HI5017 Managerial Accounting Assignment

16 Nov 2019

HI5017 Managerial Accounting Assignment

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What about HI5017 Managerial Accounting Subject?

With writing assessments of HI5017 Managerial Accounting, the Scholars are required to develop their understanding of the purpose and use of management accounting systems, and its usefulness in aiding managers make informed decisions. You are to critically evaluate journal articles to analyse the practical use of management accounting systems by contemporary companies, in terms of their relevance to the real-life companies’ decision-making by managers and achievement of business goals.

HI5017 Managerial accounting assignment aims at developing your understanding of the purpose and use of management accounting systems and its usefulness in aiding managers make informed decisions. You are to critically evaluate two journal articles to analyse the practical use of management accounting systems by contemporary companies, in terms of their relevance to the real-life companies’ decision-making by managers and achievement of business goals.

What we deliver under HI5017 Managerial Accounting Assignment Solution?

We provide high quality reports under HI5017 Managerial accounting assignment help which covers all the required information demanded in assessment requirement. There are asked numbers of questions in this assessment listed below

Identify any three (3) specific examples of the different types of management accounting methods and/or techniques from the case.
Are MAS relevant to contemporary organisations? Discuss this with reference to:
i) What evidence is there from the case company? Include examples in your answer. (5 marks)
ii) Compare and contrast this finding with one other journal article you will need to find that has discussed about management accounting systems in another real-life company or companies. Did this second study have similar findings as the first chosen article, or mixed and/or different findings? Explain with examples. (5 marks)
What conclusions do you make about the relevance of MAS in today’s competitive and (in most cases), uncertain business environment? (4 marks)
Provide four (4) specific outcomes or lessons learned from each of the two articles’ research findings that will be useful for management accountants in Australian companies to learn from, and justify your answer [i.e. provide 2 outcomes from each of the two studies]. (8 marks) Another 5 marks are determined by the overall presentation of your assignment.

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Sample HI5017 Managerial Accounting Assignment Solution!

HI5017 Managerial Accounting Assignment Specification

This is Masters Level Managerial Accounting Assignment 2000 words using Calibri font size 12 For the cover page. A table of contents, executive summary c. A brief introduction or overview of what the report is about. d. Body of the report with sections to answer the sections required and with appropriate section headings e. Conclusion f. List of references – Harvard Referencing Diagrams and tables clearly labelled and explained. USE AUSTRALIAN SECURITY EXCHANGE LISTED COMPANY *ABC model – Activity based costing

You have been hired by the Board of Directors of your chosen company (ASX Listed) to explain how ABC model can improve the management accounting information available to its top management team (i.e. CEO and senior managers).

Required:

You are required to prepare a report to recommend about ABC model for your company. The report should cover the followings:

a) An explanation of ABC model and its features
b) An explanation of how ABC model aligns with the current goals and strategies of the company. This explanation should include:
i) An identification of the company’s mission and objectives; and
ii) An identification of the company’s corporate strategies

iii) An explanation of how ABC model assist in achieving the company’s strategies.

c) Provide at least two (2) recommendations about the implementation of ABC model for your company based on your research findings.
d) Apart from ABC model, suggest one other management accounting tool suitable for your company and justify it.

Solutions to HI5017 Managerial Accounting

Introduction

Literature Review

a) ABC Model and Its principal Features
b) ABC model aligns with the current goals and strategies of the company.
i) An identification of the company’s mission and objectives
ii) An explanation of how ABC model assist in achieving the company’s strategies.
c) Recommendations about the implementation of ABC model for CSR Limited.
d) Apart from ABC model, suggest one other management accounting tool suitable for your company and justify it.

conclusion

Bibliography

Introduction

ABC Model is one of the most sought-after models for allocation of costs or overheads in the right manner and the right application of the ABC model would allow the management of a business to find the correct costs for the product mix and this is exactly why ABC is used to price the product correctly in the market. Once the management of a company decides to use the ABC model in the company’s costing system the same would allow the mangers to generate cost reports more informatively and more/adequate information would help the company take important decisions to counter the competition in the market. This research is aimed at finding how the ABC model can used to help the management take better decisions.

2.Literature Review

a) ABC Model and Its principal Features

ABC model or Activity based costing is defined as the system which helps in the collection of the financial information and also linking the same to the operating performance of a company through appropriate tracing of the costs , thereby making the organization wide costs product costs.

Activity-based costing is sued in a manner under which all the activities which the company undertakes, and which are involved in the production of a particular goods and then the costs would be assigned according to the no of activities involved. The Activity based cost system would often recognize the relationship between the costs incurred in a production environment and the activities undertaken in the same production environment for a given product or for number of products. If the traditional costing system is used the same would allot the overheads in an arbitrary manner. Under Activity based cost system the overhead costs would be allotted as per the activities involved by identifying the activities or rather type of activities involved(Maher 2013).

The ABC model is entirely based on the number of activities which can be defined as events or tasks aimed to finish a particular goal within the productive environment. Tasks can be grouped as setting up of the machines involved or designing of the products etc. under the ABC model its these activities which consumes the overhead costs and and thus is defined to be the cost objects(Horngren et al. 2011).

Activities can be recorded through two different parameters such as the the transaction drivers which would involve counting or recording the number of times the activity takes place and the duration drivers which records the number of hours or minutes the activity requires to finish the activity.

The principal objectives for the BAC system to be implemented is to make sure the followings are achieved:

a) the inaccurate overheads or indirect cost allocations were rectified
b) to make sure the indirect costs were properly accounted for under the basis of activities undertaken.
c) To aid the managers in taking timely and relevant decisions for the proper costing of the products and proper pricing decisions.

The principal features of the ABC costing model are examined with the following features which are present within the ABC system:

a) The entire costs of production is segregated into either fixed or variable costs which becomes necessary to give information as to the designing of the suitable costing system for the manufacturing firm.
b) The cost behavior pattern is established with proper distinction.
c) The cost behavior is then linked with either diversity , volume of production or events and time duration etc(VANDERBECK 2013).
d) The next step involves identifying the cost driver for tracing back the overheads to the product involved or a number of different products.
e) The identified cost behavior would often dictate the pattern of the cost behavior.
b) ABC model aligns with the current goals and strategies of the company.

The chosen company for this research is CSR Limited.

CSR has been operating many well-known brands in the flied of building products and the same is used in the space of both residential and commercial properties. Brands which are operated in Australia goes by the names of Bradford, cemintel, Edmonds and Gyprock/viridian etc. the CSR limited is very well known all over Australia for manufacturing technically advanced products and has been maintaining a very strong network for distribution of the same to its clients across both New Zealand and Australia.

i) An identification of the company’s mission and objectives

CSR limited mission is to become one of the Australis largest manufacturing firm and build an ecosystem to be able to supply a very large and expanded range of products and materials for building technologically advanced residential ad commercial properties all over the country and New Zealand.

The long-term vision of the company is to be able to produce and supply products which are energy efficient and which create a production environment which is very sustainable for the shareholders of the company and the community as well. The CSR Limited’s management has developed and is providing adequate guidance to build an environment of care and which would be able to protect each participants interest in the long term, through measurable output(Matz 2014).

ii) An explanation of how ABC model assist in achieving the company’s strategies.

Even if many companies in the manufacturing industry have extensive accounting set ups in place and they record various types of information as how much expenses are incurred in a production facility, the same is hardly understood by the concerned managers to make informative decisions. Because of not having understood the manufacturing process in place the cost estimations made by these firms are quite bizarre and often found to be not optimal. Usually many managers think they know the correct costs incurred to make a new product but often the same turns out to be not correct as they misunderstand the entire cost incurring process, or they don’t even have the right kind of information gathered. Because of this bad judgement the managers often found to be making pricing decisions which turns out to be non-optimal and not in the best interest of the firm.

CSR limited has many production facilities all over Australia and produces quite a few numbers of extremely famous brands. Such a company cant afford to make the pricing wrong because it would make sure the company is selling the more profitable products less and producing more of the high cost and low profitability products. If such a situation is correct then it is highly probable that the shareholders’interests are not optimally taken care of and total assets of the firm including the talented and skilled manpower is wasted (Maher 2013).

To make sure the necessary information is collected rightly and interpreted in the right direction the company’s management must ensure that in place of the traditional costing and cost gathering system a more robust Activity based costing system is employed by the firm. Generally in a traditional environment the CSR limited managers receive information which is not true and reflective of the cost environment and the information is not based upon the activities identified. Asa result the indirect costs are being gathered in a very unified manner so that at the end of the period they are all pooled together and an organization wide overhead rate is determined.

On a closer look it has bene identified that if the CSR limited is able to install an ABC system it would be possible for the company to make sure that instead of the traditional manner the costs can be gathered as per the cost behavior or cost drivers involved. The cost drivers in the case of traditional costing method is identified to be machine hours but in the case of ABC model the cost drivers would be various activities involved (M.Datar & Horngren 2012).

For example, the managers of the CSR Limited would do well to identify the cost drivers or the activities as perthe followings:

a) Designs of the products – they would drive the designing costs of the products being selected.
b) Setting up of the Machines – set up costs would be allocated through no of set ups.
c) Materials Handling – No of materials requisitions made in the analysis period.
d) Purchase processing costs – no of purchase orders.
e) Cost of the inspections – no of inspections involved.
f) Supervisors costs -direct labour hours involved.

Once these costs and their drivers or activities are chosen the same would make it possible for the managers to allocate the costs involved through the activities involved by estimating the cost per activity.

c) Recommendations about the implementation of ABC model for CSR Limited.

The manufacturing activities of the CSR limited is found to be suitable for adopting the activity-based costing model based on the following model which is a combination of various methods:

a) Unit Level Activities

The unit level costs and activities occur once the product is made in the facility. These costs would include materials , labour costs and machinery maintenance. The materials and labour involved are however direct costs only (Lanen 2013).

b) Batch Level activities

The batch level activities often would involve the incurring of overheads once a batch of product is produced. The production in this is a culmination of a series of steps ad would include costs such as purchase order costs, set up costs for the machineries and testing for qualities etc.

c) Product Level Activities

Product line activities would often involve the incurring of overhead costs which is seen as supporting the whole product line included in the batch. However these overheads might not have been incurred individually. For example the product design changes would involve incurring of costs and warehousing and engineering changes made to the production line (Horngren et al. 2011).

d) Family Support Activities

Family Support activities would involve incurring of costs which are necessary for the producing company to develop the products and would be required to make it possible to make the production possible. All these costs are generally administrative costs like property taxes paid, security expenses for the plant, insurance expenses for the plant, salaries for the support staff etc.

While the overhead costs incurred at the unit level of activities, batch level activities and the product line level of activities can be allocated to the specific product units through the activity level cost drivers, the same is not possible for the family support activities. family support activities would involve the judgement of the managers to distribute the costs on an arbitrary basis to allocate the costs(Bhimani 2012).

Apart from ABC model, suggest one other management accounting tool suitable for your company and justify it.

The other model which can be quite useful for the CSR Limited is that of Just in time model which is made famous by being adopted by the Japanese car maker Toyota Motors limited.

JIT is an inventory model which looks to minimize the costs through minimization of inventory required to undertaken production smoothly and receiving materials as per the exact schedule and only when the materials would be needed. However, under this system it would be essential to know the demand in advance and that too very accurately. CSR limited has many brands operating under its wings and thus it can reduce the inventory costs by as much as 5-10% by adopting the just in time methodology(Drury 2010).

Conclusion

Overall it has been estimated that by adopting the ABC , CSR limited management would be able to identify the exact costs for the production units and identify the most profitable swell as the least profitable products and make production to maximize the resources accordingly. ABC if adopted by the CSR limited would be extremely helpful in identifying the cost drivers and efficiently allocating the costs involved. However the installation and implementation of ABC involves a time taking process, requires training for the identified manpower and would require a lot of financial commitment. Thus, the Benefits of ABC and the cost involved must be compared before making the right decision.