Unit 9: Management Accounting: Costing and Budgeting - Essay Prowess
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Unit 9: Management Accounting: Costing and Budgeting

Unit 9: Management Accounting: Costing and Budgeting

  

Regent College Higher Education

Assignment front sheet

QualificationUnit number and title
  Pearson BTEC Level 5 HND Diploma BusinessUnit 9: Management Accounting: Costing and Budgeting
Student nameAssessor name
 MOUROUHAN ARIFOGLU
Date issuedCompletion dateSubmitted on
21st July 201424/10/201424/10/2014
 
Assignment title  Costing and Budgeting
Learning Outcome  Learning outcomeAssessme nt CriteriaIn this assessment you will have the opportunity to present evidence that shows you are able to:Task no.  Evidence (Page no)
 Be able to1.1classify different types of cost  
 analyse cost
1.2use different costing methods  
  LO1information within a business
1.3calculate costs using appropriate techniques  
1.4analyse cost data using appropriate  
  techniques
    LO2Be able to propose methods to reduce costs and enhance value within a2.1prepare and analyse routine cost reports  
2.2use performance indicators to identify potential improvements  
2.3suggest improvements to reduce costs, enhance value and quality  
 
 business
 Be able to3.1explain the purpose and nature of the  
 prepare budgeting process
  LO3forecasts and budgets for a business  
3.2select appropriate budgeting methods for the organisation and its needs  
3.3prepare budgets according to the chosen  
   budgeting method
  3.4prepare a cash budget  
 Be able to4.1calculate variances, identify possible  
 monitor causes and recommend corrective action
  LO4performance against budgets within a business4.2prepare an operating statement reconciling  
 4.3report findings to management in accordance with identified responsibility  
   centres.
Learner declaration
  I certify that the work submitted for this assignment is my own and research sources are fully acknowledged.   Student signature:                                                Date:

3

  In addition to the above PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the following MERIT and DISTINCTION grades
  Grade Descriptor  Indicative characteristic/s  Contextualisation
M1Identify and apply strategies to find appropriate solutionsEffective judgements have been made.   An effective approach to study and research has been applied.  To achieve MI, have effective judgements and approach to study and research to analyse cost information and propose methods to reduce costs and enhance value within a business. Part A Task
M2 Select / design and apply appropriate methods / techniquesA range of methods and techniques have been applied   The design of methods and techniques/sources has been justified  To achieve M2, apply range of methods and techniques and justify the methods and techniques to prepare forecasts and budgets and monitor performance against budgets within a business Part B Task
M3 Present and communicate appropriate findingsCoherent , logical development of principles and concepts for the intended audience   Appropriate structure and approach has been usedTo achieve M3, you need to demonstrate coherent and logical development of principles and concepts and use appropriate structure and approach to prepare forecasts and budgets and monitor performance against budgets within a business. Part B Task
D1 Use critical reflection to evaluate own work and justify valid conclusionsConclusions have been arrived at through synthesis of ideas and have been justified.To achieve D1, justify conclusions through synthesis of ideas to analyse cost information and propose methods to reduce costs and enhance value within a business. Part A Task
D2 Take responsibility for managing and organising activitiesActivities have been managed.Substantial activities projects or investigations have been planned, managed and organised  To achieve D2, manage activities through properly planning and organizing to prepare forecasts and budgets and monitor performance against budgets within a business Part B Task
D3 Demonstrate convergent /lateral / creative thinkingIdeas have been generated and decisions takenReceptiveness to new ideas is evidentTo achieve D3, demonstrate receptiveness to new ideas and take decisions analyse cost information and propose methods to reduce costs and enhance value within a business. Part A Task

Assignment brief

Unit number and titleUnit 9: Management Accounting: Costing and Budgeting
QualificationPearson BTEC Level 5 HND Diploma in Business
Start date21st July 2014
Deadline/hand-in24/10/2014
Assessor 
Assignment titleCosting and Budgeting-Part 1 
Purpose of this assignment For this assignment you need to produce a report based on the cost information. Determine how cost data is collected, compiled and analysed, and processed into information that is useful for business managers to reduce costs and enhance value. 
Scenario: Following a strategic review, as a newly appointed Assistant, you are required to produce a report to present to the Accountant of your chosen company. You are required to analyse cost information and propose methods to reduce costs and enhance value within the chosen organisation. 
Task (LO 1.1,1.2,1.3,1.4,2.1,2.2,2.3) M1,D1,D3 Prepare a report and classify different types of cost in that organisation. Use different costing methods, calculate costs and analyse cost data through using appropriate techniques Prepare and analyse routine cost reports and use performance indicators to identify potential improvemen Finally, suggest improvements to reduce costs, enhance value and quality To achieve MI, have effective judgements and approach to study and research to analyse cost information and propose methods to reduce costs and enhance value within a business. To achieve D1, justify conclusions through synthesis of ideas to analyse cost information and propose methods to reduce costs and enhance value within a business. To achieve D3, demonstrate receptiveness to new ideas and take decisions analyse cost information and propose methods to reduce costs and enhance value within a business. 
 Evidence checklist  Summary of evidence required by studentEvidence presented
       Part A Task  A report that demonstrates the ability to analyse cost information and propose methods to reduce costs and enhance value within a business. The report must be written in professional manner and properly referenced. The report should comply with the word count of 2000 with +/- 10% margin. You may use tables and diagrams to support your report to illustrate the text. Word count excludes the index, headings, information contained in tables, references and bibliography. 

Assignment brief Part B

Unit number and titleUnit 9: Management Accounting: Costing and Budgeting
QualificationPearson BTEC Level 5 HND Diploma in Business
Start date21st July 2014
Deadline/hand-in24/10/2014
Assessor 
Assignment titleCosting and Budgeting -Part 2 
Purpose of this assignment For this assignment you need to produce a report. You are required to prepare forecasts and budgets to compare these to actual business results. Consider different costing and budgetary systems and the causes of resulting variances, together with the possible implications and the corrective action the business will need to take. 
Scenario: Taking in to consideration the results you have derived in your first report, prepare forecasts and budgets for a business and monitor performance against budgets within that business 
Task (LO 3:3.1, 3.2, 3.3, 3,4 LO 4:4.1,4.2,4.3) M2, M3, D2   You need to explain the purpose and nature of the budgeting process and select appropriate budgeting methods for the organisation and its needs. Also, prepare budgets according to the chosen budgeting method and prepare a cash budget   You need to calculate variances, identify possible causes and recommend corrective action. Also, prepare an operating statement reconciling budgeted and actual results. Report findings to management in accordance with identified responsibility centres.   To achieve M2, apply range of methods and techniques and justify the methods and techniques to prepare forecasts and monitor performance against budgets within a business Part B Task To achieve M3, you need to demonstrate coherent and logical development of principles and concepts and use appropriate structure and approach to prepare forecasts and monitor performance against budgets within a business. Part B Task To achieve D2, manage activities through properly planning and organizing to prepare forecasts and monitor performance against budgets within a business Part B Task 
  Evidence checklist  Summary of evidence required by studentEvidence presented
      Part B Task  Develop a report to prepare forecasts and budgets and monitor performance against budgets within that business. The report must be written in professional manner and properly referenced. The report should comply with the word count of 1500 with +/- 10% margin. You may use tables and diagrams to support your report to illustrate the text. Word count excludes the index, headings, information contained in tables, references and bibliography. 

Achievement Summary

  QualificationPearson BTEC Level 5 HND Diploma in Business  Assessor name 
  Unit Number and titleUnit 9: Management Accounting: Costing and Budgeting  Student name 
 
Criteria ReferenceTo achieve the criteria the evidence must show that the student is able to:Achieved ? (tick)
LO 1  
1.1Classify different types of cost 
1.2Use different costing methods 
1.3Calculate costs using appropriate techniques 
1.4Analyse cost data using appropriate techniques 
LO 2  
2.1Prepare and analyse routine cost reports 
2.2Use performance indicators to identify potential improvements 
2.3Suggest improvements to reduce costs, enhance value and quality 
LO 3  
3.1Explain the purpose and nature of the budgeting process 
3.2Select appropriate budgeting methods for the organisation and its needs 
3.3Prepare budgets according to the chosen budgeting method 
3.4Prepare a cash budget 
LO 4  
4.1Calculate variances, identify possible causes and recommend corrective action 
4.2Prepare an operating statement reconciling budgeted and actual results 
4.3Report findings to management in accordance with identified responsibility centres. 
 
  Higher Grade achievements (where applicable)
  Grade descriptor  Achieved? (tick)  Grade descriptor  Achieved ? (tick)
  M1: Identify and apply strategies to find appropriate solutions   D1: Use critical reflection to evaluate own work and justify valid conclusions 
  M2: Select/design and apply appropriate methods/techniques D2: Take responsibility for managing and organising activities 
  M3: Present and communicate appropriate findings D3: Demonstrate convergent/lateral /creative thinking 

Assignment Feedback

Formative Feedback: Assessor to Student
Action Plan
Summative feedback
Feedback: Student to Assessor
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  Student Signature   Date