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Assignment Task:
You have been appointed as a management accountant in a growing business. The board members need to be briefed about the importance of investing in management accounting systems for the future growth of the business.
You are required to:
1. Discuss the importance of management accounting for a healthy business and differentiate between management accounting and financial accounting. (250 Words)
2. Evaluate different classifications of costs (types, behaviour, function and relevance) with examples. (600 words)
3. Analyse the importance of differentiating fixed and variable cost in determining the breakeven point of a business and for planning different levels of business activities. (550 words)
4. Evaluate the importance of operational budgets for the success of the business. (600words)
Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.
Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.
Prepare a master budget for the three-month period.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
Evaluate the Predetermined Overhead Rate
Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.
Complete the schedule to compute the pool rates for the different activities.
Prepare Company financial statements
This individual assignment is based on the TerraCycle Inc.
Discuss the ethical issues
Calculate the GDP in Income Approach and Expenditure Approach
A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.
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