Unit 5 Accounting Management

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Unit Name: Unit 5 Accounting Management

Task 1
A. Explain why organisations use budgeting (LO 1.1; 1.2)
B. Explain the administrative procedures used in the budgeting process. (LO 1.1; 1.2)
C. Describe the stages in the budgeting process (including sources of relevant data, planning and agreeing draft budgets and purpose of forecasts and how they link to budgeting). (LO 1.1; 1.2)

Task 2
a) Explain and illustrate with examples classifications used in the analysis of the product/service costs including by function, direct and indirect. Fixed and variable, stepped fixed and semi variable costs. (LO 2.1)
b)Calculate the fixed and Variable cost using the high low method and justify your reason of application. (LO 2.1)

Task 3
a. Demonstrate and discuss the effect of absorption and marginal costing on inventory valuation and profit determination. (LO2.1 & 2.2)
b. Differentiate between Job costing, Batch costing, Process costing and Service costing. (LO2.2)
c. Prepare a profit and loss statement for each area, East and West, and in total, on an absorption costing basis. (LO2.2 & 2.3)
d. Prepare a profit and loss statement for West only, using marginal costing, showing the relevant information for each product and the total profit or loss in that area. (LO2.2 & 2.3)

Task 4
a) Advise the BRUNEI CO. with supporting figures as to whether to cease production of A and D. (LO 2.4)
b) Based on the above figures, calculate
c) If labour is paid at a rate of £10 per hour and labour is restricted to 98,000 hours, state, with supporting figures, the combination of products (in £000) that would maximise profit for the period. (LO 2.5)
d) If a further 8,000 hours become available, calculate the increase in profit that would arise. (LO 2.5)

Task 5
a) Board of BRUNEI CO. Ltd wants you explain the differences between these budgeting methods and to advise which one will be more appropriate to which type of business (LO 3.1)
b) You are required to perform the below listed tasks help the board of BRUNEI CO. understands the cash flow and how they can be managed to improve efficiency within the Working Capital:

Task 6
(i) Prepare a flexed budget and calculate the total variances (LO 4.1, 4.4)
(ii) analyse each of the cost variances clearly identifying possible causes of these variances and recommend corrective action for the identified variances (LO 4.2, 4.3)
(iii) Report these findings to the board in accordance with identified responsibility centres. (LO 4.5)

Task 7
(a) Calculate, both in number of units sold and sales value, the (LO 5.1):
(b) Calculate the shop's profit or loss if 40,500 pairs of shoes were sold during a year. (LO 5.1)
(c) Calculate how many pairs of shoes would need to be sold if a sales commission of £2per pair of shoes was paid in addition to other costs and the owner required a net profit of £180,025. (LO 5.1)
(d) Calculate how many pairs of shoes would need to be sold to breakeven if an advertising campaign costing £25,000 was undertaken while, at the same time, selling prices were increased by 10%. (LO 5.1 and 5.2)
(e) Recommend and justified appropriate action to improve the financial performance of Indo Ltd in order to improve its profitability using the answers in part d. (LO 5.2)

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