AssignmentHI5017 MANAGERIAL ACCOUNTING INDIVIDUAL ASSIGNMENT T2 2020 HOLMES INSTITUTE ...

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AssignmentHI5017 MANAGERIAL ACCOUNTING INDIVIDUAL ASSIGNMENT T2 2020        HOLMES INSTITUTE    FACULTY OF  HIGHER EDUCATION    Assessment Details and Submission Guidelines   Trimester T2 2020  Unit Code HI5017  Unit Title Managerial Accounting  Assessment Type Assignment  Assessment Title Individual Assignment  Purpose of the  assessment (with ULO  Mapping)  Students are required to develop their understanding of the purpose and use of  management accounting systems, especially costing systems and its usefulness in  aiding managers make informed decisions. You are to critically evaluate the literature  (using journal articles) to analyse the practical use of management accounting  systems by contemporary companies, in terms of their relevance to the real-life  companies’ decision-making by managers and achievement of business goals (ULO 1,  3 & 4) Weight 30% of the total assessments  Total Marks 30  Word limit Not more than 3,000 words. Please use “word count” and include in the assignment.   Due Date Week 9 Thursday 17th of September at 11.59 p.m.  Submission  Guidelines  • All work must be submitted on Blackboard by the due date along with a completed  Assignment Cover Page.   • The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm  margins on all four sides of your page with appropriate section headings and page  numbers.    • Reference sources must be cited in the text of the report, and listed appropriately  at the end in a reference list using Harvard referencing style.  • It is the responsibility of the student who is submitting the work, to ensure that the  work is in fact her/his own work. Incorporating another’s work or ideas into one’s  own work without appropriate acknowledgement is an academic offence. Students  should submit all assignments for plagiarism checking on Blackboard before final  submission in the subject. For further details, please refer to the Unit Outline and  Student Handbook.                           Page 2 of 8  HI5017 MANAGERIAL ACCOUNTING INDIVIDUAL ASSIGNMENT T2 2020  Individual Assignment Specifications  Purpose:  This assignment aims at developing your understanding of the purpose and use of management accounting  systems, in particular costing systems, and its usefulness in aiding managers make informed decisions. You are  to critically evaluate the literature (using journal articles) to analyse the practical use of management  accounting systems by contemporary companies, in terms of their relevance to the real-life companies’  decision-making by managers and achievement of business goals.    Assignment Task: You are required to conduct a literature search and critically review a costing  system in this assignment.    Part A    Choose ONE of the costing systems studied in this unit from the list below, and answer the  questions that follow:    • Job Costing  • Process Costing  • Operation Costing (Hybrid Costing)  • Activity-based Costing (ABC)      Questions:  1. Briefly discuss the features of your chosen costing system. (3 marks)    2. Identify 2 specific Australian companies that your chosen costing system is suitable for, and explain why.  (3 marks)    3. Discuss two potential uses of the cost information for decision-making, to the managers in each of the 2  organisations selected in Q2 above. (3 marks)      Part B    Choose one peer reviewed journal article (from any country) on the: Use of your chosen costing system in a  real-life organisation (i.e. a case-based empirical study). The article should be published between 2005 –  2020. Choose your article only after you have accessed and reviewed several relevant articles, and then  choose the best article that will answer the questions below.     Questions:  1. Based on your chosen costing article, briefly summarise how the costing system was designed and  implemented in your real-life organisation. (3 marks)    2. Based on your chosen costing article, did the costing system in the study satisfy the features discussed in  Part A (Q1)? Why or why not? Include examples in your answer from your costing article.  (5 marks)    3. Based on your chosen costing article, how useful was the cost information to the internal users in the  organisation? Discuss with examples from your costing article. (5 marks)     4. Based on your literature findings, state two key lessons that would inform contemporary organisations  about the practical use of your chosen costing system. (5 marks)           Page 3 of 8  HI5017 MANAGERIAL ACCOUNTING INDIVIDUAL ASSIGNMENT T2 2020    Additional Information:                 a) You are encouraged to choose the journal article from the following Accounting and Management  Accounting Journals:                                                                                                                                             Accounting, Auditing and Accountability Journal;  Journal of Management Accounting Research  Journal of Applied Management Accounting Research     b) You can access these journals in ProQuest Database by clicking on the above links. Log in details for  ProQuest are - Username: Holmes2004; Password: Holmes. These journals can also be accessed via the  ProQuest Database link available via the Student Login page in the Holmes website. You can also use Google  Scholar. Don’t use Google.    Assignment Structure:   The report should include the following components:  a. Assignment cover page clearly stating your name and student number  b. Abstract (one paragraph)  c. Table of contents   d. A brief introduction or overview of what the report is about  e. Body of the assignment with appropriate section headings  f. Conclusion   g. List of References.    Your chosen journal article must be uploaded (as a separate PDF file) together with your assignment (as a  MS WORD file format) in Blackboard under the folder .   5 marks will be deducted if you do not submit the journal article with your assignment.                                                          https://search.proquest.com/business/publication/publications_31671?accountid=30552 https://search.proquest.com/business/publication/31820/citation/6A92B992C7C74BC4PQ/3?accountid=30552 https://search.proquest.com/business/publication/publications_40108?accountid=30552  Page 4 of 8  HI5017 MANAGERIAL ACCOUNTING INDIVIDUAL ASSIGNMENT T2 2020  Academic Integrity     Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral  to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks  need to comply with academic integrity guidelines.  Table 1 identifies the six categories of Academic Integrity  breaches.  If you have any questions about Academic Integrity issues related to your assessment tasks, please  consult your lecturer or tutor for relevant referencing guidelines and support resources.  Many of these  resources can also be found through the Study Sills link on Blackboard.      Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of  marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of  course enrolment.    Table 1: Six categories of Academic Integrity breaches  Plagiarism Reproducing the work of someone else without attribution. When a student  submits their own work on multiple occasions this is known as self-plagiarism.  Collusion Working with one or more other individuals to complete an assignment, in a  way that is not authorised.  Copying Reproducing and submitting the work of another student, with or without  their knowledge. If a student fails to take reasonable precautions to prevent  their own original work from being copied, this may also be considered an  offence.   Impersonation Falsely presenting oneself, or engaging someone else to present as oneself, in  an in-person examination.  Contract cheating Contracting a third party to complete an assessment task, generally in  exchange for money or other manner of payment.  Data fabrication and  falsification  Manipulating or inventing data with the intent of supporting false conclusions,  including manipulating images.  Source: INQAAHE, 2020                                    Page 5 of 8  HI5017 MANAGERIAL ACCOUNTING INDIVIDUAL ASSIGNMENT T2 2020  Marking Criteria   Marking Criteria Weighting  Part A   1. Briefly discuss the features of your chosen costing system.  3%  2. Identify 2 specific Australian organisations that your chosen costing system is  suitable to, and explain why.  3%  3. Discuss the potential uses of the cost information for decision-making, to the  managers in each of the 2 organisations selected in Q2 above.  3%  Part B   1. Based on your chosen costing article, briefly summarise how the costing system was  designed and implemented in your real-life organisation.   3%  2. Based on your chosen costing article, did the costing system in the study satisfy the  features discussed in Part A (Q1)? Why or why not? Include examples in your answer  from your costing article.    5%  3. Based on your chosen costing article, how useful was the cost information to the  internal users in the organisation? Discuss with examples from your costing article.    5%  4. Based on your literature findings, state two key lessons that would inform  contemporary organisations about the practical use of your chosen costing system.   5%  Overall Presentation of Assignment 3%  TOTAL Weight 30%

Yash · Accepted Answer

PART A
1.) For the purpose of this assignment, I am choosing Activity Based Costing (ABC). 
ABC is a bookkeeping strategy used for relegating effectively the level of resources used  & OH expenses caused to deliver the specific item.
Under ABC framework, a few exercises are liable for the assurance of cost of an item. 
The highlights or attributes of ABC are quickly clarified underneath. 
1. The complete expense is separated into two sorts: - (1) fixed expense
                                                                                       (2)  variable cost 
In the manufacturing unit, this bifurcation assist in providing quality data to plan a reasonable cost framework.
2. The best possible qualification is made on the bifurcation of various costs.
3. The cost norms of direct are OK assortment related and events related.
4. OH had been allocated to an item on the basis of the fitting cost driver.
5. Behavioral Pattern of cost were directed by cost drivers.
According to Kalpan & Cooper, "Drivers used to allocate cost related to volume should restrained itself from allotting high stretch cost which varies to things for which clarification that should be drawn out factor costs were driven by the unusualness & collection of work practices instead of quantity". 
Consequently, the establishments for the OH costs should be seen as per the sorts of activities related with the Prodn and Service Dept.
ABC method follows the following objectivity: 
1. It is useful in amending the erroneous cost data. 
2. It facilitates to allocate OHs considering the activity.
3. It assist the management in taking timely & quality decision. 
The advancement of Activity Based Costing includes the accompanying advances. 
1. The primary useful regions of the association have been distinguished.
2. Each practical territory has separate exercises. Out of numerous exercises, the primary exercises of each useful zones have been distinguished. 
3. The help exercises of fundamental exercises have been recognized. For instance: fixes & upkeep of machine etc. 
4. The components which are affecting the fundamental exercises & backing exercises must be recognized.
5. The information identifying with Material, labour & OH expenses have been gathered precisely. 
6. The expense of every movement is additionally discover so as to ascertain the expense of every item independently. 
Accordingly, ABC follows the chronological order i.e. it commences from assets to processes after that from processes to particular item by tagging that specific item.
The accompanying advances are engaged with executing Activity Based Costing to accomplish the ideal outcomes. 
1. Recognize the utilitarian regions of association. 
2. Recognize the principle exercises of each practical territories. 
3. Apportion regular roundabout expenses to each useful regions on reasonable premise. 
4. Recognize the most reasonable cost driver in every movement under practical regions. 
5. Setting up the announcement of use on action insightful. 
6. Contrast this announcement & the worth expansion movement savvy. 
7. Discover the exercises which are to be disposed of or improved for better execution of the association.
2.) 
Associations in specific endeavors unite a collection of commitments of manufacturing product or organizations which are their customer. It moreover resulted a wide extent of costs. Right when these associations can clearly distribute costs to the most fitting thing or activity, the arranging & cost the heads at these associations staggeringly grows. This cost task fills in as the reason of A B C. Despite the way that activity based costing started in the amassing industry, a couple of various undertakings by & by utilize this procedure. 
A B C lays down the processes which bifurcates the fixed & administrative expenses to a very downward level identifying the item to which it can be allocated independently. A B C distributes costs to that components & activities which had a prompt status & consistent outcomes. The procedure by then apportions that activity driven costs to the specific things or organizations that uses the activities in real terms.
Manufacturing
A B C commences by gathering as an unrivaled methodology for distributing OH costs than the ordinary strategy for getting benefits from direct labour. It aims to shift from traditional work to robotization & increased capital-heightened workplaces & cycles, manufacturing firms required a procedure that the higher qualified the latest working condition. Producers use A B C when OH expenses discover a critical degree of all in all expenses. Producers also use it to produce item contributions of changing sum & unpredictability or produce a broad bunch of things needing distinctive support maintain levels.
Development 
In enormous business & mechanical turn of events, various associations show properties that warrant the use of development based costing. They have important OH, for instance, advancement bond purchases, tremendous rigging & equipment & talented staff. They similarly for the most part either have an extent of complex help lines – for example, two appropriation place advancement exercises & two office outside redesigns of different sizes – or a varying extent of endeavors.

HI5017 MANAGERIAL ACCOUNTING INDIVIDUAL ASSIGNMENT T2 2020 HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T2 2020 Unit Code HI5017 Unit Title...

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