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 Arab Open University BE211/4 – Introduction to Managerial Accounting TMA – 2nd Semester 2014-2015 Cut-Off Date: 30th April 2015 About TMA: The TMA covers the management accounting concepts and practices in the businesses. It is marked out of 100 and is

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مُساهمةموضوع: Arab Open University BE211/4 – Introduction to Managerial Accounting TMA – 2nd Semester 2014-2015 Cut-Off Date: 30th April 2015 About TMA: The TMA covers the management accounting concepts and practices in the businesses. It is marked out of 100 and is    الأحد مارس 01, 2015 4:06 am

Arab Open University
BE211/4 – Introduction to Managerial Accounting
TMA – 2nd Semester 2014-2015
Cut-Off Date: 30th April 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 chapters 16, 20, 22 and 24. This TMA requires you to apply the course concepts. The TMA is intended to:
 Assess students’ understanding of key learning points within chapters 16, 20, 22 and 24.
 Increase the students’ knowledge about the reality of the cost and management accounting as a profession.
 Develop students’ communication skills, such as essay writing, analysis and presentation of material.
 Develop the ability to understand and interact with the nature of the managerial accounting tools in reality.

The TMA:
The TMA requires you to:
1- Review various study chapters of ’Financial & Managerial Accounting’ Book and apply some of the concepts within it.
2- Conduct a simple information search using the internet.
3- Present your findings in not more than 1,100 words (700 words for Part A and 400 words for Part B). The word count excludes headings, references, title page, and diagrams.
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 Structure and Presentation of ideas Total marks
Part A Part B
Role of management accounting in manufacturing & merchandising companies Budgeting for Ivey Company
Marks 60 40 (5) (5) 100



The TMA Questions

Part A
Role of Management Accounting in Manufacturing and Merchandising Companies

Red Flower Company LLC

Redflower Company LLC is one of the leading food processing companies in Gulf region.



Food processing sector is indispensable for overall development of an economy as it provides a vital linkage and synergy between the agriculture and industry. It helps to diversify and commercialize farming; enhance income of farmers; create markets for export of agro foods as well as generate greater employment opportunities.

Redflower Company has two divisions of operations i.e. manufacturing division and merchandising division. The Cost and Sales details of Manufacturing and Merchandising Divisions
Information Merchandising Division Manufacturing Division
For the year 2014 (in ‘000) ($) Beginning of 2014
(in ‘000)($) End of 2014
(in ‘000) ($) For the year 2014
(in ‘000)
($) Beginning of 2014
(in ‘000) ($) End of 2014
(in ‘000 ($))
Sales 800,000
1,200,000
Inventory 140,000 130,000 70,000
(Materials 65,000
(Materials)
Purchases of inventory 700,000 700,000
(Materials)
Direct Labour
338,000
Manufacturing Overheads 166,000
WIP inventory
160,000 54,000
Finished Goods inventory 0 (zero) 120,000
Administration Expenses 50,000 55,000
Redflower’s Subsidiaries’ cost and operating income estimations and actuals for 2014

Redflower Company has two Subsidiaries Company A and Company B. The estimations on cost and sales details of Company A & B for the year 2014 were as follows:

(i) Estimations for 2014 for Company A & B

Information Company A Company B
Sales (units & price) 1000 units @ 25 per unit 1000 units @ 25 per unit
Variable Cost per unit ($) 10 per unit 15 per unit
Fixed Cost ($) 10,000 6,000

(ii) Actuals for 2014 for Company A & B

Due to some natural problems, both the company could not achieve their estimations. The following is the actual results for Company A & B:

Information Company A Company B
Sales (units & price) 800 @ 25 per unit 800 units @ 25 per unit
Variable Cost per unit ($) 10 per unit 15 per unit
Fixed Cost ($) 10,000 6,000

Management Accounting for Redflower Company LLC

The CEO of Redflower Company has studied widely about management accounting. He has been quoting Horngren’s definition of management accounting to its finance staff quite frequently. He asked the finance staff to implement management accounting systems in the company in order to be able to plan and control effectively and efficiently. The CEO was willing to sponsor some of its employees to study management accounting courses like CIMA (UK) and CMA (USA). Many accounting staff showed good amount of interest to get that scholarship to do management accounting qualifications.

Required

(1) As the company wants to implement management accounting systems, the CEO wants to know more about management accounting.

In light of the above, discuss the usefulness of management accounting for merchandising and manufacturing companies like Redflower. (15 marks) (300 words)

(2) Prepare an income statement for Merchandising and Manufacturing divisions of Redflower Company LLC for 2014. Show the cost of goods manufactured and cost of goods sold calculations clearly here. (25 marks) (200 words)

(3) Calculate operating leverage of Company A and B taking estimated values (given above) Also, show how does operating leverage help in predicting the percentage change in operating income when sales volume (units) gets changed? Show the calculations here clearly. (20 marks) (200 words)


Part B
Budgeting for Ivey Company

Ivey Company prepared the budgeted income statement for the first quarter 2015 as below:

Information Amount
Sales Revenue 20,000
Less: Cost of Goods sold 12,000
Gross Profit 8,000
Selling & Administration Expenses 6,000
Operating income 2,000
Income Tax expense 600
Net Income 1,400

Ivey Company wants to estimate the net income for the subsequent three quarters (second quarter, third quarter and fourth quarter). Following information is available for estimations:

(a) Sales is expected to increase 10% during second & third quarter and 20% in fourth quarter

(b) Cost of goods sold is expected to be 60% of respective quarter’s Sales value (Sales revenue)

(c) Selling & Administration expenses are expected to be $ 6000 for first quarter. For subsequent quarters, it is going to be $ 6000 + 10% of sales of respective quarter.

(d) Income tax is 30% of operating income. The tax rate will remain the same for the whole year.

(Note: The base year (amount) for all these calculations is 1st quarter (amount))

Required

(1) Describe the benefits that Ivey Company will get out of having budgets for all of their activities. (15 marks) (250 words)

(2) Estimate the operating income of Ivey Company for the next three quarters (i.e. second, third and fourth quarters of 2015) based on the information given above.
(15 marks) (100 words)

(3) Evaluate the performance of Ivey Company using profit margin ratio for all four quarters. Comment on the performance of the company as a whole.

_________________
الإجــابة النمــوذجية
----------------------

[عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الإجابة النموذجية ، للتسجيل اضغط هنا] || الكاتب: [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الإجابة النموذجية ، للتسجيل اضغط هنا] || المصدر: [عزيزي الزائر يتوجب عليك التسجيل لمشاهدة الإجابة النموذجية ، للتسجيل اضغط هنا]






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Arab Open University BE211/4 – Introduction to Managerial Accounting TMA – 2nd Semester 2014-2015 Cut-Off Date: 30th April 2015 About TMA: The TMA covers the management accounting concepts and practices in the businesses. It is marked out of 100 and is
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