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Same as 28978 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...

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Same as 28978

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 beenadaptedfrom 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 resourceandacademic 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 05, 2020

Solution

Abr Writing answered on Apr 06 2020
144 Votes
Answer 1
It is a social theory that is developed by the French philosopher Michael Foucault. He gives the description about his theory in his book Discipline and Punish. The “Panopticon” is an experimental laboratory of power where the behavior can be changed and Foucault uses this in his theory as a symbol of the disciplinary society of surveillance. Panopticon is described as an observation tower in the centre of an open space that is su
ounded by an outer wall (Zwagerman, 2008). The observation is done to
ing the discipline and for improve the efficiency. Panopticism can be relevant to management accounting as the role of the management is to manage everything in an office. The role of the management is to surveillance on the operations of the business. The management has to ensure that the operations of the company are properly conducted or not. For example: Security cameras placed at the workplace to monitor the activities of the employees are one of the examples of Panopticism (Brivot& Gendron, 2011).
Answer 2
The role of management accounting is vital in performing the managerial functions. Three functions of management accounting are as follows:
· Planning: Planning is the first step for every major decision taken in the organization. It means building short-term and long-term plans so the ultimate objectives can be achieved. Management has to done different type of planning in order to achieve the objectives of the organization. Budget planning is the part of management accounting.
· Organizing: Organizing means managing all the responsibilities of the people working in an organization. The management has to delegate his responsibilities for efficient working in the organization. Management accounting helps by giving reports that are important in the business. It helps in adjusting the operations and activities of the organization.
· Controlling:The performance reports of the divisions of the organization are made with the help of management accounting and these reports are used to monitor the performance of the company. Controlling shows the difference between the planned performance and the actual performance. The difference between the actual performance and planned performance can be found by using the management accounting (Ahrens & Chapman, 2007).
Answer 3
Checklist is an control device that gives an assurance that all the important aspects are taken care of. The device is used to reduce the risk and to analyze the performance by using different measures. Van Halen used the bowl of M&M candies that is his checklist device. He demands with the show operators that the M&M
own candies will be left out from the bowl before the starting of the show. It gives an indication that the promoters has read all the important guidelines and are in agreement with the band. Van Halen told the show operators that if he finds any
own candy in M&M Bowl then he can immediately cancel the show. It shows that the checklist has not been fulfilled. It means that checklist provides an assurance that all the requirements are met. It is used to control any mis-management at the event (Chen, et. al., 2011).
Answer 4
    Tendulkar Manufacturing Inc
    Manufacturing Statement
    Direct Materials
     
    Raw materials 1/10/X6
    11000
    Add: Purchases
    842000
    Add: Inward charges
    25340
     
    878340
    Raw Materials 30/9/X7
    26000
    Materials used in production
    852340
    WIP 1/10/x6
    23000
     
    875340
    WIP 31/9/x7
    15000
    Raw materials used
    860340
     
     
    Direct Labo
     
    Labo
    456780
    WIP - labor 1/10/x6
    17000
     
    473780
    WIP - 30/9/x7
    11000
    Direct labor used
    462780
    Total prime cost
    1323120
     
     
    Manufacturing overhead
     
    Manufacturing expenses
    370000
    Salaries
    380400
    Insurance
    9225
    Rates
    9425
    Depreciation on machinery
    12900
     
    781950.25
    WIP - expenses 1/10/x6
    26000
     
    807950.25
    WIP - expenses 31/9/x7
    8000
    Manufacturing overhead costs
    799950.25
    Cost of goods manufactured
    2123070.25
    Tendulkar Manufacturing Inc
    Income statement
     
     
    Sales
    3856000
    Cost of goods sold
     
    Beginning finisged goods
    50000
    Add: Cost of goods manufactured
    2123070
    Cost of goods available for sale
    2173070
    Less: Ending finished goods
    32000
    Cost of goods sold
    2141070
    Gross Profit
    1714930
     
     
    Operating expenses:
     
    Advertising
    24000
    Audit fees
    12000
    Discount expense
    3450
    Freight outwards
    6543
    Insurance expense
    3075
    Light and powe
    23000
    General...
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