| Coursework Rules and Regulations at St. Patrick’s International College |
| Plagiarism – the College takes plagiarism and academic misconduct seriously and therefore, suspected plagiarism will be investigated and if found to have occurred will be dealt with according to the procedures set down by the College. Please see your Student Handbook for further details of course of action for plagiarism issue.
‘Plagiarism’ is presenting somebody else’s work as your own. It includes copying information directly from the Web or books without referencing the material; submitting joint coursework as an individual effort; copying another student’s coursework; stealing coursework from another student and submitting it as your own work.
Student Declaration – all coursework submission will need to bear a declaration signed by you.
Submission Regulations 1.You are required to submit your coursework on-line through the College’s Virtual Learning Environment (VLE) which can be accessed through http://stpmoodle.net. Detailed information about this is available in the Student Handbook. 2.Details of submission procedures and related course of actions can be obtained from the Academic Administration Department or the Student Handbook. 3.If you are unable to submit your coursework on time due to extenuating circumstances, you are required to make an application to your respective Schools for it to be considered, using an ‘Extenuating Circumstances Form’ available from the Academic Admin Office. Do not ask the lecturers responsible for the course – they are not authorized to award an extension. The completed form must be accompanied by evidence such as a medical certificate in the event of you being sick. 4.Specific requirement or subject specific requirement for coursework submission will be stated further in the assignment brief or will be advised by your lecturer. |
Purpose of Assignment:
| The overall aim of this unit is to introduce the fundamentals of management accounting which apply to the wider business environment and the organisations which operate within that environment. You will be required to have explored how management accounting uses financial data to aid planning, decision making, monitoring and controlling of finance within business organisations.
On successful completion of this unit students will be in a position to present financial statements in a workplace context and be able to assist senior colleagues with financial business planning. In addition, students will have the fundamental knowledge and skills to progress onto a higher level of study.
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Unit Learning Outcomes:
LO1 Demonstrate an understanding of management accounting systems.
LO2 Apply a range of management accounting techniques.
LO3 Explain the use of planning tools used in management accounting.
LO4 Compare ways in which organisations could use management accounting to respond to financial problems
Assignment Brief and Guidance:
Task 1: Scenario
You are working as a Management Accountant in Crest Dairy. One of your prime responsibility is to analyse the data produced by management accounting systems to assist managers to make appropriates decisions to improve performance. Recently, Elizabeth has joined your department as a Trainee Junior Management Accountant. Your line manager (Accounts Manager) has requested you to prepare an induction presentation (PowerPoint slides) for Elizabeth on management accounting systems used in your department. Besides the presentation slides, you are required to produce speakers notes which critically evaluate how management accounting systems and management accounting reporting are integrated within Dairy Crest operations.
The presentation (10 minutes) and speaker notes (1000 – 1500 words) should include the following:
- A very clear explanation on each of the management accounting systems and reporting methods.
- An evaluation of the benefits of management accounting systems.
- Critical evaluation of the application and integration of management accounting systems and reporting methods within organisational context (Dairy Crest).
Assignment Brief and Guidance:
Task 2:
Scenario
In the month ended 31 December 2018, cost accounting system produced the following data: £
Sales (4,800 units) 960,000
Selling costs: Variable 90,000
Fixed 30,000
Administration costs: fixed 70,000
Standard costs per unit:
Direct materials (6kg) £54
Direct labour (7.5 hours) £60
Variable production overhead £30
Stocks of completed units were recorded as 450 at the beginning of the month and 1,050 at the end of the month.
Fixed production overheads were budgeted at £60,000 per month and are absorbed on the normal level of activity of units produced. The normal budgeted level of activity is 6000 units per month.
It is further established that during the month of December the following transactions took place:
Materials purchased (18,000 kg) £144,000
Direct wages (24,750 hrs) £222,750
Note:
All materials purchased in the month were used.
Using the data provided above, you are required to produce financial reports that accurately apply and interpret data for complex business activities. This will require you to:
- Calculate costs (unit cost) using appropriate techniques of cost analysis to prepare an income statement for December 2018 using marginal and absorption costs.
- Prepare income statements using marginal costing and absorption costing techniques.
- Accurately apply a range of management accounting techniques and produce appropriate financial reporting documents for senior management. To carry out this task you need to include the following
- Calculation of Variances (cost, price, material usage, labour rate and efficiency)
- Break-even-point (BEP) in quantity and in value
- Accurately interpret and analyse the reports you have produced.
Assignment Brief and Guidance:
Task 3
Dairy Crest uses management accounting planning tools on its day to day operations to provide information to management for decision making. In the recent months, Dairy Crest has been experiencing some financial problems. As part of the induction program for Elizabeth the new employee who has recently joined your department, you have been requested by your line manager to prepare appropriate notes. The notes should be in a format of an essay well detailed to cover the management accounting planning tools used by Dairy Crest and how the company uses management accounting to respond to its financial problems.
In your essay (2000 – 2500 words), include the following:
- An explanation on the advantages and disadvantages of different types of management accounting planning tools and an analysis how Dairy Crest can use them for forecasting and preparing of budgets.
- An evaluation of how organisations(e,g, Dairy Crest) are adapting management accounting systems to respond to financial problems and analyse how this can lead them to sustainable success.
- An evaluation of how management accounting planning tools can be used organisations to solve financial problems leading them to sustainable success.
| Grading Criteria
|
|||
| Learning Outcome | Pass | Merit | Distinction |
| LO1 Demonstrate an understanding of management accounting system
|
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. |
M1 Evaluate the benefits of management accounting systems and their application within an organisational context | D1 Critically evaluate how management accounting systems and management accounting reporting is integrated within organisational processes.
|
| LO2 Apply a range of management accounting techniques
|
P3 Calculate costs using appropriate techniques of cost analysis to prepare an income statement using marginal and absorption costs. | M2 Accurately apply a range of management accounting techniques and produce appropriate financial reporting documents. | D2 Produce financial reports that accurately apply and interpret data for a range of business activities. |
| Grading Criteria | |||
| Learning Outcome | Pass | Merit | Distinction |
| LO3 Explain the use of planning tools used in management accounting. | P4 Explain the advantages and disadvantages of
different types of planning tools used for budgetary control. |
M3 Analyse the use of different planning tools and their application for preparing and
forecasting budgets. |
D3 Evaluate how
planning tools for accounting respond appropriately to solving financial problems to lead organisations to sustainable success. |
| LO4 Compare ways in which organisations
could use management accounting to respond to financial problems. |
P5 Evaluate how
organisations are adapting management accounting systems to respond to financial problems. |
M4 Analyse how, in responding to financial problems,
management accounting can lead organisations to sustainable success |
|
| Additional Information |
- For any late submission without approved Extenuating circumstances prior to the set deadline, the grade is capped at a PASS.
- Only one opportunity for reassessment of the unit will be permitted.
- A student who undertakes a reassessment will have their grade capped at a Pass.
Recommended Resources
- DRURY, C. (2015) Management and Cost Accounting. 9th Ed. Cengage Learning.
- EDMONDS, T. and OLDS, P. (2013) Fundamental Managerial Accounting Concepts. 7th Ed. Maidenhead: McGraw-Hill.
- HORNGREN, C., SUNDEN, G., STRATTON, W., BURGSTALHER, D. and SCHATZBERG, J. (2013) Introduction to Management Accounting. Global Ed. Harlow: Pearson. (This text is available electronically and is supported by access to an online course)
- SEAL, W. et al (2014) Management Accounting. 5th Ed. Maidenhead: McGraw-Hill.
