Accounting Question
Cost Accounting ABS – BBA Assignment STUDENT ID UNIT TITLE: ___________________________________________________ NAME (in Full): ___________________________________________________ GENERAL INSTRUCTIONS • All assignments are to be submitted on 4th July 2024 on https://lms.atmsstudentgateway.com/ • Any Assignment submission extension request must come to Azra Fatima (Head: Examination | Academic) [email protected] 5 days before the date of submission with a valid reason and supported documentary evidence. • APA 7th edition referencing guidelines need to be followed. • Similarity between student’s work is strictly not accepted, any student found with similar work will be graded Zero and fail for the course. However, Plagiarism is an academic offence and will not be tolerated. • Any revaluation request should come in 5 days of grade release. Any late request will not be obliged. (Form and other details shall be shared based on request) • Revaluation cannot be requested for plagiarized assignments as the assignment stands as an academic misconduct. • If a program participant submits the assignment late, but within 1 week after the submission date a 20%penalty will be applied. • Re-evaluation request is NOT applicable for any failed courses provided the mark ranges from 59 to 69. Any grade which is below the range is, however, not applicable for this request. • Any rescheduling request can be fulfilled within one week after the actual date of the assessment. Any late request will not be obliged. • Assignment once submitted to exam board is final for marking. • Second extension cannot be provided without supporting documentary evidence. Program participants are strongly advised to keep a copy of their work in case the submitted copy should go astray. PS. Kindly note to adhere to all the above instructions. Failing to read this, ATMS will not be responsible for any actions taken. Total Marks _/ 90 PLAGIARISM Plagiarism is defined as providing material from an uncredited source, or without the acknowledgement of the original author. For longer submissions and reports, students are required to provide an Assignment Cover Sheet, which states that submission is their original work, and has not been submitted for another assignment, either in that course, or another Plagiarism may have many forms including but not limited to: o o o o o o o o o o o o o Outright copying another author’s work without acknowledgement Cut and paste without the correct citation and acknowledgement. Copying key words but changing the sentence structure without crediting the original source Copying the sentence structure but changing some words without crediting the original source Following the structure or organization of another author’s work, or order of presentation of ideas Submitting work that was created by an unacknowledged third party (i.e., writing service, or another student) Copying from published authorities without acknowledgement Failure to correctly use quotation marks when expressing another author’s idea Incorrect or improper use of in-text citation and referencing Missing or incorrectly presented bibliography or reference list Pretending ownership of another author’s ideas Making work available to another person for copying Falsifying results The plagiarism tolerance for MBA is 8 %. In cases where the plagiarism percentage exceeds the tolerance, students are given a second chance to rework on their assignments and submit. However, if the percentage continues to exceed the tolerance percentage the student will be awarded one grade lower than the original grade achieved. Question 1 Critically evaluate and discuss the role of Management and Cost accounting in decision making for a business? (10 marks) Question 2 Outline and explain three types of cost classification and why their behaviour is important for the following types of business: High Volume, low margin e.g. a fast-food business; and Low volume, high margin. e.g. a luxury goods manufacturer Explain which of the above will be more concerned with identifying variable costs and which will be more concerned with covering fixed costs? (10 marks) Question 3 The Financial Manager of the Grand KSA Hotel has prepared the following flexed budget for 2024. The Grand KSA is a large hotel, which can provide up to a maximum of 48,000 guest nights per year. Capacity No of Guests 30,800 38,200 42,600 AED AED AED Direct Costs 770,000 955,000 1,065,000 Selling overhead 2,386,800 2,719,000 2,917,000 Administration overhead 1,500,000 1,500,000 1,500,000 Total Cost 4,656,800 5,174,000 5482 Due to the recent excessively hot weather, the Sales Manager has suggested that 46,000 guests is a more realistic target for 2024. Based on this, what are the expected total costs for 2024? (5 marks) Critically evaluate why flexing the budget is so important in the planning and control process? (15 marks) Question 4 Birds Ltd Bird Ltd makes 3 types of products: Pidgeon, Dove and Sparrow. Extracts from the budget for the next year are as follows: Pidgeon Dove Sparrow 1,000 1,500 2,000 Pidgeon Dove Sparrow AED AED AED Selling price 87 170 154 Materials 15 40 30 Demand and production (units) The following information is per unit of each product Per unit Labour Variable overhead 20 50 12 40 30 24 Labour will be paid at AED 10 per hour The company expects the total fixed cost budget to be £120,000 Required: Part (a). It has now been realised that there will only be 15,000 labour hours available next year. Calculate the production plan that will maximise profit for Bird Ltd for the next year. State what that plan will be (All workings must be shown) (15 marks) Part (b) Alternativelythe company is interested in ONLY producing the product with the highest gross profit. Calculate which product has the highest gross profit. What would be the Break Even Point? Can the company cover its fixed cost with the existing demand? How many products would the company need to sell to make 50,000 profits? (10 marks) Question 5 Bahrain Trading Co. is preparing budgets for next year. Sales Selling price per unit 240,000 units £1000 Opening stock of finished goods 28,000 units Closing stock of finished goods 20,000 units Direct labour £15 per hour Direct labour hours 4 hours per unit Prepare the following budgets: 1. Sales revenue budget 2. Production units’ budget 3. Labour hours and cost budget (15 marks) Question 6 A) When comparing actual results with the forecast/budget, evaluate and explain why it is necessary to ‘flex’ the budget for the actual output? (5 marks) B) What is meant by the term margin of safety when calculating the break-even point for a product? Is this the same as the profit margin? (5 marks) Total 90 Marks.
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