Reference no: EM131008659 , Length:
Part -1:
Assignment Task:
You are required to research one company that would be your ideal company to work for.
You should write a report to the newly appointed chairperson of the company, addressing the following issues.
a) identify six different groups of users of financial statements, who would be interested in this company (ensure that both internal and external users are fairly represented).
Provide a brief summary of these users and a brief description of the purposes for which they will use the financial statements
b) Obtain the latest five consecutive years of the published Income Statement and Statement of Financial Position (Balance Sheet) for this company; most importantly the company should be listed on the London Stock Market (these accounts should be included as an appendix to the coursework).
Your analysis should include
• A brief summary of the company.
• Calculations of various ratios which will be used to analyse the company's performance over the years, choosing at least two from profitability. liquidity, and working capital and solvency ratio
• Provide an analysis on each ratio calculated
• Summarise your findings in the conclusion
Part -2:
Assignment Task:
"Management accounting refers to a function of tracking internal cost for any business process that helps an organisation, firm or an individual in making decisions related to production, operation and investment in market.....The role of the management accountant includes collecting, recording and reporting financial data from several units of an organisation, observing and analysing their budget and suggesting their funding and allocation. This includes estimation of the cost of raw material, labour, manufacturing, sales, advertising and the company's internal operation costs " (C/MA, 2015).
For cost control and performance measurement, costs and revenues must be traced to the individuals who are responsible for incurring them. This system is known as responsibility accounting. Responsibility accounting involves the creation of a responsibility centre..." (Drury, 2015).
You are required to write a report on the role of management accounting, either as a function, or in the context of the person - the management accountant. Your report must address the following:
a) Discuss the role of management accounting in an organisation (make comparisons to financial accounting).
b) Discuss the classification of costs by function (production, non-production); by type (direct, indirect); by behaviour (fixed, variable, stepped fixed) and relevance. Provide examples and diagrams where necessary.
c) Discuss the FIFO (First In First Out) and LIFO (Last In First Out) methods of inventory valuation making comparisons between them.
d) Discuss the concept responsibility accounting. Your discussion must include responsibility centres - cost, revenue, profit and investment centres.
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