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ACC203 - Management Accounting Assignment

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sim university

   

Management Accounting (ACC203)

   

Added on  2020-03-04

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The below document discusses the role of management accounting. The various concepts which have been discussed with respect to the management accounting are as "Management accounting information for resource management", "Schedules of cost of goods manufactured and sold, income statement", "Cost behavior; engineered cost, committed and discretionary costs" and many more.

ACC203 - Management Accounting Assignment

   

sim university

   

Management Accounting (ACC203)

   Added on 2020-03-04

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MANAGEMENTACCOUNTINGACC203STUDENT ID[Pick the date]
ACC203 - Management Accounting Assignment_1
Question 1 Part 1a)The manager of the retail outlet would need information on the various costs of the outletbased on which pricing decisions need to be made. Further, the sales data and the breakupof the same is also required so that orders can be placed appropriately. Additionally, inorder to push the sale of a particular product which might be languishing, promotionaloffers may need to be introduced (Drury, 2006).b)The design team would require information regarding the expectations and needs of thecustomers which they expect to meet through the purchase of the product. Additionally,the cost considerations are imperative and hence an estimation of the budget needs to bedrawn based on consumer spending patterns. Also, the overall available budget for thedesigning of the product needs to be considered. Information on the product offerings ofcompetitor is also imperative (Emmauel and Otley, 2010).c)The marketing manager would need information about the targeting and segmentation ofthe product coupled with competitor’s strategy related to marketing. Besides, informationabout the product and underlying design is also critical for the marketing campaign andalso information regarding the available budget needs to be communicated coupled withtime frame (Kinney and Rainborn, 2012).d)The product costing if the same is manufactured in-house needs to be available so that thecost paid to the outside manufacturers is less than the same. Information on thequotations given by various manufacturers and ongoing prices charged to othercustomers. Additionally, the product pricing and profit margins are also critical sincemaximum price to be paid to manufacturers also depends on that (Heisinger, 2009).Part 2A company has a vision and a mission statement which offers an insight into what the companyintends to become over the long time. In line with the mission statement and eventual vision,various short term and long term objectives are defined taking into consideration the availableresources. In order to achieve these objectives, it is imperative to plan using dedicated planningsystems. This ensures that the company has a road map so as to achieve the intended vision.1
ACC203 - Management Accounting Assignment_2
Further, it provides a clear idea to the employees and also the shareholders as the expectations inthe near term and long term which enhances commitment and consistency in action and strategy(Weyganth, Kimmel and Kieso, 2009). Also, it provides various milestones which can act asbenchmark to measure the performance of the company and the top executives in the broadmanner. Further, through planning the priorities of the organisation, the target of the firmbecomes apparent and facilitates the decision making. For instance, during the initial phase theobjective of the company may be to maximise market penetration and profit may take a backseat.This allows higher conviction to the stakeholders that the long term objectives would be met in atime bound manner (Drury, 2006).Question 2Given data can be summarized below:2
ACC203 - Management Accounting Assignment_3
(1)The schedule of cost of goods manufactured for Flintoff Fashions(2)The schedule of cost of goods sold for Flintoff Fashions.3
ACC203 - Management Accounting Assignment_4

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