Assignment Task:
“Management accounting refers to a function of tracking internal cost for any business process that helps an organisation, firm or an individual in making decisions related to production, operation and investment in market…..The role of the management accountant includes collecting, recording and reporting financial data from several units of an organisation, observing and analysing their budget and suggesting their funding and allocation. This includes estimation of the cost of raw material, labour, manufacturing, sales, advertising and the company’s internal operation costs..….Management accounting’s main role is budgeting…” (CMA, 2015).
You are required to write a report on the role of management accounting, either as a function, or in the context of the person – the management accountant. Your report must address the following:
• Discuss the role of management accounting in an organisation (make comparisons to financial accounting).
• Discuss the classification of costs by function (production, non-production); by type (direct, indirect) and by behaviour (fixed, variable, stepped fixed). Provide examples and diagrams where necessary.
• Provide an analysis of the ‘Just in Time’ inventory control system, making references to practical applications (where applicable).
• Discuss the objectives of budgeting.
Total marks for assignment: 100
What is expected within students’ answers
Your coursework must be in a report format, with an introduction, the main body addressing the above issues and a conclusion summarising your coursework. All external sources used must be adequately cited and referenced using the Harvard style of referencing.
Marking Scheme:
Marks
Introduction 5
Management accounting v financial accounting 15
Classification of costs 20
Analysis of JIT inventory control system 20
Objectives of budgeting 20
Conclusion 5
Style, layout, structure 5
Referencing 10
Total marks 100
INTRODUCTION (about 100 words)
Introduce the report – provide a background
State the aim/purpose of the report
Provide an outline of the report.
THE ROLE OF MANAGEMENT ACCOUNTING
The Purpose and Role of Management Accounting (about 300 words)
Discuss management accounting and the role of a management accountant.
Highlight the differences between financial accounting and management accounting.
Classification of costs (about 500 words)
• By Function (about 120 words)
• By Type (about 120 words)
• By Behaviour (about 140 words)
• By Relevance (about 120 words)
Discuss each type of classification and provide examples. Provide diagrams for behaviour.
Just in Time (JIT) Inventory Control Systems (about 400 words)
Discuss the system, the benefits, limitations and assumptions, and any practical applications.
Objectives of Budgeting (about 600 words)
CONCLUSION
Conclusion (about 100 words)
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