logo

PDF Management Accounting - Sample Assignment

   

Added on  2021-05-29

20 Pages4451 Words23 Views
Nguyen Thi Thuy Linh_10190552_MA_A2.1

Table of ContentsIntroduction.................................................................................................................3Scenario 1....................................................................................................................4Question 1:...............................................................................................................4Question 2:...............................................................................................................5Question 3:...............................................................................................................6Question 4:...............................................................................................................8Question 5:...............................................................................................................9PEST analysis.......................................................................................................9SWOT analysis....................................................................................................10Balanced Scorecard analysis.............................................................................11Scenario 2..................................................................................................................12Question 1 + Question 2:.......................................................................................13Question 3:.............................................................................................................15Conclusion.................................................................................................................16References..................................................................................................................18

IntroductionPlanning tools are important in management accounting that each company should conduct them well to reduce costs and reach high profits. To analyze and evaluate the advantages and effectiveness of planning tools in management accounting, this assignment is going to analyze the management accounting activities of Ricegreen andcompare to the SpaceZ to discover how management accouting respond to solve financial problems.

Scenario 1 Question 1: a.Standard costStandard cost is used for estimating and controlling the cost of a product. According toBragg (2019), the variance can be reported after using standard cost to show thedifferent between the actual cost and the budgeted cost-Advantages (Paul, 2016):+ Effectively control the costs+ Measure the actual costs to minimize the operations cost+ Avoid wasting materials and labor forces as well as determine the best methodsand materials. + It is effective accouting system that requires low resources + Provide information for planning more accurate budgets -Disadvantages (Paul, 2016)+ It can affect the quality of materials because good quality may cost more comparedto the budget+ Non-reporting of negative exceptions and variances may decrease the effectiveness+ When standards are too high, employees may be under pressure to act unethicallyto reach those standardsb.Standard priceStandard price predetermined price of products based on previous price, replacementcost and market price (Definition of standard price, n.d)-Advantages:+ Help to adjust and control the costs to the prevailing trends+ Easy to apply+ Lead to effectiveness of purchasing department-Disadvantages:+ Difficulty in setting specific standard price due to the price depends on manyunspecified variable factorsc.Budget

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Management accounting Assignment PDF
|21
|4926
|36

Report about Planning Tools 2022
|29
|7983
|11

Strategic Management Accounting Assignment - Solved
|9
|2163
|474

2. 2 MANAGERIAL ACCOUTING. Running. head: MANAGERIAL AC
|4
|386
|92

Using financial planning tools and management accounting to respond to financial problems Techniques (Part II)
|18
|4208
|386

An Introduction to Management Accounting
|6
|1352
|90