FNSACC517: Provide Management Accounting Information - Zou Pty Ltd Case Study - Accounting and Finance Assignment Help

Assignment Task:

Task 1 
 
Your task is to research the following information and prepare a short report on each of the following points:
1. Principles and practices of budgetary control such as:
a. Double-entry bookkeeping
b. Accrual accounting

2. Procures and procedures for recording and storing financial data
3. Relationship between variance analysis and costing system integrity
4. Principles and practices of budget preparation
5. Key management information requirements
6. Key features of organizational policy and procedures as they apply to cost systems
7. Cost behaviour characteristics for the different cost elements of a product or service 
 
The information in your report must be relevant to the financial services sector and should be presented in a formal structure. 
 
Task 2: 
 
Your task is to calculate from the following information the:  
a. Conversion cost
b. Product cost
c. Prime cost
d. Period cost
e. Expected manufacturing overhead cost for a production level of 60,000 units. 
 
Zou Pty Ltd prepared a summary showing the following expected costs for a production level of 50,000 units:
Direct labour                                          $ 80,000 
Fixed manufacturing overhead              60,000 
Fixed selling and administration            110,000 
Variable manufacturing overhead          30,000 
Variable manufacturing                          250,000 
Variable selling                                       70,000 
 
Zou Pty Ltd accounts for all manufacturing costs as inventorial (product) costs. 
 
REQUIRED:
Calculate the following total costs:
a. Conversion cost
b. Product cost
c. Prime cost
d. Period cost
e. Expected manufacturing overhead cost for a production level of 60,000 units. 

This assessment is throughout the FNS50217 - Diploma of Accounting course. If you have completed this assessment in another unit you do not have to repeat it. If you have not completed this assessment previously you should now. For the case study, the learner will complete the following assessment. The case study is a stand-alone activity that is assessed separately to the activities that form the evidence portfolio. The case study will allow the learner to display the required knowledge and skills that are essential when contextualizing overall competency.  For this assessment, the student must complete the following written activity. For this assessment, students must complete the following case study. This case study must be presented in a professional manner. It should include a presentation folder, PowerPoint presentation and any documents relevant to the presentation. 
 
Task 3: 
First students must discuss how you would gather and record operating and cost data in an organization. Please discuss where you would get the data to formulate a budget.  
 
Task 4: 
Please refer to the example Variance Analysis Report provided above. Analyse each line item using the explanatory notes.  
1. What is the single largest contributor to the $ variance in Net Profit? 
2. What percentage of expenses is due to the cost of supplies for the first quarter? 
3. What is the percentage of the variance in Net income/Loss? 
4. According to the notes, why was the payroll higher? 
 
Task 5: 
Then students will need to discuss how you would prepare a budget report. You could do this by creating a budget report and including it in your assessment. 
 
Task 6: 
Then students must discuss what methods you would use to review costing system integrity.

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