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ACC00146 – Management AccountingS3, 2016Assignment 2 (20 marks)Question 1 (5 marks)What function does feedback play in the work of the manager and who provides it? Discuss. Your discussion must be supported by the relevant readings and real world examples. You must disclose the source of your information by referencing.Question 2 (5 marks)What is the difference between the contribution approach to the profit and loss statement and the traditional approach to the profit and loss statement? And why the contribution approach is preferred by the managers. Discuss. Your discussion must be supported by the relevant readings and real world examples. You must disclose the source of your information by referencing.Question 3 (5 marks)Valcor company produces a product which has peak sales in March of each year. The company’s budgeted sales for the first quarter of 2013 are given below:JanuaryFebruaryMarchTotalBudgeted sales$50,000$65,000$75,000$190,000In order to have data available for preparing a cash budget, the company is keen to determine the budgeted cash collections from sales. To this end, the following information has been assembled:Collections on sales:60% in month of sale30% in month following sale8% in second month following sale2% uncollectableThe company gives a 2 percent cash discount for payments made by customers during the month of sale. The account receivable balance to start the year is $22,000, of which $4,000 represents uncollected November sales and $18,000 represents uncollected December sales.
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