Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

Student Name/ID Number Unit Number and Title HNBS 305 Management Accounting Academic Year XXXXXXXXXXUnit Tutor Shyam Sharma Assignment Title Management Accounting Issue Date Submission Date Assignment...

1 answer below »
Student Name/ID Number Unit Number and Title HNBS 305 Management Accounting Academic Year XXXXXXXXXXUnit Tutor Shyam Sharma Assignment Title Management Accounting Issue Date Submission Date Assignment 1 – 23rd March 2018 Assignment 2 - 18th May 2018 IV Name & Date F Khan XXXXXXXXXXAssignment 1 – LO1 Demonstrate an understanding of management accounting systems Submission Format – Presentation Guideline for preparing presentation and submission:  You need to carry out a 15-20 minutes oral presentation in front of your classmates.  The presentation should be illustrated by PowerPoint slides or other appropriate media.  PowerPoint slides should be accompanied by speaker’s notes.  Your response to the questions need to be underpinned by Module contents.  You must complete your class presentation before the deadline for submitting the slides in the Moodle. Ideally, you are expected to carry out class presentation in between week 7 and 8.  For submission, please save your document with a unique name. Use the following style: [Your Surname]_[Your First Name]_[Unit Code]_[Assignment Number]. For example: Bennett_Tiffany_HNBS 305_Assignment 1. Assignment Brief and Guidance Scenario UCK Furniture is planning to start training course for their new interns in September 2016. As a Junior Management accountant of UCK you have been asked to give a presentation for the interns on management accounting. You have been requested to explain management accounting. In addition you need to identify different types of management accounting systems and discuss essential requirements of each type. You are also expected to explain different methods used for management accounting reporting. Your presentation you will use the examples of the UCK Accountants. You must answer the following: 1.1 Explain management accounting and give the essential requirements of different types of management accounting systems 1.2 Explain different methods used for management accounting reporting 1.3 Evaluate the benefits of management accounting systems and their application within an organisational context 1.4 Critically evaluated how management accounting system and management accounting is integrated within the organisational process Learning Outcomes and Assessment Criteria Pass Merit Distinction LO1 Demonstrate an understanding of management accounting systems. D1 Critically evaluate how management accounting systems and management accounting reporting is integrated within organisational processes. P1 Explain management accounting and give the essential M1 Evaluate the benefits of management requirements of different types of management accounting systems. P2 Explain different methods used for management accounting reporting. accounting systems and their application within an organisational context. Assignment 2 - Applying management accounting techniques responding to financial problems Submission Format - Report You have been asked to present a report to show how to apply different techniques of management accounting. To do this you need to use cost analysis techniques and prepare an income statement using marginal and absorption costs. You also need to explain positives and negatives of different types of planning tools used for budgetary control. Finally you need to compare different ways which organisations can use to do management accounting to face the financial problems. You have has been asked to present your findings in report format. A cover page, table of contents page, references list and bibliography would be at highest standard. Your response to the questions need to be underpinned by module contents. Your research should be referenced using the Harvard referencing system. Please also provide a reference list using the Harvard referencing system. You will not be penalised for exceeding the total word limit of 2000 words. Learning Outcomes LO2 Apply a range of management accounting techniques. LO3 Explain the use of planning tools used in management accounting LO4 Compare ways in which organisations could use management accounting to respond to financial problems Assignment Brief and Guidance Task 1: Apply a range of management accounting techniques You must answer the following: 1.1 Calculate costs using appropriate techniques of cost analysis to prepare an income statement using marginal and absorption costs. UCK Furniture produce one product – desks. Each desk is budgeted to require 4 kg of wood at £3 per kg, 4 hours of labour at £2 per hour, and variable production overheads of £5 per unit. Fixed production overheads are budgeted at £20,000 per month and average production is estimated to be 10,000 units per month. The selling price is fixed at £35 per unit. There is also a variable selling cost of £1 per unit and fixed selling cost of £2,000 per month. During the first two months X plc expects the following levels of activity: January February Production 11,000 units 9,500 units Sales 9,000 units 11,500 units (a) Prepare a cost card using absorption costing and marginal costing 1.2 Accurately apply a range of management accounting techniques and produce a financial reporting document. 1.3 Produce financial reports that accurately apply and interpret data for a range of business activities. Make the interpretation of the both costing methods and explain the potential merits and demerits of the both methods. Task 2: Explain the use of planning tools used in management accounting. You must answer the following: 2.1 Explain the advantages and disadvantages of different types of planning tools used for budgetary control. The UCK Furniture has noticed considerable fluctuation in its amount of time spent and expenses incurred, as shown below: Month Hours spent Expenses (£) January XXXXXXXXXXFebruary XXXXXXXXXXMarch XXXXXXXXXXApril XXXXXXXXXXMay XXXXXXXXXXJune XXXXXXXXXXYou must answer the following: 2.2 Using the high-low method estimate the expenses if the number of hours required for July and August is 650 and 750 respectively. 2.3 Explain the purpose of budget and prepare a cash budget with the given information for coming months. I. The cash balance at the beginning of September is £ 9,000. ii. Actual sales for July and August and expected sales for September are as follows: July August September Cash sales £ 19,000 £ 29,000 £ 39,000 Sales on account £ 5,600 £ 5,520 £ 8,400 iii. Sales on account are collected over a three-month period as follows: 10% collected in the month of sale, 80% collected in the following sale, and 7% collected in the second month following sale. The remaining 3% is uncollectible. iv. Purchases of inventory will total £ 24,000 for September. 20% of month’s inventory purchases are paid for during the month of purchase. The accounts payable remaining from Augusts’ inventory purchases total £ 15,000, all of which will be paid in September. v. Selling and administrative expenses are budgeted at £ 13,000 for September. Of this amount £ 4,000 is for depreciation. vi. Equipment costing £ 18,000 will be purchased for cash during September, and dividends totalled £ 3,000 will be paid during the month. vii. The company maintains a minimum cash balance of £ 5,000. An open line of credit is available from the company’s bank to bolster the cash position as needed. Required: (1) Prepare a schedule of expected cash collections for September (2) Prepare a schedule of expected cash disbursements for merchandise inventory purchases in September. (3) Prepare a cash budget for September. Indicate in the financing section any borrowing that will be needed during September. Task 3: Compare ways in which organisations could use management accounting to respond to financial problems. 3.1 Compare how organisations are adapting management accounting systems to respond to financial problems The UCK Furniture is trading its two divisions the Table Division and Drawer Division. UCK Woodworks manufactures components and parts used in desks. UCK Woodworks sells the components to UCK Furniture and the rest of the world. Both companies are part of a group named as UCK group of companies The financial results for the two companies for the year ended 31 May 2015 are as follows: Compare the Performance of UCK Woodworks and each division of UCK Furniture, calculating and using the following three performance measures: (i) Return on capital employed (ROCE) (ii) Asset turnover (iii) Operating profit margin UCK Furniture. UCK Woodworks Design Division Gear Box Division £ £ £ External Sales 13,000 24,900 8,150 Sales to Gearbox Division 7,430 15,580 Cost of Sales 4,150 16,000 5,065 Administration cost 2,960 4,100 2,930 Distribution costs - 1, XXXXXXXXXXOperating Profit 5,890 3,600 6,955 Capital Employed 23,100 31,930 81, XXXXXXXXXXAnalyse how management accounting can help improve the financial performance of both companies to achieve the sustainable success. 3.3 Evaluate the planning tools used in management accounting to reduce the financial problems to achieve the success. (Guide lines learner should evaluated the use of the following techniques. E.g. budgeting, budgetary control, Project Appraisal or Evaluation, Standard costing and Analysis of Cost Variances, Ratio analysis) Learning Outcomes and Assessment Criteria Pass Merit Distinction LO2 Apply a range of management accounting techniques. D2 Produce financial reports that accurately apply and interpret data for complex business activities P3 Calculate costs using appropriate techniques of cost analysis to prepare an income statement using marginal and absorption costs. M2 Accurately apply a range of management accounting techniques and produce appropriate financial reporting documents. LO3 Explain the use of planning tools used in management accounting D3 Evaluate how planning tools for accounting respond appropriately to solving financial problems to lead organisations to sustainable success. P4 Explain the advantages and disadvantages of different types of planning tools used for budgetary control. M3 Analyse the use of different planning tools and their application for preparing and forecasting budgets LO4 Compare ways in which organisations could use management accounting to respond to financial problems P5 Evaluate how organisations are adapting management accounting systems to respond to financial problems. M4 Analyse how, in responding to financial problems, management accounting can lead organisations to sustainable succe
Answered Same Day May 17, 2020

Solution

Aarti J answered on May 22 2020
148 Votes
MANAGEMENT ACCOUNTING
MANAGEMENT ACCOUNTING
Management accounting
Management accounting helps in interpreting, identifying and presenting the accounting information which can help in analysing the financial information in making different decisions.
The management accounting can help in measuring the performance of the company.
It is a tool for assessing the risk
It helps in allocating the resources properly and effectively.
It also helps in financial statement presentation.
Basic Types
Types...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here