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Explain Management Accounting And Give The Essential Requirements Of Different Types Of Management Accounting Systems: Management Accounting Assignment, UOL, UK
| University | University of London (UOL) |
| Subject | Management Accounting |
Task 1:
This assignment is in the form of a business report:
A. Explain management accounting and give the essential requirements of different types of management accounting systems.
B. Explain different methods used for management accounting reporting.
C. Evaluate the benefits of management accounting systems and their application within an organizational context.
D. Critically evaluate how management accounting systems and management accounting reporting is integrated within organizational processes.
E. Analyse two planning tools in detail (ABC, Target costing, Standard costing, Full absorption costing, Breakeven analysis, Environmental management accounting) used in management accounting, indicating how effective you judge each to be and why. Your judgments should be supported by evidence.
Task 2:
Part A
Deniz Ltd makes a single product and produces management accounts, including a costing statement of profit or loss each month. In both May and June, 320,000 units of the product were produced. The production costs in both May and June were:
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There were no opening inventories at the start of May and all of the production for May was sold. However, in June, only 305,000 units of production were sold, leaving 15,000 units in inventory. Each unit is sold for £14.75. Complete a simple statement of profit or loss, under absorption and marginal costing principles for the months of May and June.
| Type of Costs | Amount |
| Direct materials: | £992,000 |
| Direct labour: | £1,376,000 |
| Fixed overheads: | £650,000 |
| Total production costs: | £3,018,000 |
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Part B
| Balance Sheet ($ millions) | |||
| ASSETS | 31-Dec-18 | 31-Dec-19 | 31-Dec-20 |
| Current assets | |||
| Cash and marketable securities | 5.3 | 6.1 | 7.9 |
| Accounts receivable | 14.3 | 17.3 | 22.9 |
| Inventory | 22.4 | 24.6 | 31.0 |
| Total current assets | 42.0 | 48.0 | 61.8 |
| Non Current Assets | |||
| Net PPE | 214.6 | 263.9 | 331.1 |
| Total assets | 256.6 | 311.9 | 392.8 |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Accounts payable | 48.5 | 56.2 | 63.3 |
| Short-term debt | 28.8 | 40.4 | 53.3 |
| Total current liabilities | 77.3 | 96.6 | 116.5 |
| Long-term debt | 27.4 | 40.6 | 58.8 |
| Total liabilities | 104.7 | 137.3 | 175.3 |
| Shareholders’ equity | |||
| Common Stock | 87.1 | 107.2 | 147.4 |
| Retained earnings | 64.8 | 67.4 | 70.2 |
| Total shareholders’ equity | 151.9 | 174.6 | 217.6 |
| Total liabilities and shareholders’ equity | 256.6 | 311.9 | 392.8 |
You have been hired as an external financial consultant by the selected online retailer. They have asked you to analyze their financial performance independently. Perform a thorough financial analysis based on the organization’s latest financial statements. Write a business memo to the management of the organization to communicate the results of your financial analysis and recommendations.
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