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 Arab Open University B321: TMA – 2nd Semester 2014 – 2015 Cut-Off Date: April 28, 2015 About TMA: The TMA covers the management accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment compon

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تاريخ التسجيل : 07/10/2014

مُساهمةموضوع: Arab Open University B321: TMA – 2nd Semester 2014 – 2015 Cut-Off Date: April 28, 2015 About TMA: The TMA covers the management accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment compon   الجمعة مارس 27, 2015 7:27 pm

Arab Open University
B321: TMA – 2nd Semester 2014 – 2015
Cut-Off Date: April 28, 2015

About TMA:
The TMA covers the management accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment component. It is intended to assess students’ understanding of some of the learning points within Sessions 1, 3, 6, 8, and 16 beside the supplementary material. This TMA requires you to apply the course concepts. The TMA is intended to:
 Assess students’ understanding of key learning points within Sessions 1, 3, 6, 8, and 16.
 Increase the students’ knowledge about the reality of the Managerial Accounting as a profession.
 Develop students’ communication skills, such as memo writing, essay writing, analysis and presentation of material.
 Develop the ability to understand and interact with the nature of the managerial accounting tools in reality.
 Develop basic ICT skills such as using the internet.

The TMA:
This TMA is based around two cases of “Cash Budgets Gamma Manufacturing Company” and “The Balanced Scorecard (BSC) and Long-run performance in UNUM CORPORATION”. Marks will be awarded for blending the context of each case and with relevant theory by means of your own interpretation. In addition to this, some research is required.
The TMA requires you to:
1- Review various study sessions beside the supplementary materials.
2- Conduct a simple information search using the internet and the e-library.
3- Present your findings in not more than 1230 words ± 10% (740 words for part A and 490 for part B).
4- You should use a Microsoft Office Word and Times New Roman Font of 12 points.
5- You should read and follow the instructions below carefully. Each part of the process will carry marks for the assignment.

Criteria for Grade Distribution:

Criteria Content Referencing& e-library Structure and Presentation of ideas
Part A Part B
Marks 65 35 (5) (5)

The TMA Questions
PART A: Cash Budgets Gamma Manufacturing Company

The cash budget process can have a significant impact on human behavior in the organization. Mr. Tony Salem, the CFO, noticed that the operating budgets (sales, manufacturing expenses or merchandise purchases, selling expenses, and general and administrative expenses) are often understated. Ms. Rania, the sales division manager explained that: "Everybody else is doing it."

As a consultant, Mr. Salem provided you the following information that is needed to complete the cash budget:

1. The company is expected to end the current year with $30,000 cash, $182,000 in accounts receivable, and $38,560 in accounts payable. The accounts receivable are collected $112,000 in January and $70,000 in February. The accounts payable will be paid in January.
2. All sales are made on credit, with 60% of the balance collected in the month of the sale, 20% in the month after the sale and 20% in two months after the sale.
3. Gamma plans to sell a piece of land in the fourth month for $80,000, equal to its book value.
4. The total sales for January are $98,000 in January. Sales are expected to increase by 6% each month.
5. The total cost of raw materials to be purchased are: $35,800 in the first month; $39,500 in the second month; $55,900 in the third month; $62,400 in the fourth month, $ 68,700 in the fifth month and 72,350 in the sixth month.
6. The Raw materials purchases are paid for 50% in the month of the purchase, 20% in the month after the purchase and 30% in two months after the purchase.
7. All other cash expenses are paid for in the month they are incurred:
- Wages : $19,800;
- Social security : 20% of the Wages;
- Other operating expenses: $16,850 including $2,650 of depreciation.
8. Capital expenditures for 2015 include the cash purchases of machines for $30,000 in January and $65,000 in May.

The company is planning to take a $400,000 loan from the bank to build a new factory, and repays it at the end of June.

Required:

1. Prepare the cash budget for the first semester. Discuss whether the company would be granted this loan, if not, give an advice concerning the alternative scenarios. (300 words)

2. Discuss the controls that might be implemented to discourage the understatement of cash budgeting estimations by division manager. (60 words)

3. Critically discuss the benefits and limitations of using budgets for strategic management purposes, with exploring some potentially adverse consequences of the budget process. (250 words)

4. The major receipts in cash budget are collections, discuss other types of inflows that might occur. (70 words)

5. Discuss some of the issues surrounding the cash surplus. (60 words)

[Marks: (40+6+10+5+4) =65]









PART B: The Balanced Scorecard (BSC) and Long-run performance in UNUM CORPORATION

Headquartered in Portland, Maine, USA, UNUM Corporation provides disability and special risk insurance solutions to individuals and businesses. UNUM (which means ‘one’ in Latin) has about 7200 employees and operations in the US, Canada, the UK, the Pacific Rim, Europe, Bermuda and Latin America.

With the goal achieved, and recognizing the power of goals as mechanisms for breakthrough performance improvement, James Orr and his team set out to develop new goals for the corporation. However, this time there would be a significant difference in how the goals would be focused and articulated. Farrar explains:
“By 1991 we had, through growth and acquisitions become a much more complex organization and the chairman recognized that a single focus on a financial result would be difficult to communicate effectively and would not reflect the diverse challenges of the corporation. Consequently he decided that we needed a set of goals that would be meaningful to all employees that would focus their energies on improving customer-facing performance and would improve further shareholder returns. In short, he wanted a balanced set of measures that would reflect the interests of all UNUM’s stakeholder groups.”

Required:

Using examples from the case you should:
1. Discuss why UNUM management should focus on long-run performance. Discuss the limitations of the short-run performance measures. (200 words)

2. UNUM used a set of quantifiable measure. Briefly discuss the importance of the qualitative measures and the weaknesses of the quantitative measures. (70 words)

3. List two additional possible performance measures that would be relevant to the company, for each of the balanced scorecard’s four areas. (30 words)

4. Discuss, in form of an essay, three of the advantages that nonfinancial performance measures have over financial performance measures. (90 words)

5. In a report, discuss the benefits gained by UNUM from adopting and using the balanced scorecard. (100 words)
[Marks: (10+5+8+6+6) =35]


Total Marks: 63 + 35 - 10 Marks of deductions for general presentation and references]


In your answer, you should explain each point or inquiry separately.

All answers should be supported by examples from the case study.


Use the following headings (below) to make up the different sections of your work:


The PT3 form
Title and contents page
Part A Cash Budgets Gamma Manufacturing Company
Part B The Balanced Scorecard (BSC) and Long-run performance in UNUM CORPORATION
References (Recorded according to the Harvard style - Available on LMS)

_________________
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Arab Open University B321: TMA – 2nd Semester 2014 – 2015 Cut-Off Date: April 28, 2015 About TMA: The TMA covers the management accounting concepts and practices in the businesses. It is marked out of 100 and is worth 20% of the overall assessment compon
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