Intern working at Stylish Chairs Case Study - Accounting and Finance Assignment Help

Assignment Task:

Task:

Stylish Chairs is a small company which makes chairs. The company is owned by Roland and Curt. You are an intern working at Stylish Chairs.
For the sake of simplicity, this assignment does not consider taxes and other fees and there is no stock or work in process in the beginning or end of every year. Therefore, all the amount of stock produced is sold during the year, hence the quantity of sales equals the number of goods produced. You might have to use information from previous questions for answering information for following questions and whenever possible support your arguments with your calculations.

For the assignment you will be required to answers questions regarding topics which were not taught yet during the trimester. Whereas some units require students to do some research, which often means searching in academic books and journals for a suitable solution for the matter discussed, in this unit you must study parts of the textbook which were not taught yet.

Question 1
Roland and Curt decided they need a management accountant for helping them understand their business and hired a person named Manny for this role. Manny is a management accountant specialised in the financial services industry, where he has worked for the 20 years of his career. All his work has been focussed on financial services and, as he was always extremely busy, he did not complete any continuing professional development in the last few years. Despite his lack of experience in other industries, Manny has applied for the position of management accountant for Stylish Chairs. When applying for this work, Manny did not disclose his lack of experience in the industry.
 

Required
State two of the ethical standards, as provided by the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice1, which are being jeopardized and justify why these two standards are being jeopardized. Explain how applying for the work could be done without jeopardizing these two ethical standards. (For an answer with more than two ethical standards the first two standards will be marked, and the remainder will be ignored). (Chapter 1, 10 marks)

Question 2

Manny is examining the activities for the past year. Stylish Chairs rents a small administrative office in Melbourne's central business district (CBD) for $50,000 per year and a large warehouse in Tullamarine for $50,000 per year.
The cost with salary is $80,000 per year for staff in the administrative office in the CBD. Stylish Chairs has hired a third-party firm for managing the sales and this third-party firm charges a commission of $20 for each completed sale; each sale equals one chair sold. The invoicing system used by Stylish Chairs is outsourced and for each sale completed the outsourced firm charges $4; each sale equals one chair sold. The administrative office had in the past year other miscellaneous costs of $2,000, mostly costs with the lease of material and stationery, and this yearly cost is expected to remain the same amount for years to come.

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