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ACCFIN1006 Introduction to Management Accounting and Control
Task:
Scenario 1
You have been working as An Intern at a leading Accountancy Firm. One of the clients called Excite Entertainment Ltd operates in leisure and entertainment industry in the UK. One of their major activities is the promotion of concerts and festivals at locations throughout the United Kingdom (UK).
They are consulting your firm on writing a Reference Manual for their Management Accounting Department. Your Manager has asked that you prepare the first draft of the Manual for the client under the following headings:
Section A: Understanding Management Accounting Systems
a) Differences between Management Accounting and Financial Accounting.
b) Cost accounting systems (Direct Costs and Standard Costing)
c) Inventory Management Systems
e) Evaluate the benefits of the above management accounting systems to your client.
Section B: Methods used for Management Accounting Reporting
a) Describe different types of managerial accounting reports
b) Explain why information presented should be accurate, relevant to the user, reliable up to date and timely.
c) Critically evaluate how management accounting systems and management accounting reporting should be integrated within Excite Entertainment Ltd Operational processes.
Scenario 2
Excite Entertainment Ltd is reviewing its Management Accounting Systems, especially how costs are allocated. The company has been allocating overhead costs arbitrarily but is considering using either Absorption Costing or Marginal Costing Method to calculate the profitability of every operations with effect.
Required:
Produce a financial report for the month of January 2020 comparing profit or loss using Marginal Costing and Absorption Costing techniques. Interpret the results and advise management on your critical evaluation of the benefits and limitations of each method used referring to the results.
Scenario 3
As a newly qualified Management Accountant, you have been asked by your line manager to produce a report which analyses the organisation’s use of 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 section is in the form of a two-part individual management report:
Part A:
Compare and contrast three planning tools used in management accounting, indicating how effective you judge each to be and why. Your judgements should be supported with evidence.
Part B:
Using the information provided below, compare ways in which management accounting is applied in dealing with financial problems and preventing financial problems in an organisation. Additionally, the Finance Manager has indicated the estimated profit that can be generated from the above figures is not adequate for long term plans and therefore want to see profits increased to £90,000. Advise the sales team how many units needs to be sold to attain this profit level, and management of any other measures that can be put in place for the team. Critical evaluation of assumptions made must be provided
ACCFIN1006 Introduction to Management Accounting and Control
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