Interpretation of Management Accounting Techniques - Accounting and Finance Assignment Help

Assignment Task

Task

Objectives: On completion of this course students will be able to:

1. Integrate theoretical and technical management accounting knowledge to develop solutions to common business issues

2. Critically apply theoretical and technical accounting knowledge and skills to solve routine management accounting problems. 

Topics.

1. The management accounting environment.
2. Cost behaviour and costing.
3. Budgeting techniques and issues.
4. Decision making in management accounting contexts. 

Question One:

The purpose of this assessment item is to encourage you to keep abreast of the current market metrics (ASX200 index; 10-year Government Bond Rate; inflation; general market news and sentiment) over a four-week period in relation to the content presented in module one and to reflect on your learning. Reflection involves looking back and evaluating what you have done, in light of the relevant reading and activities, with a view to improving your practice or learning something about yourself. In practice you will need to keep abreast of current market movements and integrate your evaluation of its effect in your forecasts and advise the business accordingly. To that end, setting up some system or process with favoured websites during this four-week reflection period should help you in the future. 

Journaling encourages reflective writing, which in turn, develops your ability to think critically, make evaluations and connections, encourages deeper meaning, and values your experience. This should not be viewed as an onerous task, but as a central place to record, write and mull over things for a four-week period. I want you to set up a structure/process that you undertake weekly where you investigate particular market metrics that are relevant to the business you work in (or if you don’t work then from a personal financial planning point of view). Journal why you chose that process, the metrics and how it is relevant to the business you work in (in the context of creating value through management accounting). With this in mind, it is up to you how you structure your journal. The easiest way would be chronological with entries at least weekly. However, you may like to summarise key concepts and write reflections on how the main economic themes/metrics made you feel, what stories/people/circumstances came to mind when you were viewing the material, whether you agree with what was presented, why or why not, what evidence do you note that would support or disagree with the presenter’s claims/opinions/metrics. 

This is your journal and if you read the first couple of chapters, complete the relevant questions, and write and reflect each of the first four weeks then your journal will be ready to upload on the 6 May 2022. There is no word limit. It may also happen that some weeks you write a lot and other weeks not so much. Maybe reflect in your journal why that is so.

In keeping your journal think about the following:

• Use the journal to summarise but importantly relate the work to your own experience or learning;
• Go deep and use critical thinking to go beyond mere description;
• Keep an open mind about what you have learned;
• Identify topics of interest to you and make a note of recurring themes or stories or examples (they may be useful to you when evaluating the relevance of theories);
• Give light to your emotions and feelings but be constructive (don’t vent); and
• Record (and reflect upon) interesting snippets, examples and vignettes as these become your database of examples that you can use in the future (either in your academic work, talking to clients or colleagues or writing articles). 

Question Two:

Purpose/Objective: To apply the concept of budgeting, synthesise and solve a budgeting problem and create a response that communicates meaning to suit purpose and audience. 

Required:

1. Prepare the following operating budgets for December:

a. Revenue budget
b. Production budget in units
c. Direct material usage and purchases budget
d. Direct manufacturing labour budget
e. Manufacturing overhead cost budget
f. Budgeted unit cost of ending finished goods inventory and ending inventories budget
g. Cost of goods sold budget
h. Marketing and general administration costs budget 

2. Prepare a Cash Budget, Budgeted Income Statement and Budgeted Balance Sheet for ByJingos Pty Ltd for December.

3. A short report to management that contains pertinent information from the operating and financial budgets drawing attention to any aspect of the December operations that you feel is needed and containing any advice you may like to give management about operations and financing. 

Question 3:

You are to present a ‘one-pager’ to the community that communicates clearly, accurately, and creatively the performance or evaluation of a particular goal, achievement, event, or issue from Toowoomba Regional Council. The point being is for the readers to quickly ascertain the key metrics and /or factors relating to the chosen issue.

This should be completed in an ‘infographic style’. To produce your one-pager, you might like to use a tool like Canva or Piktochart. Alternatively, you could use PowerPoint, drawing on icons from sources like The Noun Project. Please note that you will be marked on how well you communicate the elements of your data in visual form, rather than on the quality of the graphics.

The purpose of this exercise is for you to practice taking large amounts of (sometimes complex) information and presenting it in a simple to understand form. Increasingly, we as accountants are expected to play a significant role in communicating information via an infographic style. So, I would encourage you to have fun with this task. 

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