Scenario (Word count 2500) PowerPoint presentation with speaker noted
You are a Junior Management Accountant for a medium-sized enterprise (choose an a company of your choice) in the manufacturing sector and, in an effort to promote understanding between different departments in the organisation, you have been asked by your line manager to deliver a presentation (PowerPoint) with speaker notes on the role and function of the management accounts department, as well as the range of techniques used. This assignment has two parts (Scenario 1 and 2):
Part A: Produce a portfolio of completed calculations for financial statements, including income statements using variable costings based on the appendix 1.
Write this assignment from the point of view that you are a Junior Management Accountant for a medium size enterprise of your choice, in the manufacturing sector.
LO1 Demonstrate an understanding of management accounting systems
Introduction to management accounting:
• What is management accounting? Definition of management accounting.
Answer from a general point of view and from your enterprise(company) point of view
• What is a management accounting system?
Answer from a general point of view and from your enterprise(company) point of view
• Why is it important to integrate this within your organisation with different department e.g. Finance, production, HR and Marketing?
Answer from your enterprise(company) point of view
• Explore the origin, role and principles of management accounting.
Answer from a general point of view and from your enterprise(company) point of view
• The distinction between management and financial accounting.
Answer from a general point of view and from your enterprise(company) point of view
Different types of management accounting systems:
• Cost-accounting systems, inventory management systems, job-costing systems and price-optimizing systems.
Answer from a general point of view and from your enterprise(company) point of view
• Benefits of different types of systems which your organisation uses and why?
Answer from a general point of view and from your enterprise(company) point of view
Presenting financial information:
• Why Financial information should be relevant to the user, reliable, up to date and accurate for your organisation?
Answer from a general point of view and from your enterprise(company) point of view
• Why the way in which the Financial information is presented must be understandable by your organisation?
Answer from your enterprise(company) point of view
• Analyse the different types of managerial accounting reports used by organisations and especially by your organisation.
Answer from a general point of view and from your enterprise(company) point of view
• The use of techniques and methods used in management accounting by presenting calculations for an income statement using variable costings based on the information given in appendix I.
• Prepare a budget for the information given in appendix I.
The red font you are required to do the Task 1-6 calculation given in appendix I. Use the sample as your guideline or reference for calculation (TASK 1-6) parts.
Use Sample 1= Slides 11, 12,13,14, 16,17,18 and 19.
LO2 Apply a range of management accounting techniques
- https://www.youtube.com/watch?v=zgKaxnVMxfs (video for this topic)
Microeconomic techniques:
• What is meant by cost? Different costs and cost analysis.
Answer from a general point of view and from your enterprise(company) point of view
• Cost-volume profit, flexible budgeting and cost variances.
Answer from a general point of view and from your enterprise(company) point of view
• Applying absorption and marginal costing.
Answer from a general point of view and from your enterprise(company) point of view
Product costings:
• Fixed and variable costs, cost allocation.
Answer from a general point of view and from your enterprise(company) point of view
• Normal and standard costing, activity-based costing and the role of costing in setting price.
Answer from a general point of view and from your enterprise(company) point of view
Cost of inventory:
• Definition and meaning of inventory costs and different types of inventory costs.
Answer from a general point of view and from your enterprise(company) point of view
• The benefits of reducing inventory costs to an organisation.
Answer from a general point of view and from your enterprise(company) point of view
• Valuation methods.
Answer from a general point of view and from your enterprise(company) point of view
• Cost variances.
Answer from a general point of view and from your enterprise(company) point of view
• Overhead costs.
Answer from a general point of view and from your enterprise(company) point of view
Conclusion
• Explanation of how management accounting is integrated within your organisation.
• The benefits of the function to your organization.
Sample Solution