Unit: ACC203 – Management Accounting Submission Date: 07-April-2017 before 23.59 pm Weighting: The assignment is worth 40% of the total unit weight. Instructions: 1. Students are required to cover all...

Unit: ACC203 – Management Accounting Submission Date: 07-April-2017 before 23.59 pm Weighting: The assignment is worth 40% of the total unit weight. Instructions: 1. Students are required to cover all stated requirements. 2. Your answer must be both uploaded to Moodle in word file and handed over a printed copy. 3. You need to support your answers with appropriate Harvard style references where necessary. 4. Only include information in your appendixes that has been directly referred to in the body of your document. 5. Include a title/cover page containing the subject title and code and the name, student id numbers. 6. Please save the document as ACC203_B1_T1_first name_Surename_Student Number Eg: ACC203AT2_John_Smith_ XXXXXXXXXXYou are required to finish each of these questions, total 40 marks. Please give the solutions in detail, show calculations and submit the solutions to Moodle using a single file, it can be Excel format, Word format or PDF format, no requirement on word limits, if use any references, please refer to Harvard style. Question 1: Differences between management accounting and financial accounting (15 Marks) You are the financial controller of a large manufacturing organization and intend to approach the human resources (HR) manager seeking to create two new positions: a financial accountant and a management accountant. Required: 1 Prepare a briefing document for the HR manager which explains the differences between these two roles. 2 Formulate (and answer) the five likely questions that you anticipate the HR manager will ask you about these two positions when you meet. Question 2: Product cost classification: manufacturer (15 Marks) The following cost data for the current year relate to Heartstrings Pty Ltd, a greetings card manufacturer: Service department costs1 $ XXXXXXXXXXDirect labour: wages XXXXXXXXXXDirect labour: on-costs XXXXXXXXXXIndirect labour: on-costs XXXXXXXXXXOn-costs for production supervisor XXXXXXXXXXAdministrative costs XXXXXXXXXXRental of office space for sales personnel XXXXXXXXXXSales commissions XXXXXXXXXXProduct promotion costs XXXXXXXXXXDirect material XXXXXXXXXXAdvertising expense XXXXXXXXXXDepreciation on factory building XXXXXXXXXXCost of finished goods inventory at year end XXXXXXXXXXIndirect labour: wages XXXXXXXXXXProduction supervisor's salary XXXXXXXXXXTotal overtime premiums paid XXXXXXXXXXCost of idle time: production employees XXXXXXXXXXRequired: Calculate each of the following costs for the year: 1 Total prime costs. 2 Total manufacturing overhead costs. 3 Total conversion costs. 4 Total product costs (for external reporting purposes). 5 Total period costs XXXXXXXXXXQuestion 3: Cost behavior; engineered cost; committed and discretionary costs: manufacturer (10 Marks) HappyDaze T-shirts manufactures and prints customised designs on T-shirts. Below is a list of some of their major costs. (a) Cost of daily radio advertising on the local community radio station. (b) Cost of the fabric used to make the T-shirts. (c) Cost of the ink used in the designs. (d) Salary of the managing director. (e) Wages of the production employees who sew and print the T-shirts. (f) Cost of movie tickets provided for the Employee of the Month award each month. (g) Depreciation of the sewing machines, calculated on a units of production basis. (h) Cost of electricity used in the factory building. (i) Rent of the building. (j) Wages of the staff who package the T-shirts. (k) Cost of sewing machine maintenance. (l) Cost of the new advertising sign at the front of the factory. (m) Cost of the company car used by the managing director. Required: For each cost: 1 Indicate whether it is fixed or variable. 2 If the cost is variable, indicate whether it is an engineered cost. Explain why. 3 If the cost is fixed, indicate whether it is committed or discretionary. Explain why.