(Ago) There are two task for this individual written report please follow the Submission Format, Unit Learning Outcomes, Assignment Brief and Guidance. Please the tutor want Recommended Resources to be used
Higher Nationals Assignment Brief – BTEC (RQF) Higher National Diploma in Business Student Name /ID Number Unit Number and Title Unit 5 Management Accounting Academic Year 2019/20 Unit Assessor Muruhan Arifoglu Assignment Title Management Accounting Issue Date 30.04.2020 Submission Date 03.07.2020 IV Name Saheed Ayinde Date 22.04.2020 Learner Declaration: I certify that the work submitted for this assignment is my own and research sources are fully acknowledged. Student signature: Date: Submission Format: Task One The submission is in the form of an individual written report. This should be written in a concise, formal business style using single spacing and font size 12. You are required to make use of headings, paragraphs and subsections as appropriate, and all work must be supported with research and referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 1,500–2,000 words, although you will not be penalised for exceeding the total word limit. Task Two The submission is in the form of detailed notes. The notes should be submitted as one copy. You are required to make effective use of headings, bullet points and subsections as appropriate. Your research should be referenced using the Harvard referencing system. Please also provide a bibliography using the Harvard referencing system. The recommended word limit is 1,500–2,000 words, including speaker notes, although you will not be penalised for exceeding the total word limit. 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 (P1 ,P2, P3,P4,P5, M1, M2, M3,M4,D1 and D2) Scenario and activity: You are an accountant clerk for a medium-sized enterprise in the manufacturing sector [an organisation of your choice – your own place of work if appropriate] and, in an effort to promote understanding between different departments in the organisation, you and your colleagues have been asked by your line manager to deliver a presentation 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. You will present the following : The presentation includes supporting calculations from a portfolio of completed financial statements, plus: 1. Explain management accounting and give the essential requirements of different types of management accounting systems. You need to also explain different methods used for management accounting reporting 2. Evaluate the benefits of management accounting systems and their application within an organisational context also by critically evaluating how management accounting reporting is integrated within organisational process 3. Explain how planning tools used in management accounting for budgetary control, indicating how effective you judge each to be and why. Your judgements should be supported by examples to demonstrate advantages and disadvantages of each of them. You need to also analyse the use of different planning tools and their application for preparing and forecasting budgets. 4. Using specific case studies as examples, compare the ways in which management accounting is applied, the effectiveness of management accounting in dealing with financial problems and preventing financial problems in organisations. Your comparison must reflect how two or more organisations apply management accounting system. Furthermore, analyse the use of different planning tools and their application for preparing and forecasting budgets. Provide conclusions and recommendations to the organisation on which methods to apply in order to achieve sustainable business success, based on your findings and evidence provided. 5. You need to also evaluate how planning tools for accounting respond appropriately to solving financial problems to lead organisations to sustainable success. Task 2 (P3, M2, D2) London Limited commenced business on 1 January 2019. It manufactures a special type of chair designed to alleviate back pain. Information on the first yearʼs trading is as follows: number of chairs manufactured 5,000 number of chairs sold 4,500 selling price £110 per chair direct materials £30 per chair direct labour £40 per chair fixed production overheads £100,000 The directors ask for your help in producing profit statements using the marginal costing and absorption costing methods. They say that they will use ʻthe one that shows the higher profitʼ to the companyʼs bank manager. Therefore, you need to calculate costs using appropriate techniques of cost analysis to prepare an income statement using marginal and absorption costs. Furthermore, accurately apply a range of management accounting techniques and produce appropriate financial reporting documents and produce financial reports that accurately apply and interpret data for complex business activities. Assignment Guidelines ❖ Submit a soft copy in a CD or Email to info@Apex.co.uk on the submission date. Use Normal script of a proper font size 12. ❖ Attach the front sheet of this assignment brief to your work for assignment submission with signatures on the statement of authenticity. ❖ Assignments submitted after the deadline will not be accepted unless Extenuating Circumstances Form is submitted with third party evidence. ❖ Collusion and Plagiarism must be avoided. ❖ Start each answer on a new page and pages should be numbered. Highlight each question clearly. ❖ Include a Bibliography at the end of the assignment and use the Harvard referencing system. ❖ All work should be comprehensively referenced and all sources must be fully acknowledged, such as books and journals, websites (include the date of visit), etc. ❖ In order to pass you need to address all the LOs and meet all the PASS (Ps) criterions within the LO. ❖ In order to get a merit you need to address the characteristics of Pass and then M1, M2 ,M3 and M4 ❖ In order to get a distinction you need to address the characteristics of Pass, Merit and then D1, D2 and D2. 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 Pass Merit Distinction LO1 Demonstrate an understanding of management accounting systems 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 M2 Accurately apply a D2 Produce financial appropriate techniques of range of management reports that accurately cost analysis to prepare accounting techniques apply and interpret data an income statement and produce appropriate for a range of business using marginal and financial reporting activities. absorption costs. documents. 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 budgets and forecasts. LO3 and LO4 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 Compare 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. Higher Nationals – Summative Assignment Feedback Form Student Name/ID Unit No /Title Unit 5- Management Accounting Cohort Term / Group Assignment Number Assessor Submission Date Date 1st submission Re-submission Date Date 2nd submission Assessor’s Feedback: General Comments: Grade: Assessor Signature: Date: Resubmission Feedback: Grade: Assessor Signature: Date: Grade Awarded: Internal Verifier’s Comments: Signature & Date: * Please note that grade decisions are provisional. They are only confirmed once internal and external moderation has taken place Higher Nationals Assignment Brief – BTEC (RQF)