Analyse and provide recommendations to improve the operations of organisations through the application of managerial accounting techniques. Apply techniques associated with costing systems, cost management systems, budgeting systems and performance measurement systems.

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Case study about ‘Active Sports’ and its Customer ‘Sports-Strength’

TEAM MEMBERSHIP
This Team Assignment must be submitted in teams of up to 5 members. The final submission will be assessed on its merits irrespective of the number of members in a team.

LEARNING OUTCOMES
The primary objectives of the assignment are to examine your ability to:
(a) analyse and provide recommendations to improve the operations of organisations through the application of managerial accounting techniques,
(b) apply techniques associated with costing systems, cost management systems, budgeting systems and performance measurement systems,
(c) appreciate the need for a balance between financial and non-financial information in decision making, control and performance evaluation applications of managerial accounting,
(d) learn within teams – to cooperate with team members, to assume leadership and to manage differences and conflicts, and
(e) tolerate ambiguity in managerial and organisational problem-solving

Consequently, you should be able to analyse complex issues, to formulate well-reasoned and coherent arguments and to reach well-considered conclusions. Also, you should be able to present these conclusions via a written format appropriate for the real-life business environment, and be able to perform the necessary processes to prepare internal reports for decision-making purposes.

Indicate which costs incurred in acquiring the new printing press should be debited to the asset account. Indicate which costs incurred in acquiring the used printing press should be debited to the asset account.

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FOUNDATIONS OF ACCOUNTING AND FINANCE

 Question 1

 Tyler Kirsch has recently been hired as the manager of Dark Canyon Coffee. Dark Canyon Coffee is a national chain of franchised coffee shops. During his first month as store manager,

Tyler encountered the following internal control situations:

  1. Dark Canyon Coffee has one cash register. Prior to Tyler’s joining the coffee shop, each employee working on a shift would take a customer order, accept payment, and then prepare the order. Tyler made one employee on each shift responsible for taking orders and accepting the customer’s payment. Other employees prepare the orders.
  1. Since only one employee uses the cash register, that employee is responsible for counting the cash at the end of the shift and verifying that the cash in the drawer matches the amount of cash sales recorded by the cash register. Tyler expects each cashier to balance the drawer to the penny every time—no exceptions.
  1. Tyler caught an employee putting a box of 100 single-serving tea bags in his car. Not wanting to create a scene, Tyler smiled and said, “I don’t think you’re putting those tea bags on the right shelf. Don’t they belong inside the coffee shop?” The employee returned the tea bags to the stockroom.

Required:

State whether you agree or disagree with Tyler’s method of handling each situation and  explain your answer.

 

Question 2

 The following data were accumulated for use in reconciling the bank account of Spectrum Co. for July:

  1. Cash balance according to the company’s records at July 31, $8,346.50.
  2. Cash balance according to the bank statement at July 31, $9,066.35.
  3. Checks outstanding, $3,175.25.
  4. Deposit in transit, not recorded by bank, $2,615.40.
  5. A check for $240 in payment of an account was erroneously recorded in the check register as $420.
  6. Bank debit memorandum for service charges, $20.00.

Required:

  1. a) Prepare a bank reconciliation statement (15 marks)
  2. b) Journalize the entry or entries that should be made by the company (10 marks)      Total 25 marks

 

Question 3

 The following were selected from among the transactions completed by Hunter Co. during the current year. Hunter Co. sells and installs home and business security systems. Jan. 15. Loaned $6,000 cash to Dan Hough, receiving a 90-day, 8% note. Feb. 6. Sold merchandise on account to Kent and Son, $16,000. The cost of the merchandise sold was $9,000. Feb.13. Sold merchandise on account to Centennial Co., $30,000. The cost of merchandise sold was $15,750. Mar. 5. Accepted a 60-day, 6% note for $16,000 from Kent and Son on account. Mar.14. Accepted a 60-day, 12% note for $30,000 from Centennial Co. on account. Apr. 15. Received the interest due from Dan Hough and a new 90-day, 10% note as a renewal of the loan of January 15. (Record both the debit and the credit to the notes receivable account.) May 4. Received from Kent and Son the amount due on the note of March 5. May

  1. Centennial Co. dishonored its note dated March 14. June 12. Received from Centennial Co. the amount owed on the dishonored note, plus interest for 30 days at 12% computed on the maturity value of the note. July 14. Received from Dan Hough the amount due on his note of April 15. Aug. 10. Sold merchandise on account to Conover Co., $10,000. The cost of the merchandise sold was $6,500. Aug 20. Received from Conover Co. the amount of the invoice of August 10, less 1% discount.

 Required:

Journalize the transactions.

Each journal entry carries equal marks.     Total 25 marks

 

Question 4

 Kelly Melnik owns and operates Aaladin Print Co. During July, Aaladin Print Co. incurred the following costs in acquiring two printing presses. One printing press was new, and the other was used by a business that recently filed for bankruptcy.

Costs related to new printing press:

  1. Sales tax on purchase price
  2. Insurance while in transit
  3. Freight
  4. Special foundation
  5. Fee paid to factory representative for installation
  6. New parts to replace those damaged in unloading Costs related to used printing press:
  7. Fees paid to attorney to review purchase agreement
  8. Installation
  9. Repair of vandalism during installation
  10. Replacement of worn-out parts
  11. Freight
  12. Repair of damage incurred in reconditioning the press

 

Required:

  1. a) Indicate which costs incurred in acquiring the new printing press should be debited to the asset account.
  1. b) Indicate which costs incurred in acquiring the used printing press should be debited to the asset account.

 Each requirement carries equal marks Total 25 marks

 

Discuss the implications of global trends on how strategic management accounting practices would operate and/or are designed, and the information that would be gathered as part of their operation.

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In-Depth Analysis Strategic Management Accounting practice Amazon

TOP TIPS ·

Remember that this is management accounting assignment, it needs to be focused on the accounting aspects of strategic management and not a discussion on the organisation’s overall strategy. You are not being asked to design strategy or make recommendations as to the future strategic direction of the organisation. Rather you are being asked to discuss the implications of global trends on how strategic management accounting practices would operate and/or are designed, and the information that would be gathered as part of their operation.

You should assume that the reader of your assignment has an in-depth knowledge of your chosen strategic management accounting practice and you should not devote much time or word count outlining what that practice is. You should go straight into a discussion of how the global trend will impact this practice and the information captured by it. Any descriptions of the practice itself should be in support of this and not constitute a general discussion on, for example, the inner workings of activity-based management – do not simply outline the steps and processes that are involved ABM. Instead show how these inner workings would be impacted by your chosen global trend within the unique context of your chosen organisation

Likewise, you should not spend much time describing the global trend itself. You should go straight into a discussion of how the global trend will impact your chosen strategic management accounting practice and the information captured by it. Any descriptions of the global trend should be in support of this and not constitute a general discussion on, for example, rising oil prices.

Your assignment should be written with specific reference and applicability to the unique context of your chosen organisation. Generic answers that could apply to any organisation or environment should not be included.

Do not include a table of contents, executive summary or any appendices. The assignment should be structured simply as follows: o Introduction to company – 500 words  Impact of global trends on SMA practices – 2,000 words in total for an in-depth assignment).

Your introduction to the company should be brief (500 words). However, it should not simply be a description of its history, structure and main product/service offerings. You should also make reference to current issues it is experiencing and its strategic direction, as is relevant to your subsequent discussion of the impact of global trends on internal SMA practice.

Evaluate the reasons why the accounting profession would be reluctant to recognise that accounting is a constructed process (that involves subjective decision making) and maintains an imagery of ‘objectivity’.

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Management accounting

In 1,300-1,500 words, provide a considered, written response to the following question:

Evaluate the reasons why the accounting profession would be reluctant to recognise that accounting is a constructed process (that involves subjective decision making) and maintains an imagery of ‘objectivity’.

Draw on articles, theory and examples to support your argument.

You must provide appropriate referencing and a bibliography.

Suggested resources:

Deegan, C. (2014) Financial Accounting Theory (4 ed) North Ryde: McGraw-Hill Education

Gaffikin, M. (2008) Accounting Theory: Research, Regulation and Accounting Practice, Pearson Education, Sydney.

Morgan, G. (1988). Accounting as reality construction: towards a new epistemology for accounting practice. Accounting, Organizations and Society, 13, 477-485.

Hines, R. D. (1988). Financial accounting: in communicating reality, we construct reality. Accounting, Organizations and Society, 13, 251-261.

Conduct a market research to identify a critical incident where a customer is extremely dissatisfied with the service firm, its staff, or the service provided.

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INTERNATIONAL BUSINESS, MARKETING, AND BRANDING INTEGRATED SERVICES MARKETING

Coursework Brief

This coursework involves developing a 3000-word written report analysing a service organisation in relation to critical incidents/service failure.

Task Brief

1. Please select a service company operating in one of the following industries:

– Fast food company
– Transportation
– Personal grooming
– Financial services
– Telecommunications

2. You have been employed as a consultant for your chosen organisation with the following deliverables:

i. Conduct market research to identify a critical incident where a customer is extremely dissatisfied with the service firm, its staff, or the service provided.

The market research can employ qualitative methods (e.g., interviews, focus groups), quantitative methods (e.g., survey), or a mixed methods approach (i.e., interviews and surveys).

ii. Provide an in-depth analysis of the critical incident/service failure including but not limited to what went wrong, what actions were taken by the customer after the critical incident/service failure, and what actions were taken by the firm after the critical incident/service failure.

iii. Provide a visual illustration of the service blueprint for the service firm that highlights where the critical incident/service failure occurred.

iv. Provide recommendations on appropriate service recovery techniques and how customer satisfaction can be improved upon based on the findings of the research.

How marks are awarded:

The report should have all the main sections of a business report, which should include:

1. An executive summary of the selected organisation including but not limited to information about the service provided, industry of operation, number of employees, major competitors, market share, and target customers (10%)

2. Research goals, aims, and objectives highlighting the purpose of the report (5%)

3. Methodology that provides information on the following:

i. Methods used in conducting the research (i.e., qualitative, quantitative, or mixed methods) (5%)

ii. Survey/interview protocol used (5%)

iii. Sample used for the data collection and their demographics (5%) iv. Data collection process (5%)

4. In-depth analysis of the critical incident explaining the following:

i. The circumstances surrounding the critical incident/service failure (10%) ii. Organisational/employee response to the critical incident/service failure (10%) iii. Consumer response to the critical incident/service failure (10%)

iv. Visual illustration of the service blueprint for the service firm that highlights where the critical incident occurred (10%)

5. Recommendations

i. Recommendations on appropriate service recovery techniques (5%) ii. Recommendations on how customer satisfaction can be improved upon (5%)

6. Academic writing, structure, and references (10%)

This includes: use of academic literature, good academic writing, correct referencing intext throughout the essay, good structure, and appropriate reference list.

7. Appendix (5%)

This should include transcripts of the interview(s) conducted and/or the responses to the survey. It should also include the signed off ethical approval form.

Critically evaluate the current systems of performance measurement, management reporting and budgeting at We Build Ltd. and highlight what you consider to be the problems of the system.

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Performance Management and control

3.1 Task
Management accounting applies principles of accounting and financial management to create, protect, preserve, and increase shareholder value in for–profit and not–for–profit organisations in manufacturing and service industries. Performance measurement is a management accounting tool that helps organisations improve their competitive advantage through the provision and use of appropriate measures of business performance. It is argued that service managers require or need to adopt a range of measures to evaluate the performance of their business, monitoring the more intangible aspects which contribute to competitive success, as well as the more quantifiable financial results.

Case Study
We Build Ltd. is a private limited company set up in early 2020. We Build Ltd. operates in the construction industry, specialising in loft conversions. Due to the nature of the business and the COVID– 19 pandemic striking right after its establishment, the turnover has been low, with revenue in the first year of operation totalling a meagre £1.35 million, although revenue projections were estimated at £2.4 million.
Steve Wilson, the owner–manager of We Build Ltd., is significantly involved in the daily operations of the business. Within the construction industry, a job budget is as important as tactical operational

1 The grade is provisional until confirmed by the relevant assessment board(s). Your work will be marked in grades rather than percentages. This is considered to deliver the most accurate and fair outcomes for students. Each assessment that you undertake will be assessed using the common grading system. Information about the grading system can be found in your Student Handbook, Section 10.
The Grade Criteria can be found in Appendix C of your Student Handbook. budgets. Fundamental to the successful implementation of a given project is the ability to meet goals based on quality levels, schedule, and functional levels. Cost estimation of time materials, schedules,
and incidentals is extremely important to the overall successful completion of each project. The risk involved within the construction industry is great – anything can go wrong at any time – and often does. Budget overruns can occur, and proficient cost control over materials, labour, and equipment is essential to an operation’s success. For We Build Ltd., the risks and budget overrun problems are exacerbated due to the pandemic. Project and operational budgeting, therefore, is an important method to ensure continued operation and success. We Build Ltd. also utilises this method of budgeting analysis and control.

A job budget is used to track each project and provides both decision management and management control. Job budgets are prepared for each project consistently. Steve works closely with an estimator to establish a budget for each new project. This budget communicates project expectations to the Project Manager and authorises the Manager to use company resources up to the budgeted amount. Control is maintained as Steve and the Project Manager review the Job Budget Report on a bi–weekly basis. This process serves several purposes: the review provides a formal method of communication that is necessary in a company with multiple projects occurring at the same time. The knowledge gained during these reviews allows Steve to re–allocate company resources where they are best utilised. He can also investigate the causes of behind–schedule projects and shift resources to ensure the customer is satisfied and the company builds its reputation. This in turn will assist in maximising the company’s overall value. Each Project Manager is responsible for several jobs and is evaluated and rewarded on performance based on his ability to provide quality service and workmanship and stay within set budgetary guidelines.

Task
Working on the premise that performance measurement is central to management control, you are required to read the above scenario and, assuming a role of a financial controller, prepare a report for Steve Wilson which deals with the following requirements:

1) Critically evaluate the current systems of performance measurement, management reporting and budgeting at We Build Ltd. and highlight what you consider to be the problems of the system. (40 marks)

2) Using the operational budget given in Exhibit 2 of the case study, create a flexible budget using actual activity levels and analyse the variances. (20 marks)

3) Describe in detail how you consider the systems might be improved considering the challenges the company is facing. (30 marks)


Why do we call accounting “the language of business”? What does Generally Accepted Accounting Principles (GAAP) mean? What represents the results of the accounting process that are summarized in periodic reports? If you were a business owner, what would be your choice of business entity?

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Accounting “the language of business”

Why do we call accounting “the language of business”?

Hint: Think in terms of the purpose of accounting.

What does Generally Accepted Accounting Principles (GAAP) mean?

What represents the results of the accounting process that are summarized in periodic reports?

If you were a business owner, what would be your choice of business entity?

Calculate the future value of a single amount. Calculate the doubling period. Calculate the present value of a single future amount. Calculate the future value of an annuity.

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Time Value of Money and You

Uncertain economic times intensify the importance of wise personal financial decisions. Each year, more than a million people declare bankruptcy and Americans lose more than a billion dollars in fraudulent investments. Both of these common difficulties result from poor personal financial planning and incomplete information. Your ability to make wise money decisions is the basis for your current and long term financial well-being. Understanding the Time Value of Money is one (powerful) tool for you to use when faced with certain financial decisions. Let’s practice a few problems based on some common “real life” scenarios. For the Assignment In a Word file, address the following scenarios using this website e as a guide to help you. Show all of your work!

1. Calculate the future value of a single amount You were left $3500 from your grandmother’s will and have decided to invest it. You have a couple of investment options in mind and are curious how much $3500 will be worth at the end of years 1 to 5, assuming a constant interest rate of 8%.

2. Calculate the doubling period. You’re also curious when your money will double, assuming the same 8% interest rate and want to use the “Rule of 69” for the most accurate prediction.

3. Calculate the present value of a single future amount Your grandmother was a finance professor at Champlain College and, for some reason, always challenged you to “think critically” and “figure out the math” for just about every financial decision you made in your life…and certainly when it came to asking her for money. In her will she left you one last tricky set of options – two additional options for the cash, one of which was to receive the $3500 three years from now. She asked you to calculate the present value of the future $3500 using an ROI of 8% and make a decision on whether you want the cash three years from now, or not.

4. Calculate the future value of an annuity. The final option your grandmother presented to you was to receive a regular annuity payment $700 over 5 years and she wanted you to calculate the annuity’s future value with an ROI of 8%. Do you chose this option? Why or why not?

Distinguish between contingent liabilities and commitments and explain why both are important in an audit. Identify 3 useful audit procedures for uncovering contingent liabilities that Johnson will likely perform in the normal conduct of the audit, even if she had no responsibility for uncovering contingencies.

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Week 15 – Discussion

Elizabeth Johnson, CPA has completed the audit of notes payable and other liabilities for Valley River Electrical Services and now plans to audit contingent liabilities and commitments.

Required:

a. Distinguish between contingent liabilities and commitments and explain why both are important in an audit.

b. Identify 3 useful audit procedures for uncovering contingent liabilities that Johnson will likely perform in the normal conduct of the audit, even if she had no responsibility for uncovering contingencies.

c. Identify 3 other procedures Johnson is likely to perform specifically for the purpose of identifying undisclosed contingencies to help her obtain evidence about the completeness presentation and disclosure objective.

d. Identify 3 useful audit procedures for uncovering commitments that Johnson will likely perform as part of the audit in other accounts.

Provide an in-depth analysis of the critical incident/service failure including but not limited to what went wrong, what actions were taken by the customer after the critical incident/service failure, and what actions were taken by the firm after the critical incident/service failure.

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INTERACTIVE SERVICES MARKETING

INSTRUCTIONS TO CANDIDATES

This assessment is worth 100% of the overall module assessment

Coursework Brief
This coursework involves developing a 3000-word written report analysing a service organisation in relation to critical incidents/service failure.

Task Brief

1. Select a service company operating in one of the following industries:
– Fast food company
– Transportation
– Personal grooming
– Education
– Financial services
– Telecommunications

2. You have been employed as a consultant for your chosen organisation with the following deliverables:

i. Conduct market research to identify a critical incident where a customer is extremely dissatisfied with the service firm, its staff, or the service provided.

The market research can employ qualitative methods (e.g., interviews, focus groups), quantitative methods (e.g., survey), or a mixed methods approach (i.e., interviews and surveys).

ii. Provide an in-depth analysis of the critical incident/service failure including but not limited to what went wrong, what actions were taken by the customer after the critical incident/service failure, and what actions were taken by the firm after the critical incident/service failure.

iii. Provide a visual illustration of the service blueprint for the service firm.

iv. Provide recommendations on appropriate service recovery techniques and how customer satisfaction can be improved upon based on the findings of the research.