CRKC4006 Management Accounting
CRKC4006 Management Accounting
University of Cumbria and Robert Kennedy College
General Instructions Please read very carefully
University of Cumbria, Management Accounting: Final Assessment
The final assessment consists of three questions; all should be answered and are weighted as shown below. You may refer to the textbook and other academic sources when developing your answer, and your submission should include citations (together with a list of references) as appropriate. Your paper should be a single MS Word document (maximum 1,000 words) in portrait orientation, with the following structure: Cover Page*, Table of Contents, Answers to the Questions, List of References.
Question 1 (a): One way of assessing the viability of an investment is its payback period, but that is often criticised because it does not take account of the time value of money. Is there any way that that limitation could be overcome? If yes, would that then make a payback analysis preferable to the net present value method? (20% of final assessment)
Question 1 (b): Research into methods used by companies has shown that the internal rate of return method is a very popular approach for assessing the viability of investments, despite its shortcomings compared to the net present value method. Why do you think that managers might prefer to use internal rate of return rather than net present value in their discounted cash flow evaluations? (20% of final assessment)
Question 2: ScandiWood makes wooden chairs, the standard costs of which are as follows:
$
Selling Price 31
Direct Labour (1 hour)
Direct materials (1 kg)
Fixed overheads -11
-10
-3
Standard profit 7
The budgeted output for November was 1,000 chairs, but the actual output was 1,100 chairs, which were sold for a total of $34,950. There were no inventories at the start or end of the month.
The actual production costs were:
$
Direct Labour (1,075 hours)
Direct materials (1,170 kg)
Fixed overheads 12,210
11,630
3,200
You should calculate the variances for the month in as much detail as possible from the available information and use them to reconcile the budgeted and actual profit figures. In addition, explain which manager should be held accountable, in the first instance, for each variance calculated. (60% of final assessment)
Your answer paper (one file only, Word format) should be submitted to RKCs OnlineCampus at the end of Unit 6 (see the syllabus for further details). Your report should not include any embedded files.
* The cover page should include the names of the institutions (UoC/RKC), the module name, title of the submission (Final Assessment), the date of submission, the number of words used in the paper, and your student number (not name).
Your overall grade for the module will be based on the portfolio consisting of your performance in the unit Quizzes, the Midterm and Final Assessments, and to which you will also receive written feedback.
Grading Matrix
Exceptional
(70-100%) Exceeds expectations
(60-69%) Meets expectations
(40-59%) Improvement needed
(30-39%) Unsatisfactory
(0-29%)
- - - - - - - - - - - - Passing Grades - - - - - - - - - - - - - Failing Grades - - -
Participates consistently (level of engagement) Participation seeks and exploits every opportunity for interaction in the forum through prolific follow-on contributions. Student demonstrates leadership in the discussions. Students presence demonstrates eagerness to participate and support collective learning. Student demonstrates leadership in the discussions. Student engages with colleagues in various discussion threads on a regular basis and in a meaningful manner. Only few largely ad hoc contributions are made. Contributions only minimally promote dialogue. Participation does not comply with SA requirements. Dialogue is not enhanced, there is no or minimal contribution to the development of knowledge in the classroom.
Collaborates towards the collective generation of higher learning inferences Contributes substantial viewpoints in discussions with the aim to explore meanings and identify hidden values. Contributions advance discussions by challenging class with well-substantiated viewpoints. Contributions are well positioned in the realm of units theme and well integrated with ongoing discussions. Contributions do not reinforce units concepts and ideas and remain disconnected from ongoing discussions. Initial contribution is poor and there are no follow on contributions.
Demonstrates a good understanding of knowledgeand uses theory to inform arguments Excellent understanding of subject.
Contributions add new meaning in theoretical discoveries and help the class widen its horizons. Very good understanding of subject.
Theories that span module boundaries are used to offer insightful reflections. Satisfactory understanding of subject.
Contributions are built upon appropriate theoretical perspectives. Understanding of basics of subject.
Theory is only sporadically deployed, while not always used meaningfully. Limited understanding of subject.
No theory is used in initial and/or follow on contributions
Writing meets the standards of graduate studies (language clarity, organization, citing and referencing, etc.) Excellent writing standards are demonstrated. Postings are written in clear, concise, technically correct English suitable for academic audiences. Harvard Referencing System is correctly applied. Writing offers an academic reading where meanings are conveyed clearly and meaningfully. Harvard Referencing System is correctly applied. Work unfolds coherently and smoothly using an organized approach i.e. sections are used, appropriate headings are chosen, etc. Harvard Referencing System is correctly applied. Writing uses correct language but meanings are not conveyed clearly. Work should become more coherent. There are several mistakes in the application of Harvard Referencing System. Writing is sloppy, disconnected and exhibits strong expression difficulties. Harvard Referencing System is used wrongly.
Management Accounting
Final Assignment
Student name: Mariam Maher Aburima
Student ID: 2205160
Word Count:
