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Scope of management accounting theory

Assignment Help Managerial Accounting
Reference no: EM132274137

Knowledge

1. Investigate a range of key management accounting models and concepts.

2. An understanding of specific analytical skills in key areas within management accounting found in the UK and international level.

3. Compare and contrast of the role and scope of management accounting theory.

Skills

4. Analysis the key management accounting concepts and techniques in order to contribute to successful decision making in an organisation.

Learning outcomes:

The assignment covers all module learning outcomes.

Assignment brief: Answer all three questions

1. Critically investigate the benefits and limitations of variable costing compared to full costing as an aid to management decision making within manufacturing and service providers industries. Critically investigate by considering the following areas:

a) Demonstrate and discuss the underlying differences between the variable costing and full costing approach?

b) What has been the basis of theoretical criticism of both approaches?

c) Outline the practical problems that may be encountered in implementing each technique in manufacturing industry and service industry and comment on how they may be overcome?

This should be approximately 1,500 words.

2. Strategic management accounting (SMA) is concerned with providing information that will support the strategic plans and decisions made within a business: you are required to critically review this statement.

In doing so you should consider the following areas:

a) Discuss the fundamental characteristics of strategic management accounting in comparison to the traditional approach?
b) Discuss and evaluate strategic planning (5 steps) in strategic management accounting practices.

This should be approximately 1,200 words.

3. Energy Limited produce electronic parts. The fixed costs of operating the factory is $6,000 per month. Each electronic parts requires 2 units of Material A at $10 each, 3 units of Material B at $2 each and two labour hours to make. Energy Limited employs labour on a contract basis at $50 per hour. If they do not work for any reason, they are not paid. The selling price for electronic parts is $150 each.

A newly invented machine can speed up the production process and reduce the labour time from two labour hours to one labour hour for each electronic part. The extra cost for using the machine is $8,800. The labour rate is still $50 per hour.

The target profit for Energy Limited is $10,000 per month.

Required:

(a) What is the break-even point for the production of electronic parts for

- without the machine;

- with the machine

(b) What volume of activity is required to achieve the target profit for

- without the machine;

- with the machine

c) Discuss on the pros and cons for the usage of break-even analysis on profit analysis.

This should be approximately 300 words.

Your assignment should aim to provide readers with comprehensive knowledge and critical reviews of these areas covering, for example:

• Knowledge of variety of topic related to management accounting within the concept of decision making by managers.

• Knowledge of c ompare and contrast of the role and scope of management accounting theory and identifying the costs and benefit that is relevant to a particular decision within the business.

• Your own understandings of, comments on, arguments and contributions to the topic, such as key qualitative characteristics, true and fair view/fair presentation, creative accounting, etc..

• Any other important issues which you think should be addressed

Verified Expert

The assignment was on management accounting on business. It had 3 portions, portion 1 was to investigate the benefits and limitations of variable costing compared to full costing, Portion 2 was a critical review of SMA & portion 3 was on break-even point and target profit. We have followed all the requirements and done the assignment accordingly.

Reference no: EM132274137

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Reviews

len2274137

4/3/2019 9:43:16 PM

60 – 69% Directly relevant to the requirements of the assessment A substantial knowledge of relevant material, showing a clear grasp of themes, questions and issues therein Good analysis, clear and orderly, with consistent links from analysis to solutions of problems in a work context. Generally coherent and logically structured, using an appropriate mode of argument and/or theoretical mode(s) May contain some distinctive or independent thinking; may begin to formulate an independent position in relation to theory and the application of practice in a work context. Well written, with standard spelling and grammar, in a readable style with acceptable format Critical appraisal of up-to- date and/or appropriate literature. Recognition of different perspectives. Very good use of source material. Uses a range of sources

len2274137

4/3/2019 9:43:10 PM

76-85% The work examined is excellent and demonstrates comprehensive knowledge, understanding and skills appropriate to the Level of the qualification. There is also excellent evidence showing that all the learning outcomes and responsibilities appropriate to that level are fully satisfied. At this level it is expected that the work will be excellent in the majority of the categories cited above or by demonstrating particularly compelling evaluation and elegance of argument, interpretation or discourse. 70 – 75% The work examined is of a high standard and there is evidence of comprehensive knowledge, understanding and skills appropriate to the Level of the qualification. There is clearly articulated evidence demonstrating that all the learning outcomes and responsibilities appropriate to that level are satisfied At this level it is expected that the standard of the work will be high in the majority of the categories cited above or by demonstrating particularly compelling evaluation and elegance of argument, interpretation or discourse.

len2274137

4/3/2019 9:43:04 PM

Undergraduate Assessment Criteria 08/5/5.5 These should be interpreted according to the level at which you are working Categories Grade Relevance Knowledge Analysis Argument and Structure Critical Evaluation Presentation Reference to Literature Pass 86 – 100% The work examined is exemplary and provides clear evidence of a complete grasp of the knowledge, understanding and skills appropriate to the Level of the qualification. There is also unequivocal evidence showing that all the learning outcomes and responsibilities appropriate to that Level are fully satisfied. At this level it is expected that the work will be exemplary in all the categories cited above. It will demonstrate a particularly compelling evaluation, originality, and elegance of argument, interpretation or discourse.

len2274137

4/3/2019 9:42:55 PM

This is an individual assignment each question has its own word count this should be adhered to with a tolerance between +10%. This assignment contributes 100% to the final assessment mark for this module. Please note that the University policy on cheating collusion and plagiarism will be applied to this piece of work.

len2274137

4/3/2019 9:42:50 PM

Students are required to submit their coursework through JIRA. Only assessments submitted through JIRA will be marked. Any other submission including submission to your study centre in hard copy will be treated as a non-submission.

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