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Management Accounting and its importance - Ever Joy Enterprises

University: California Institute of Technology

  • Unit No: 2
  • Level: High school
  • Pages: 4 / Words 912
  • Paper Type: Assignment
  • Course Code: ACC20007
  • Downloads: 19
Brief :
Organization Selected : EverJoy Enterprises

Task 1 – (LO1)

You are working for a leading accountancy firm. Your Manager has asked you to prepare the first draft of the manual for the client as one of the clients called EverJoy Enterprises (UK) who operates in leisure and entertainment industry in the UK is consulting with your firm on writing a reference manual for their Management Accounting department.

Title - Understanding Management Accounting Systems

  1. Compare between Management Accounting and Financial Accounting.
  2. Cost accounting systems (Direct Costs and Standard Costing)
  3. Inventory Management Systems
  4. Job Costing Systems
  5. Various types management accounting reports
  6. The importance of the department producing timely, accurate and relevant information and the need for a sound accounting system

Students also like to read - Advantages & Disadvantages of Planning Tools

Task 2 – (LO2)

The concert event of EverJoy Enterprises (UK) is being reviewed by them in Manchester region to ascertain its viability. The following information is given:

Approximate fixed costs (payments to performers, venue hire and adverts) £60,000.00

Variable costs – still being negotiated but it is likely to be about £10.00 per ticket sold Proposed ticket price for the concert £20.00

The EverJoy Enterprises management (UK) is requesting your company to give the following information:

  1. The number of tickets that must be sold to break even (i.e. the point at which there is neither profit nor loss)
  2. How many tickets should be sold, if we want to make a profit of £30,000.00,
  3.  If 8,000 tickets were sold, what profit would result?

Task 3 – (LO3 & 4)

EverJoy Enterprises (UK) has a savvy and prudent CEO who is conscious not to make decisions that can result in financial difficulties for the company. As such, she is consulting with your firm to advise on using budgeting as a pillar for planning purposes within the organisation.

  1. You have to analyse how budgeting can be used by EverJoy Enterprises as a planning and problem-solving tool in dealing with financial problems, but also for leading the organisation to sustainable success.
  1. You also have to analyse how strong financial governance can help to pre-empt or prevent financial problems for EverJoy Enterprises and the means by which management accounting systems can contribute.

Pass

Merit

Distinction

LO1 Present an understanding of management accounting systems

LO1 (P1 &P2)

D1 Briefly analyse how management accounting systems and management accounting reporting is integrated within organisational processes.

P1 Determine management accounting and give the essential requirements of different types of management accounting systems.

M1 Analyse the benefits of management accounting systems and their application within an organisational context.

P2 Examine different methods used for management accounting reporting.

LO2 Use a range of management accounting techniques

P3 Evaluate costs using appropriate techniques of cost analysis to prepare an income statement using marginal and absorption costs.

M2 Use a range of management accounting techniques and produce appropriate financial reporting documents.

D2 Present financial reports that accurately apply and interpret data for a range of business activities.

LO3 Discuss the use of planning tools used in management accounting

LO3 & 4

D3 Analyse how planning tools for accounting respond appropriately to solving financial problems to lead organisations to sustainable success.

P4 Discuss the advantages and disadvantages of different types of planning tools used for budgetary control.

M3 Evaluate the use of different planning tools and their application for preparing and forecasting budgets

LO4 Differentiate ways in which organisations could use management accounting to respond to financial problems

P5 Contrast how organisations are adapting management accounting systems to respond to financial problems.

M4 Evaluate how, in responding to financial problems, management accounting can lead organisations to sustainable success.

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