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ACC00724 Accounting For Managers

tag 0 Download 5 Pages / 1,163 Words tag 23-07-2021

Questions:

Question 1

a)Explain, using examples, why it is essential to create and use flexible budgets when evaluating past performance of a profit centre which manufactures and sells a product. What might be the objective of such a performance evaluation.

b)When preparing a cash budget for a manufacturing business for the following year, there may be many other budgets that will need to be produced before the cash budget is completed.

c)Explain what is meant by the ‘operating cycle’ for a manufacturing business and how this differs from the ‘cash cycle’. How does understanding all of the elements of the operating and cash cycle help in managing working capital efficiently? In you answer, explain the ratios and data we use to analyse the efficiency of managing working capital.

d)Accounting isn’t as important in the government organisations as it is in private enterprises, since the government does not have to worry about earning a profit. Do you agree? Explain.

e)What is the essential purpose of any costing system? Explain.

Question 2

Wonder Products Pty Ltd builds beautiful things to order for customers. When quoting prices on jobs Wonder Products allocate manufacturing overheads on the basis of estimated machine hours to complete the job. They allocate administrative overhead costs on the basis of direct labour hours estimated to complete the job.

  1. Calculate a manufacturing overheads allocation rate for Wonder Products.
  2. Calculate an administrative overhead allocation rate for Wonder Products.
  3. Bushy George has asked Wonder Products Pty Ltd to make an especially wonderful creation to his specifications that will require the following inputs:

Assuming a mark up of 40% on total costs, what price should be quoted to Bushy to build him this especially wonderful creation?

  1. Why is it so important to carefully allocate overhead expenses when quoting on jobs or when generally deciding on prices? Discuss problems that are encountered with overhead allocation methods and alternative approaches that might be taken.
  2. Why do companies use predetermined (budgeted) overhead allocation rates rather than using actual overhead costs in allocating overhead costs to units of product? Explain.
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My Assignment Help (2021) ACC00724 Accounting For Managers [Online]. Available from: https://myassignmenthelp.com/free-samples/acc00724-accounting-for-managers/government-organisations-private-enterprises.html
[Accessed 04 February 2023].

My Assignment Help. 'ACC00724 Accounting For Managers' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/acc00724-accounting-for-managers/government-organisations-private-enterprises.html> accessed 04 February 2023.

My Assignment Help. ACC00724 Accounting For Managers [Internet]. My Assignment Help. 2021 [cited 04 February 2023]. Available from: https://myassignmenthelp.com/free-samples/acc00724-accounting-for-managers/government-organisations-private-enterprises.html.


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