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Qualification - Higher National Diploma in Business
Unit Name - Management Accounting
Unit Number - Unit 5
Assignment Title - Management Accounting
Level - Level 4
Learning Outcome 1 Demonstrate an understanding of management accounting systems
Learning Outcome 2 Apply a range of management accounting techniques
Learning Outcome 3 Explain the use of planning tools used in management accounting
Learning Outcome 4 Compare ways in which organisations could use management accounting to respond to financial problems
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Purpose of this assessment
The aim of this assignment is to explore how management accounting uses financial data to aid planning decisions, and the monitoring and control of finance within organisations.
1:
Scenario
You are a Junior Management Accountant and asked to prepare a report on the role and function of the management accounts department, covering the management accounting systems operating in the organisation as well as the range of techniques used. In your report, you should also analyse three planning tools to ensure financial stability and performance as well as ways in which management accounting has played a key role in preventing and solving financial problems. This scenario is relevant to task 1.
Task 1
This assignment is in the form of a business report:
A. Explain management accounting and give the essential requirements of different types of management accounting systems.
B. Explain different methods used for management accounting reporting.
C. Evaluate the benefits of management accounting systems and their application within an organisational context.
D. Critically evaluate how management accounting systems and management accounting reporting is integrated within organisational processes.
E. Analyse three planning tools used in management accounting, indicating how effective you judge each to be and why. Your judgements should be supported by evidence.
Suggested structure for a short report:
- Executive Summary (An executive summary is a brief section at the beginning of a report that summarizes the document. It is not background and not an introduction. People who read only the executive summary should get the essence of the document without fine details.)
- Contents Page
- Main Body
- Conclusions & Recommendations
- Reference List
2:
Scenario
Produce a portfolio of completed calculations and analysis on company financial statements and income statements using variable costings.
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Task 2
Part A
Renan Ltd makes a single product and produces management accounts, including a costing statement of profit or loss each month. In both May and June, 300,000 units of the product were produced. The production costs in both May and June were:
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Type of Costs
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Amount
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Direct materials:
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£450,000
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Direct labour:
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£600,000
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Fixed overheads:
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£400,000
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Total production costs:
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£1,450,000
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There were no opening inventories at the start of May and all of the production for May was sold. However, in June, only 280,000 units of production were sold, leaving 20,000 units in inventory. Each unit is sold for £14. Complete a simple statement of profit or loss, under absorption and marginal costing principles for the months of May and June.
This provides evidence for [P3]
Part B
Scenario:You should choose one organisation for this task. You have been hired as an external financial consultant by the selected business organisation. They have asked you to analyse their financial performance independently. Perform a thorough financial analysis based on the organisations' latest financial statements. Write a business memo to the management of the organisation to communicate the results of your financial analysis and recommendations.
3:
Scenario
Produce a portfolio of completed calculations and analysis on company financial statements and income statements using variable costings.
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Task 3
Part A
Coyle Company manufactured 8,000 units of a component part that is used in its product and incurred the following costs:
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Costs
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Amount (£)
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Direct materials
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45,000
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Direct labour
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12,000
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Variable manufacturing overhead
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10,000
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Fixed manufacturing overhead
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15,000
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|
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£82,000
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Another company has offered to sell the same component part to the company for £11 per unit. The fixed manufacturing overhead consists mainly of depreciation on the equipment used to manufacture the part and would not be reduced if the component part was purchased from the outside firm. If the component part is purchased from the outside firm, Coyle Company has the opportunity to use the factory equipment to produce another product which is estimated to have a contribution margin of £22,000.
Required:
1. Prepare a full incremental columnar analysis report for Coyle Company which can serve as informational input into this make or buy decision.
2. Would you recommend that Coyle Company buy in the component from outside or continue to make it, and explain why?
Part B
A recent accounting graduate evaluated the operating performance of Fanning Company's four divisions. The following presentation was made to Fanning's Board of Directors. During the presentation, the accountant made the recommendation to eliminate the Southern Division stating that total net income would increase by £60,000. (See analysis below.)
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Other Three Divisions
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Southern Division
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Total
|
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Sales
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£2,000,000
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£480,000
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£2,480,000
|
|
Cost of Goods Sold
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950,000
|
400,000
|
1,350,000
|
|
Gross Profit
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1,050,000
|
80,000
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1,130,000
|
|
Operating Expenses
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800,000
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140,000
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940,000
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Net Profit
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£250,000
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(£60,000)
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£190,000
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For the other divisions, cost of goods sold is 80% variable and operating expenses are 70% variable. The cost of goods sold for the Southern Division is 30% fixed, and its operating expenses are 75% fixed. If the division is eliminated, only £15,000 of the fixed operating costs will be eliminated.
Required:
Do you concur with the new accountant's recommendation? To support your answer, present a full incremental analysis schedule, with calculations, to compare the financial performance if Southern continues in the group or is eliminated.
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Grading Criteria
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Learning Outcomes
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Pass
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Merit
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Distinction
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LO1 Demonstrate an understanding of management accounting systems
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P1 Explain management accounting and give the essential requirements of different types of management accounting systems.
P2 Explain different methods used for management accounting reporting.
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M1 Evaluate the benefits of management accounting systems and their application within an organisational context.
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D1 Critically evaluate how management accounting systems and management accounting reporting is integrated within organisational processes.
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LO2 Apply a range of management accounting techniques
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P3 Calculate costs using appropriate techniques of cost analysis to prepare an income statement using marginal and absorption costs.
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M2 Accurately apply a range of management accounting techniques and produce appropriate financial reporting documents.
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D2 Produce financial reports that accurately apply and interpret data for a range of business activities.
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LO3 Explain the use of planning tools used in management accounting
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P4 Explain the advantages and disadvantages of different types of planning tools used for budgetary control.
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M3 Analyse the use of different planning tools and their application for preparing and forecasting budgets.
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LO4 Compare ways in which organisations could use management accounting to respond to financial problems
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P5 Compare how organisations are adapting management accounting systems to respond to financial problems.
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M4 Analyse how, in responding to financial problems, management accounting can lead organisations to sustainable success.
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D3 Evaluate how planning tools for accounting respond appropriately to solving financial problems to lead organisations to sustainable success.
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