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289ACC Accounting for Business

Question

Answered

Question:

This assignment is designed to assess the following learning outcomes:

2.Apply numeracy skills and qualitative judgment to aid financial decision making.

3.Understand apply and evaluate management accounting concepts and techniques in decision making.

This assignment requires you to complete the following tasks:  

You have just started a new job as general manager of Vardy Virtual Views Ltd a UK-based company whose principal activity is the manufacture of digital video equipment, which it distributes to retailers.

The last few years have been very difficult for the company, and it has survived through the support of its parent company, to whom it currently owes a significant debt. However, the company now intends to engage in a number of income generating, cost-saving and efficiency measures in order to improve its financial performance. Although these may increase costs in the short-term, management hope they will enhance awareness of the company’s products, increase sales and reduce costs and return the company to profitability.

After discussions with a number of senior managers at Vardy Virtual Viewing Ltd, you have concluded that the current budgeting system is not operating effectively and you believe it requires significant reform.

Assignment requirements

You are required to write a report for the Board of Directors of Vardy Virtual Viewing Ltd (italicized words in brackets indicate the approximate word count for each section).

The report should cover the following key areas:

1.An executive summary outlining the key challenges that the company is facing and the main outcomes from the analysis work you have under taken so far

2.With reference to Document 1 above:

a. A critical appraisal of the main business benefits claimed by advocates of the “beyond budgeting” approach ;b. A critical discussion of the main challenges that Vardy Virtual Viewing Ltd would face if they decided to implement the beyond budgeting” approach and how they could be overcome ;

3.A discussion of the break-even analysis of the current and proposed new production process (Document 2) including:

a.A review of  the risk and return offered by the two processes with reference to the concept of operating gearing

b.A justified recommendation on which process Vardy Virtual Viewing Ltd should choose .

4.A discussion of the reasons for the significant deterioration of the cash balance in the cash budget above

(Document 3), given the operating profits recorded in the budgeted income statement .

5.A discussion of the basis and reasons for charging overheads to individual production profit centres (Document 4) with particular emphasis on the following areas:

a.Using the figures in the tables above, an explanation of the basis of the overhead charges to the Home Cinema profit centre.

b.Using the figures in Document 4 above for illustration purposes, a critical discussion of the process of absorption costing.

6.A critical appraisal of the results of the capital investment appraisal of the Fastcoat and Speedscreen (Document 5) with particular emphasis on the following areas:

a.A critical discussion of the advantages and disadvantages of each capital investment appraisal method

b.A discussion of the risk and return presented by the Fastcoat and Speedscreen options and a recommendation as to which option should be chosen, given the lack of investment capital available to the company.  

Marks will be awarded according to the following criteria:

An executive summary outlining the key challenges that the company is facing and the main outcomes from the analysis work you have undertaken so far.

A critical discussion of the main business benefits of the “beyond budgeting” approach and the challenges of implementing it.

A discussion of the break-even analysis of the current and proposed new production process.

A discussion of the reasons for the significant deterioration of the cash balance in the cash budget.

A discussion of the basis of the overhead charges and a critical discussion of the absorption costing process.

Effectively covers both of the elements of the task with good reference to the module textbook.

Effectively covers both of the elements of the task with good reference to the module textbook.

Effectively covers one of the elements of the task or partially covers both of the elements of the task with reasonable reference to the module textbook.  Partially covers one of the elements of the task with some reference to the module textbook.

Effectively covers both of the elements of the task with good reference to the module textbook.

Effectively covers one of the elements of the task or partially covers both of the elements of the task with reasonable reference to the module textbook.

289ACC Accounting for Business

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