$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

ACC501 Business Accounting And Finance

tag 0 Download16 Pages / 3,839 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

You are a financial accountant at ABC Ltd, a large manufacturing company. Your boss comes to you, and tells you that he is on a cost-cutting mission.  He understands the importance of your role in preparing the company’s general purpose financial reports for shareholders and other stakeholders... and that these reports are required by law... so your job is safe.  However, he tells you that he is thinking of not replacing the current management accountant who resigned last week.  You are quite concerned by this plan, as you know how valuable management accountants are.  He leaves your office before you get a chance to present your views. 

Required:

Prepare a memo to respond to your boss, explaining the role and importance of management accountants, and how the reports and information prepared by management accountants differs to the general purpose financial reports that you prepare. 

Decision making in accounting

You are the management accountant at Bakery Delights Ltd, a business that owns 126 bakeries across Australia. The directors have asked you to undertake some research into cloud based management accounting... they have heard the term ‘cloud based management accounting’ used, but don’t really know what it means.  They would also like to know about the potential benefits and risks of moving to a cloud based management accounting system. 

Required:

Prepare a business report (as if for the directors of the company) on cloud based management accounting.Note: You must reference using the APA referencing format, and include a reference list at the end of your report. 

Cost volume profit (CVP) analysis

During July, Heavenly Hair Salon gave 2,000 haircuts, at a price of $34 per haircut.  Fixed costs for the salon are $21,000 per month, and variable costs are 60% of sales. 

Required:

  1. i) What is the number of haircuts that Heavenly Hair Salon must complete each month to (a) break even, and (b) make a target net income of $12,000?  What net income did Heavenly Hair Salon make for July?
  2. ii) Create a CVP chart in Excel to show the results of your analysis. Show the data area, and clearly label your CVP chart.

iii) In two months time, Heavenly Hair Salon will need to increase the wages paid to its employees due to an increase in the minimum award rates.  The increase will cause variable costs to increase from 60% to 65% of sales.  The owner of the hair salon would like to know how the wage rise will impact the number of haircuts needed each month to (a) break even, and (b) make a target net income of $12,000. 

Decision making

Use this page for your survey.

Suppose you're on a TV game show, and you're given the choice of three doors. Behind one door is a brand new car, behind the others, nothing. You pick a door. The TV host, who knows what's behind the doors, chooses another door and opens it to show you that it has nothing. Should you change your decision.

Required:

  1. i)  Suppose you're on a TV game show, and you're given the choice of three doors. Behind one door is a brand new car, behind the others, nothing. You pick a door. The TV host, who knows what's behind the doors, chooses another door and opens it to show you that it has nothing. Should you change your decision?

Don’t think about this too deeply just yet. Do you feel (intuit?) that you should change your choice? Answer initially without researching the question. What is the thinking behind your answer?

Conduct a survey of ten of your friends/colleagues to give their opinion. You may wish to provide them with a copy of the problem. Prepare a table in Excel, setting out the results of your survey. Also create a simple chart in Excel to present the results of your survey.

  1. ii)  After you answer the first part of this question, search the Internet for the Monty Hall problem. Provide your own explanation of the correct answer. Why do so many people get the wrong answer Did you.

A man goes to see his medical doctor to find out whether or not he has a deadly disease. The test is positive. The test is 98% accurate and one in one thousand men of his age has this disease. What is the probability he has the disease? When this question was put to a group of student doctors, 80% of them answered “98%”. He now plans to sell up all his assets, quit his job on the spot and live in Bora Bora in the time he has left. Is this a rational decision? Explain. (Hint: research conditional probability)

Suppose an urn contains 100 marbles, 65 red and 35 black. A marble is drawn at random from the urn and you are asked to guess what colour you believe the marble to be. The marble is then shown, replaced, and the urn's contents again randomised. The aim is to maximise the number of correct guesses. Before reading any further, what strategy would you employ? What would you guess?

Assume that 5 red marbles come out in a row. What would your next guess be? Why? Include a brief discussion of the gambler's fallacy (Monte Carlo fallacy).

After working through the above scenarios, what does this tell you about the rationality of human decision making? What lessons can managers learn from these scenarios and apply when making business decisions?

Relevant information and special decisions

Miya Manufacturing Ltd has four operating divisions.  During the first quarter of 2018, the company reported a total profit from operations of $120,000 and the following division results:

 

Division

     

 

1

2

3

4

Sales

$490 000

$410 000

$200 000

$300 000

Variable expenses

230 000

240 000

220 000

240 000

Fixed expenses

   130 000

     90 000

    40 000

   90 000

Profit/(loss) from operations

$130 000

$80 000

($60 000)

($30 000)

The directors are very concerned about divisions 3 and 4, and are considering discontinuing one or both of them. The directors make the comment: ‘if divisions 3 and 4 are eliminated, total profits would increase by $90,000.’

If division 3 is discontinued, $20,000 of the division’s fixed costs would be eliminated.  If division 4 is discontinued, $45,000 of the division’s fixed costs would be eliminated. 

If both division 3 and division 4 are discontinued, there would be enough idle space to open a new division – a division that the directors have previously considered, but haven’t had the space available to open it.  If this new division is opened, the directors estimate that it could generate $65,000 in sales, generate a 20% contribution margin percentage, and have additional avoidable fixed costs of $5,000. 

Required:

What course of action do you recommend the directors take for division 3 and division 4?  Should they close division 3 or division 4?  Alternatively, should they close both division 3 and division 4, and open the new division? Show calculations to support your recommendations.

Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Upload
Unique Document

Document
Under Evaluation

Get Money
into Your Wallet

Total 16 pages, 1 USD Per Page

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Business Accounting And Finance. Retrieved from https://myassignmenthelp.com/free-samples/acc501-business-accounting-and-finance/ticket-confirm.html.

My Assignment Help (2021) Business Accounting And Finance [Online]. Available from: https://myassignmenthelp.com/free-samples/acc501-business-accounting-and-finance/ticket-confirm.html
[Accessed 10 April 2021].

My Assignment Help. 'Business Accounting And Finance' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/acc501-business-accounting-and-finance/ticket-confirm.html> accessed 10 April 2021.

My Assignment Help. Business Accounting And Finance [Internet]. My Assignment Help. 2021 [cited 10 April 2021]. Available from: https://myassignmenthelp.com/free-samples/acc501-business-accounting-and-finance/ticket-confirm.html.


For years now, MyAssignmenthelp.com is providing affordable essay help to millions of students worldwide. Our essay assistance services have helped us in assisting students with even the toughest essay assignments. We take pride in the fact that we cater the best assistance to search terms like help me with my essay. We offer affordable services in the fastest way possible. For our fast delivering services, students trust us with their urgent essay assignment needs. Two of our most popular essay writing services are maths essay help and English essay help.

Latest Finance Samples

FIN 200 Fundamentals Of Finance

Download : 0 | Pages : 6

Answer: The primary objective of using a discounted cash flow valuation method in the management of a company is to find out the value of the Asset or project carried out by the organisation with the help of time value of money concept. This method can also be used to estimate the profit that can be earned on a specific investment to determine the costs, all the necessary future cash flows, and outflows are estimated to find the appropriate di...

Read More arrow

FNCE100 Corporate Finance

Download : 0 | Pages : 5

Answers 1. The businesses which are engaged in international trade must consider the impact of exchange rates and their fluctuations on the profitability of the business. The importance of Exchange rates which can be identified are listed below in details: Exchange rates form a part of the costs of the business which is paid as commission by the business for converting one currency to another (Blonigen & Piger, 2014). In addition to th...

Read More arrow

BAFI2112 Financial Markets

Download : 0 | Pages : 10

Answer: Introduction Commonwealth Bank of Australia is the leading provider of financial services in Australia. The bank also offers retail, fund management, insurance, superannuation, institutional banking, share broking products and investment services (Commbank, 2018a). The main objective of the report is to explain the market view concerning the behaviour of two currency pairs over the next three to six months. It will also include tradin...

Read More arrow Tags: Australia Sydney Management University of Sydney Masters in Business Administration 

MAA250 Ethics And Financial Services

Download : 0 | Pages : 9

Answer:  Introduction:  Based on the Australian Royal Commission’s interim report and consequent circulation of the same in the Australian Financial Review a detailed research based analysis is done in order to analyze the various aspects reflected including the application of ethical principles, evaluation of the effectiveness of the corporate governance principles along with the Comparison of the actions and behaviors of the...

Read More arrow

CORPFIN 7050 International Financial Management

Download : 0 | Pages : 7

Answers: Answer a) One of the significant task used in analyzing  any data is done by characterizing the location and the variability of the data set, which can be done with the help of skewness and kurtosis. With the help of skewness, it can be said whether the data is positively skewed or negatively skewed in nature. The histogram is one of the effective graphical technique which is used for showing both the skewness and the kurtosis o...

Read More arrow
Next

Save Time & improve Grade

Just share requirement and get customized Solution.

watch
question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

Add File

Error goes here

1,639,901

Orders

4.9/5

Overall Rating

5,120

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2632 Order Completed

100% Response Time

Albert Ambrosio

MSc in Nursing

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1592 Order Completed

96% Response Time

Jane Sima

Ph.D in Psychology with Specialization in Industrial-Organizational Psychology

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

285 Order Completed

99% Response Time

Eugene Baranowski

MBA in Supply Chain

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

647 Order Completed

98% Response Time

Adlina Han

Masters in Marketing with Specialization in Branding

Singapore, Singapore

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

You did a great work. I really like the page arrangement, you follow the brief, impressed how quick you ve been with your work

flag

User Id: 133180 - 10 Apr 2021

Australia

student rating student rating student rating student rating student rating

prompt response and well done on the work They are professional. Legit. Customer service is excellent. Most of the time they deliver the work on time quality of the work in English and creative writing is excellent. In physics they are good .If the...

flag

User Id: 133180 - 10 Apr 2021

Australia

student rating student rating student rating student rating student rating

after reading the answer it seems pretty good. but still waiting for my grades. i got marks in my previous assignment.

flag

User Id: 496434 - 10 Apr 2021

Australia

student rating student rating student rating student rating student rating

Need to find experts in the field. The solutions were not 100% correct althought they were okay.

flag

User Id: 649928 - 09 Apr 2021

Australia

student rating student rating student rating student rating student rating

Order on the go!

Say hello to our new app

callback request mobile
Have any Query?