spreadsheet skills will enhance your future employment prospects.

Spreadsheet this problem

The Materials Control account balances were $60 000 on 1 April and $50 000 on 30 April. Raw materials purchased during April were $ XXXXXXXXXXDirect materials issued to production were $60 000.

Required:
Show the Materials Control T-account in the ledger for April and a general journal entry to record the cost of indirect materials consumed during April.

QUESTION 7 Understanding the entries in the Accrued Payroll account (8 marks)

See chapter 2 of your text.

Create a manual, handwritten solution. Scan or use your phone to copy and paste an image of your handwritten solution in your word file. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which method you chose. We ask for a handwritten solution because this is the method you will use in the final exam. In the meantime, we also want you to acquire spread sheeting skills. Having spreadsheet skills will enhance your future employment prospects.

And spreadsheet this problem.

Salaries and wages payable to factory employees were $18 000 on 1 July. July’s factory salaries and wages expenses were $50 000 direct labour and $22 000 indirect labour. Salaries and wages paid during July were $70 000.

Required:
Show the T-account for Accrued Payroll for July. What was the balance in the account at the end of July?

QUESTION 8 Payroll entries (8 marks)

See chapter 2 of your text.

Spreadsheet not required.

The Patel Company has a gross payroll of $8 000 per day. Withholdings for PAYG taxes are $2400 per day. There are no other deductions from employees' earnings. The firm works five days per week, Monday to Friday inclusive. The payroll period covers Thursday to Wednesday inclusive and the payroll for the week is paid on the following Friday.

Gross payroll consists of $4800 direct labour, $1600 indirect factory labour, $1120 selling expenses and $480 general and administrative expenses each day. The following calendar should be used to answer the questions:


Required:

(a) What is the total amount to be credited to Accrued Payroll in respect of September earnings?
(b) If balance day adjustments are performed at the end of each month, what would be the balance in the Accrued Payroll account at the close of business on September 30?
(c) Suppose that a single journal entry is made on the last day of each month to record the distribution of total labour costs for the month, but that entries are made each Friday to record payment of wages and withholdings. Also, PAYG taxes withheld are remitted to the Taxation Department at the end of each month.
(i) Show the weekly journal entry.
(ii) Construct the necessary ledger accounts to show all entries in respect of labour costs during the month of September.

QUESTION 9 Activity Based Costing (10 marks)
Your employer is contemplating changing the existing traditional costing systems used in the business to adopt activity based costing (ABC). See your text chapter 3.
Prepare a business report comparing the traditional costing system with ABC and evaluate arguments for and against ABC.

Use the Internet as a resource and academic journal articles (about 500 words excluding references).

Use the Internet for advice of business report structures.

For example,www.business.unsw.edu.au/Students-Site/Documents/Writingareport.pdf

QUESTION 10 Service department cost allocation (20 marks)

Review the examples in your textbook.

Required:

1. Create a manual, handwritten solution. Scan or use your phone to copy and paste an image in your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which app you chose.

Use the algebraic method for the reciprocal services method.

2. Solve with a spreadsheet. Also show the Matrix algebra solution.

Include in your solutions the T accounts for Overhead as shown on page 93 of your text.


Answered Same Day Apr 03, 2020

Solution

Nikita answered on Apr 06 2020
144 Votes
Managerial Accounting
    
    
Managerial Accounting    
    
Table of Contents Page No.
Question 1………………………………………………….3
Question 2…………………………………………………..3-4
Question 3…………………………………………………..4
Question 4………………………………………………….5-13
Question 5………………………………………………….13-15
Question 6…………………………………………………..15
Question 7…………………………………………………….16
Question 8…………………………………………………….16-20
Question 9…………………………………………………….20-21
Question 10…………… ……………………………………….21-23 References…………………………………………………….24
1) A social theory is a Panopticism which is named after the Panopticon, which is developed by a philosopher of French in his book of Discipline and Punish by Michel Foucault. An experimental laboratory of power is panopticon in which the modification of behavior can be made, and Foucault viewed the panopticon as a symbol of the society which is disciplinary of surveillance (Orchid, 2014). It Can be applied to the accounting of management as management accounting is the field of accounts whose main focus is to analyze the organisation overall performance. For the firm internal reporting and internal evaluation management accounting is used. The employees of the organisation have a fear that the performance is checked by the management all the time and they give importance to their performance. Different tools of management are used like balance score card, performance management, budgeting and variance analysis for evaluating the department and the whole organisation performance.
2) The process of management implies the three basic functions and they are
Planning: Short-term and long-term plans are formulated and actions to achieve a particular end. Financial planning is the budget showing resources are to be acquired and used over a time interval which is specified. Managers are helped by the management accounting in planning and provide reports which estimate the alternative actions effect on an enterprise ability to achieve the goals that are desired (P.Barsky, 2017).
Organizing: An organizational framework is established and responsibility is assigned to the people working in an organisation for achieving the goals and objectives of the business. Managers are helped by the management accounting in organizing by providing reports and information that are necessary to regulate and adjust the operations and activities in the light of the conditions that are changing.
Controlling: The process of monitoring, measuring, co
ecting and evaluating the results that are actual to ensure that the business enterprise goals and plans are achieved.
3) Checklist is a control device for ensuring all the things which are required or the aspects are taken care of. It helps in the risk mitigation and different control measures are monitored which are required in a performance. Van Halen use the bowl of M&M candies as a means of check-list. The bowl of M&M candies was used as a means of indicators that the promoters of the concert have read all the requirements and fulfilled all the requirements of the contract concert. If any M&M candies left in the bowl than he cancel the concert as the details of the contract and the checklist provided by the band is not fulfilled. Van Halen were the first band to use contract riders who specified a wish-list it is a practice which is now used throughout the industry of music. The demands of the bands were not limited to the issues that are technical their now rider which is infamous specified that a bowl of M&M’S with all of the
own M&M’S removed, was to be placed in their room of dressing (Halen, 2012).
4)Normal View
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Formula View
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