Management & Financial Accounting

Assignment Requirements

MBA-621 Financial and Managerial Accounting
Assignment 2
Budgeting
Deadline
As indicated on the VLE
Learning Objectives for Course.
1. Develop quantitative skills necessary to read, interpret and perform the calculations for the accounting reports involved in cost control and profit planning.
2. Evaluate and identify financial strengths and weaknesses of a business through appropriate conceptual analysis.
3. Analyse information and knowledge effectively in order to develop meaning to solve complex problems and make decisions ;
Guidelines for assignment
This is an individual assignmentü
Ground your answer in relevant theoryü
Plagiarism and reproduction of someone else’s work as your own will be penalizedü
Make use of references, where appropriate – Use Harvard or APA referencing method.ü
Late submission are not acceptedü
Structural elements should include an introduction, main body, and a conclusionü
Weight – 50%ü
Word count guidance : question 1 1000, question 2 n/aü
Type of assignment: Excel Assessed Work Folder and Business Reportü
Start / Finish : Week 5 – 6ü
Learning Outcome Assessed: 3,4ü
FINANCIAL AND MANAGERIAL ACCOUNTING – ASSIGNMENT 1 MBA621
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Assignment Questions – MBA621 – Financial and Managerial Accounting
ASSIGNMENT 2 – MANANGERIAL ACCOUNTING
Question 1 – Planning and Control
Write an essay of 1000 words demonstrating your conceptual understanding of the
following questions.
1. Is budgeting used primarily for scorekeeping, attention, directing or problem
solving?
2. How do strategic planning, long range planning and budgeting differ?
3. Why is budgeted performance better than past performance as a basis for
judging actual results?
4. What are the major benefits of budgeting?
5. Is budgeting an unnecessary burden for day to day problems? Explain your
answer.
6. Why is the sales forecast the starting point for budgeting?
7. How do Spreadsheets aid the application of sensitivity analysis?
Question 2 – Budget Preparation – Intellectual and Practical Skills
Application of learning:
Prepare the following budgets for the 6 months ending September 2013.
You are required to use Excel spreadsheets, which can be copied into word
once you finish, should you wish. A template is available for you to use as a
basis.
a) Sales budget
b) Cash Budget
c) Debtors Budget
d) Creditors Budget
e) Production Cost Budget
f) Raw Materials and finished goods Budget
g) Profit and Loss Account Budget
h) Balance Sheet Budget
Draw conclusions from your budgets and prepare a short management
report.
FINANCIAL AND MANAGERIAL ACCOUNTING – ASSIGNMENT 1 MBA621
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£ £
Fixed Assets 100,000
Current Assets
Debtors (Feb £10000, March £14000) 24,000
Stock Raw Materials 9,000
Finished Goods 13,000
46,000
Current Liabilities
Creditors (Feb £8000, March £10000) (18,000)
Bank (3,000)
(21,000)
Net Current Assets / Working Capital 25,000
NET ASSETS 125,000
Financed by:
Share Capital 100,000
Profit and Loss 25,000
TOTAL SHAREHOLDERS FUNDS 125,000
Europe Ltd
Balance Sheet as at 31st March 2013
Notes:
Fixed Assets are depreciated at 20% straight line method per year.Ø
Purchases will be £5,000 in April, increasing by £1000 per month andØ
paid 2 months after purchase.
Sales in April will be £20,000, increasing by £2,000 per month andØ
paid 2 months in arrears.
Production costs per unit will be:Ø
o Direct materials £15
o Direct Labour £12
o Production overheads £5
Direct Labour and production overheads are paid as they are incurred.Ø
Production units per month are 500 unitsØ
Sales units in April are 400 units, increasing by 40 units per month.Ø
FINANCIAL AND MANAGERIAL ACCOUNTING – ASSIGNMENT 1 MBA621
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Expenses run at £10,000 per month, paid in the month that they are incurred.Ø

 

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