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Faculty of Business and Management Academic Year: 2023/24 Module Code: AF1FMA Module Name: Foundation in Financial and Management Accounting Module Leader: Dr. Asiya Sohail 1 Faculty of Business and Management Font style: Book Antiqua Font Size: 12 Line Spacing: 1.5 Plagiarism: Your Assignment will be submitted through Turnitin. Any similarity beyond the acceptable limit or AI use detection will be considered as a misconduct. Written submissions: Tasks 1 and 2 Problem Solution and Explanatory notes The problem solution and explanatory notes required in Tasks 1 and 2 must be submitted by 11:59 pm (Oman) on Monday 15th May 2024. Assessment Weighting for the Module: The coursework makes up 10% of the term 2 module mark. Task 1 2 Total Portfolio weighting 75 25 100 Overall module weighting 7.5 2.5 10 Maximum word count +/- 10% N/A 1000 Please include your ID but keep your name anonymous. All submissions will be through Moodle as a single document. 2 Faculty of Business and Management Assessment Criteria Application of Calculative questions Quality of explanation and discussion Presentation 0-49.9% 50-53.9% 54 – 65.9% 65-77.9% 78+ Little or no evidence of knowledge or understanding of technical application of IFRS included in relevant lecture and seminar material. Answer is largely irrelevant to the question requirements. Some points are made but the major relevant issues are largely missed. Any points identified are poorly explained or were irrelevant. Answer is poorly presented with many spelling and grammar errors. basic evidence of a basic or outline knowledge of technical application of IFRS included in relevant lectures and seminar material. The answer on the whole partially addresses the elements of the question requirements. The explanations provided are poor Some evidence of a basic or outline knowledge of technical application of IFRS included in relevant lectures and seminar material. The answer on the whole addresses the elements of the question requirements. The explanations provided are sound in principle but can at times lack sufficient depth. Answers evidence a good knowledge and understanding for the correct application of IFRS included in relevant lectures and seminar materials. The answer largely addresses all elements of the question requirements, with good explanations / discussion provided. Answers evidence an excellent knowledge and understanding for the correct application of IFRS included in relevant lectures and seminar materials. The answer addresses all of the elements of the question requirements with an excellent level of explanation / discussion. There is weak attempt made to structure and present the answer appropriately, however the outcome could be improved. There is some attempt made to structure and present the answer appropriately, however the outcome could be improved. There is a good structure to the answer which is clear, well presented, organised and professional in tone. There is an excellent structure to the answer which is clear, well presented, organised and professional in tone. 3 Faculty of Business and Management Task 1 Question 1: Paint Plaza, Inc. sells a premium paint and a basic paint, each in one-gallon cans. It sells three cans of premium paint for every one can of basic paint. A can of premium paint sells for $55.00 with a variable cost of $28.00. A can of basic paint sells for $30.00 with a variable cost of $16.00. Fixed costs are $19,000. How many cans of premium and basic paint need to be sold to break even? (Round calculations to two decimal places, round final answer to the nearest whole number of cans.) Question 2: Healthy Environs Company provides cleaning services for residential and commercial customers. Following are data for the month of June: Number customers Service revenue Variable costs Contribution margin Residential Commercial Total 600 $ 48,000 14,000 400 $ 40,000 22,000 1,000 $88,000 36,000 34,000 18,000 52,000 of Fixed costs Operating income 41,000 $11,000 For each type of customer, determine both the contribution margin per customer and the contribution margin ratio. Round to two decimal places. Show your computations. What type of service is more profitable? 4 Faculty of Business and Management Question 3: Classic Company has the following sales budget and production budget for the first two months of the current year (note January’s beginning inventory is 250 units and that March’s expected sales in units is 1,000 units): Budgeted units to sale Sales price per unit Total sales January 1,000 $10 $10,000 February 1,200 $10 $12,000 January 1,000 Sales in units Plus: Desired ending inventory at 10% of next month’s needs 120 Total units needed 1,120 Less: Units in beginning inventory 250 Budgeted units to produce 870 Total 2,200 $10 $22,000 February Total 1,200 2,200 100 1,300 120 1,180 100 2,300 250 2,050 Prepare a new sales budget and production budget based on a change in projected February sales, which are now expected to be 1,500 units instead of 1,200 units. Task 2 Management accounting is not just about crunching numbers. It’s a critical process that helps businesses strategize, make informed decisions, and ensure financial health. As the business world evolves, so do the methodologies and technologies used in management accounting. Mention the major trends in management accounting with the help of relevant examples. Word limit: 1000 words 5
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