ACCY223: Management accounting assignment sample NZ

Management accounting is a system of accounting that enables companies to measure and control their expenditures in order to maximize the productivity of available resources. It is a process, not a product. Management accountants are tasked with ensuring that the company they work for operates efficiently and effectively by monitoring costs, revenues, profits, labor hours used in production, inventory levels, asset values, and more. Management accounting provides a company with information necessary to make business decisions.

Management accountants are employed in essentially every type of industry. Their salaries will vary widely depending on their level of education, experience, location, and specific job title. The average salary for management accounting professionals is $67,000 per year (BLS). Senior management accountants can earn $79,000 to $90,000 per year (Payscale).

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This course will increase your students’ knowledge and understanding of the subject. The following are some tasks that will be answered in this course:

Assignment Task 1: Explain the role of management accounting in organizations

Management accounting is used to make the organization better and provide useful information for everyone.

Management accounting (also known as cost accountancy) is a field of management and accounting that assures the quality of data collected and how it is analyzed. Its objectives are about providing reliable financial reporting, managing assets, and minimizing costs. It provides information such as payrolls, forecasted expenses, use of inventory items, etc. Financial statements such as balance sheets and profit & loss statements can be produced with the help of this branch.

Management Accounting functions at all levels in an organization from Plan>Do>Check>Act cycle i.e., goal setting, design specifications, detailed plans on what needs to be done before any action taken by employees which should be monitored & controlled.

Assignment Task 2: Demonstrate the use of alternative costing techniques

An alternative (or equivalent) cost is the amount of money that would need to be spent for an entity to purchase goods or services it already owns.

The main objective of this technique is to measure profit when certain products are sold. The method shows how changes in the number of units produced affect income. This technique can be used by divisions of a company, companies within an industry, and even competitors. It assists management with the decision-making process by showing how one alternative compares to another. For example, if a firm has two types of products that both cost the same to produce and sell, it could choose which one to market-based on which one is projected to bring in more profit.

The most common alternative cost is the replacement cost. This is the amount of money it would take to purchase a new asset of the same age, size, and condition as the one that is being considered for disposal. The other main types of alternative costs are:

• Historical cost
• Market value
• Net realizable value
• Opportunity cost

The relevant costs are those that will be incurred or gained in the future as a result of making a decision. For alternative costing, relevant costs include:

Sunk costs – these should not be considered because they have already been incurred and cannot be recovered.

Current market prices – materials or other inputs can be bought at the current market price, so these costs should be used in decision making.

Unit variable costs – these are the costs of producing one more or one less unit of a product; they vary with the number of products produced.

Fixed costs – these remain constant, whether or not any units are produced.

Alternative costing is a technique that can be used to find the most profitable alternative. When making a decision, management should consider all relevant costs. Relevant costs are those that will change as a result of the decision. sunk costs should not be considered because they cannot be recovered.

Assignment Task 3: Understand the principles and use of standard costing and variance analysis and their behavioral implications

Standard costing is a technique that can be used to find the most profitable alternative. When making a decision, management should consider all relevant costs. Relevant costs are those that will change as a result of the decision. sunk costs should not be considered because they cannot be recovered.

Standard costing is a planning and control tool that allows managers to compare budgeted costs with actual costs. This information can then be used to identify variances and take corrective action. A variance is a difference between budgeted and actual results. There are three types of variances:

Volume variance – this is the difference between budgeted and actual sales volume. It is caused by differences in either the number of units sold or the unit selling price.

Material variance – this is the difference between budgeted and actual material costs. It may be caused by the inefficient use of materials, inefficient purchasing, or excessive usage of materials.

Labor variance – this is the difference between budgeted and actual labor hours incurred in production or service delivery. This variance may be caused by over-or understaffing, inefficient use of labor, or incorrect wage rates.

Assignment Task 4: Use management accounting techniques for short-term decision-making

Management accounting techniques can be used for short-term decision-making by providing relevant and timely information to managers so they can make informed decisions that will help the company meet its goals. By using these techniques, managers can ensure that their decisions are aligned with the company’s strategic plan and that they are taking into account all of the relevant factors affecting their business.

One common management accounting technique used for short-term decision-making is trend analysis. Trend analysis involves studying changes in data over time in order to identify patterns and trends. This information can then be used to make predictions about future events and to make better decisions based on what has happened in the past.

Other common management accounting techniques used for short-term decision-making include variance analysis and break-even analysis. Variance analysis is a technique that allows companies to compare budgeted costs with actual costs in order to find variances or differences between the two. This information can then be used to take corrective action and improve future results. Break-even analysis calculates how many units of output must be produced or sold in order for a company to break even, that is, to cover all of its costs. This information can be used by managers to determine how much sales volume they need in order to reach their financial goals.

Assignment Task 5: Evaluate the use of management accounting in long-term decision-making

Management accounting can also be used for long-term decision-making by providing relevant and timely information to managers so they can make informed decisions that will help the company meet its goals. By using these techniques, managers can ensure that their decisions are aligned with the company’s strategic plan and that they are taking into account all of the relevant factors affecting their business.

One common management accounting technique used for long-term decision-making is trend analysis. Trend analysis involves studying changes in data over time in order to identify patterns and trends. This information can then be used to make predictions about future events and to make better decisions based on what has happened in the past.

Other common management accounting techniques used for long-term decision-making include variance analysis and break-even analysis. Variance analysis is a technique that allows companies to compare budgeted costs with actual costs in order to find variances or differences between the two. This information can then be used to take corrective action and improve future results. Break-even analysis calculates how many units of output must be produced or sold in order for a company to break even, that is, to cover all of its costs. This information can be used by managers to determine how much sales volume they need in order to reach their financial goals.

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