ACC512: Management Accounting for Costs & Control- Report Writing Assignment

Internal Code: MAS1083

Report Writing Assignment:

Task: The purpose of Assessment item 1 is to establish the skills needed in the workplace for costing products and services using the appropriate processes and tools and apply analytical processes to construct accounting systems and models using workplace tools. Each question uses realistic data and the professional practices similar to that found in workplaces. Your assignment consists of different question styles including discussion questions, reports, exercises, problem questions and spreadsheet questions. It assesses learning outcomes as listed in the assignment rationale below. QUESTION 1 Management accounting: Describe the three factors that drive management accounting work. Give examples (about 150 words). QUESTION 2 Control What is meant by the control function of management accounting? Give examples (about 150 words). QUESTION 3 Cost concepts: Which of the following statement is false? A. Cost accumulation to determine the cost of goods sold is an example of the control function of management accounting work. B. Cost represents the value of resources consumed to achieve a specific objective. C. A cost object is an activity for which a cost is required. D. A cost driver is an activity that causes costs to change. E. A variable cost varies proportionately with changes in the cost driver. Explain your answer. QUESTION 4 Manufacturing statement and income statement: Spreadsheet. See the Spreadsheet Advice PDF in Interact2 Resources and the examples in your textbook. See the requirements within the spreadsheet template below. Check the assignment requirements below paying particular attention to the spreadsheet requirements. Ensure you have separate data and report areas showing only formulas. Use IF functions to allow for the possibility of either a net income or a net loss. Show row and column headings and paste both a normal view and a formula view. QUESTION 5 Cost concepts: "If a perpetual inventory system is used for recording movements of raw materials there is no need to conduct a physical stocktake".Do you agree? Why? QUESTION 6 Understanding the entries in the Materials Control account with GST: The Materials Control account balances were $20 000 on 1 August and $10 000 on 31 August. Raw materials issued to production during August cost $60 000. (All direct materials). QUESTION 7 Understanding the entries in the Accrued Payroll account: Salaries and wages payable to factory employees were $10 000 on 1 March and $4000 on 31 March. Gross salaries and wages paid during March totalled $40,000. March's direct labour totalled $18 000.