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ACC512 Management Accounting

tag 0 Download 5 Pages / 1,156 Words tag 29-06-2021
  • Course Code: ACC512
  • University: Charles Sturt University
    icon is not sponsored or endorsed by this college or university

  • Country: Australia


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

What is the purpose of management accounting reports? Give examples

QUESTION 2 Control

What is meant by the control function of management accounting? Refer to the text chapter 1 material on Panopticism. Give examples.

QUESTION 3 Cost concepts

What four purposes of product costing are identified in chapter 1 of your text? Give examples

QUESTION 4 Manufacturing statement and income statement

Spreadsheet. See the Spreadsheet Advice PDF in Interact2 Resources and the examples in your textbook.

Check the assignment requirements below paying particular attention to the spreadsheet requirements. Ensure you have separate data and report areas with the latter showing only formulas. Use IF functions to allow for the possibility of either a net profit or a net loss. Show row and column headings and paste both a normal view and a formula view.

Adjustments are to be made in respect of the following:

(a)Accrued expenses: Salaries (Office) $5000, Salaries (Factory) $3000

(b)Insurance paid in advance, $2000

(c)Taxation expense for current year, $500 000

(d)Depreciation of factory plant, $35 000

(e)Insurance and rates are to be apportioned three-quarters to the factory and one-quarter to the office.


(a)Prepare a manufacturing statement for the year.

(b)Prepare an income statement for the year.

QUESTION 5 Labour cost concepts

  1. Recording labour costs involves two interlocking double entries, reflecting the two aspects of labour costs to be accounted for. Explain. Give examples
  2. Should overtime payments be treated as direct labour, or as overhead?

QUESTION 6 Understanding the entries in the Materials Control account (6 marks)

The Materials Control account balance was $20 000 on 30 June. Raw materials purchased during June cost $90 000. Direct materials issued to production during June were $50 000 and indirect materials consumed were $30 000.

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