Distinguish Planning Decisions from Control Decisions: Accounting and Financial Management Assignment, UCD
| University | University College Dublin (UCD) |
Question 1
Management Accounting
- Distinguish planning decisions from control decisions.
- Where does the management accounting function fit into an organization’s structure?
Master Budget
- What is the master budget and why is it useful?
- “The sales forecast is the cornerstone for budgeting.” Why?
- What is budgetary slack? What are the pros and cons of building slack into the budget from the point of view of an employee?
- Define rolling budgets. Give an example.
Question 2
Flexible Budgets and Variances
- The following information relates to ABC Table Ltd, a manufacturer of tables for colleges for 2018:
Budget
Sales 44,000 units at €55 per table
Variable cost €35 per unit
Fixed costs €660,000
Actual
Sales 46,000 units at €57 each
Variable costs €33 per unit
Fixed cost €627,000
Net Profit €477,000
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Required:
Prepare a Budgetary Control Statement, in a marginal costing format, showing the original fixed budget, the flexible budget, the actual results, and the variances.
- The following information relates to XYZ Ltd, a company producing chairs for colleges.
- Why should a company calculate price and efficiency variances?
- How do managers use variances?
- How might a manager gain insight into the causes of a flexible-budget variance for direct materials?
- The following information relates to XYZ Ltd, a company producing chairs for colleges.
Required:
Calculate the following sub-variances
- Material price variance
- Material usage/efficiency variance
- Labour rate/price variance
- Labour efficiency variance
Question 3
Interpretation of Financial Statement/Performance Appraisal
The following are the summarized financial statement of the Kimberly Hotel Group for the years ended 31 December 2018 and 2019.
Required:
-
- Prepare 15 key financial ratios under the headings profitability, liquidity, management use of assets/efficiency, capital structure, and operating for both years. There should be at least two ratios under each heading.
- Discuss some factors that may have contributed to the performance between 2018 and 2019 for each ratio.
- Write a report assessing the financial performance of the Kimberly Hotel Group under the headings identified in part (a) of the question.
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