acc203 assignment

Consists of 3 questions divided into 2 parts, theory and calculations.To show workings for calculations and cite references for theory.
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ACC203e
Managerial Accounting
Group-based Assignment
January 2018 Presentation
ACC203e
Group-based Assignment
GROUP-BASED ASSIGNMENT
This assignment is worth 30% of the final mark for ACC203e Managerial Accounting.
The cut-off date for this assignment is 12 April 2018, 2355 hrs.
This is a group-based assignment. You should form a group of 4 members from your seminar
group. Each group is required to upload a single report to Canvas via your respective seminar
group. Please elect a group leader. The responsibility of the group leader is to upload the report
on behalf of the group.
It is important for each group member to contribute substantially to the final submitted work.
All group members are equally responsible for the entire submitted assignment. If you feel that
the work distribution is inequitable to either yourself or your group mates, please highlight this
to your instructor as soon as possible. Your instructor will then investigate and decide on any
action that needs to be taken. It is not necessary for all group members to be awarded the same
mark.
It is important for each group member to contribute substantially to the final submitted work.
All group members are equally responsible for the entire submitted assignment. If you feel that
the work distribution is inequitable to either yourself or your group mates, please highlight this
to your instructor as soon as possible. Your instructor will then investigate and decide on any
action that needs to be taken. It is not necessary for all group members to be awarded the same
mark.
Take note of the following format and writing requirements. Marks will be penalised for
failure to follow requirements.
Format requirements:
?
A properly formatted cover page: To include course code, course title, assessment title,
student name(s), student PI Number(s).
?
For text, Font style: Times New Roman; Font size: 12; Line spacing: 1.5 lines.
?
Include the page number on each page.
?
Reference or bibliography at the end (use APA referencing guidelines).
Writing requirements:
?
Develop your points in a clear, logical and succinct manner.
?
Be mindful of the target audience/reader. Use language appropriate to the reader’s
expected level of knowledge.
?
Free from grammatical and typographical errors.
?
Provide in-text citations when referencing (use APA referencing guidelines).
?
Include less relevant details as an appendix if necessary.
?
Good overall presentation of the report.
SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS)
Page 2 of 5
ACC203e
Group-based Assignment
Question 1
Organisations exist to create value either for their owners and (or) stakeholders. Management
accounting information can help managers make effective and efficient use of organisational
resources to create maximum value by facilitating and influencing decision-makings.
In decision-facilitation, management accounting information provides relevant information to
decision makers to make informed decisions. The organisation can also influence decision
making by incentivising desired actions to encourage decisions that are in line with maximising
organizational value.
Required:
Select a company you are familiar with or one you are currently working in, or one with
information publicly available. Using your own words as much as possible, and in not more
than 2,000 words (in total):
(a)
Provide a brief description of the organisation – background, the organizational
structure, the nature of business, the industry and the environment it is operating in, its
products/services, etc.
(5 marks)
(b)
Choose one functional area (e.g. production, sales, procurement, customer service etc.)
and discuss in detail how management accounting information is used to facilitate and
influence decision makings to maximize firm value.
(10 marks)
(c)
Comment on whether the quality of the management accounting information you have
described achieve the objective of maximizing firm value. Your comment on the quality
of the management accounting information should be based on the attributes of
accuracy, timeliness and cost of producing the information.
(10 marks)
(d)
Suggest possible improvements to the quality of the management accounting
information that the company can adopt.
(15 marks)
Question 2
Costs can be classified as controllable and uncontrollable.
Required:
(a)
Define controllable and uncontrollable costs and explain the importance of classifying
costs in this manner.
(4 marks)
SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS)
Page 3 of 5
ACC203e
(b)
Group-based Assignment
In the context of the company that you have just selected, provide one (1) example of
each. Explain the rationale for your choice of examples.
(6 marks)
Question 3
Sweet Harmony Ltd is a sole distributor of a reputable brand of headphones in this region. It
imports completely knocked down kits (CKD) from an international headphone manufacturer
and then assembles and packs these into finished products (earphones) before transferring them
to the finished goods store for distributions in the region.
The CKD are issued and utilised at the beginning of the assembly process. The other assembly
costs are incurred evenly throughout that process. When the assembly process is complete, the
packing process is undertaken.
Overhead is applied into the assembly and the packing, at a rate of 100% and 20% of direct
labour cost respectively.
It is considered normal for some earphones to be spoiled during assembly and packing. Quality
control inspection is applied at the end of the packing process to determine whether units are
spoiled.
It is accepted that spoilage is normal if spoiled units are no more than 5% of the completed
good units produced.
Despite vigilant security measures, it is common that some units are lost, probably by pilferage.
The cost of lost units is written off as a loss of the period in which it occurs. This cost is
measured at the cost of the CKD kits plus the assembly process, but no packing cost is charged.
Sweet Harmony Ltd uses FIFO system of costing.
The following data summarize the firm’s activities during May.
Opening WIP
CKD kits
Direct labour cost (assembly) to 30 Apr
No. of units (60% assembled)
Cost incurred during May
CKD kits
Direct labour cost (assembly)
Direct labour cost (packing)
Production data for May
CKD kits received into assembly
Good earphones completed from packing
Spoiled units
Lost units
SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS)
$120,000
$50,000
100,000 units
$240,000
$80,000
$60,000
224,000
180,000
20,000
4,000
units
units
units
units
Page 4 of 5
ACC203e
Group-based Assignment
None of the opening work in process had at that stage entered the packing process. Similarly,
there is no closing work in process at the end of the month in the packing process. However,
the units in the closing work in process were on average, 25% complete as to assembly.
Required:
(a)
(b)
Using the four-step approach:
(i)
Calculate the number of units in the closing work in process for assembly
and packing.
(ii)
Calculate the number of equivalent units processed in May, distinguishing
between assembly process and packing process.
(ii)
Calculate the costs per equivalent units for each product cost category
processed in May for the assembly process and the packing process, the
costs of units transferred from the assembly process to the packing process,
the cost of completed units from the packing process, the costs of abnormal
spoilage, lost units and closing WIP.
(36 marks)
Pass all the necessary journal entries.
(5 marks)
(c)
Use your answer to (a) to explain “transferred-in costs”.
(9 marks)
—- END OF ASSIGNMENT —-
SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS)
Page 5 of 5

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