Tuesday, May 23, 2017

What are the differences between manual and computerised systems when entering final transactions?

FNSACC507 Provide management accounting information this course answer 
Name: Hiu Tung Leung, Kitty 
Subject: Provide management accounting information 
Activity 1: 
1. What are the differences between manual and computerised systems when entering final transactions? 
2. Describe some of the problems that might arise from a failure to maintain and update an existing Chart of Account. 
3. Management accounting information is used to inform decision- making but it has limitations. What can the accountant do to minimise the limitations of management accounting? 
Activity 2: 
1. What do these terms mean? 
2. You have been asked to carry out research about how Australians use their credit cards. How would you store or classify the information you gather? You can choose more than one option. Why would you organise information in this way? 
3. What do information systems capture and why are they important? 
4. Create a coding system that could be used to input data using these variables: 
• Case Number: 
• Gender 
• Month of birth 
• Marital Status 
• Annual income 
• Suburb 
• Highest academic qualification 
Activity 3 
1. You have been asked to provide an accurate and up-to-date profit and loss report on work in process for a particular job. What data might you draw on, what reports might you need to access and how would you ensure that the information you provide is error free and comprehensive? 
2. Why do organisations need accurate and timely reports and what financial information is required to manage the organisation’s finances? Who is usually responsible for an organisation’s financial management? 
Activity 5 
1. What is the revenue cycle? 
The revenue cycle includes all the administrative and clinical functions that contribute to the capture, management and collection of patient service revenue, according to the Healthcare Financial Management Association (HFMA). 
Here is whats involved in the revenue cycle: 
• Charge capture: Rendering medical services into billable charges. 
• Claim submission: Submitting claims of billable fees to insurance companies. 
• Coding: Properly coding diagnoses and procedures. 
• Patient collections: Determining patient balances and collecting payments. 
• Preregistration: Collecting preregistration information, such as insurance coverage, before a patient arrives for inpatient or outpatient procedures. 
• Registration: Collecting subsequent patient information during registration to establish a medical record number and meet various regulatory, financial and clinical requirements. 
• Remittance processing: Applying or rejecting payments through remittance processing. 
• Third-party follow up: Collecting payments from third-party insurers. 
• Utilization review: Examining the necessity of medical services. 
2. What is the expense cycle and why is it more complex than the revenue cycle? 
3. Why is it important to state the assets and liabilities at their correct accrual basis amounts at the start of the accounting cycle? 
4. If inventory levels are rising but sales are not, what might this indicate and why might this be a concern? 
5. What might rising trade debtors indicate and what action might you take? 
6. How could comparisons between your organisation and your competitors be useful? 
Activity 6 
1. Explain the procedures you might need to follow to access the financial data and plans necessary for efficient operation of a team/section/division. 
2. Operational staff are the people actually doing the job in each of the cost centres. These people are in the best position to identify problems, constraints or issues relating to current job costing budgets and to advise financial personnel of requirements for future budgets- to help prioritise resource needs for the next job costing exercise. They should be included in consultative processes for advising on cost information when formulating budgets. 
Comment on this statement and the implications for expense in the organisation. 
3. What are the likely cost implications for a business which expands rapidly? 
4. To what extent are the employees in a team/ section/ division responsible for? 
a. Data collection to support the budget? 
b. Developing realistic and attainable budgets for the section/ division? 
c. Monitoring expenditure? 
d. Using the budget to measure actual work against projected work achievements? 
Activity 7 
1. What is the purpose and value of the job cost report? 
2. Why is it important for budgets and reports to be presented in a clear manner, that they conform to management information requirements and how would a budget timetable or planner assist in satisfying this need? 
Activity 8 
1. You have been asked by management to prepare a report on why the personnel budget has a large negative variance. What information would you include in your repost? 
2. When reporting, why is it necessary to provide evidence to support your statements or conclusions? 
3. How might the materiality threshold level set for negative deviations differ between a small and large business? 
4. Why are the variances from budgets and forecasts important to know? 
Activity 9 
At the commencement of the financial year a business estimated that their overhead would be $720000 and their direct labour costs would be $1.44 million. 
At the end of the financial year the actual data reveals that the overhead was $770000. Direct labour cost was calculated to be $1.54 million. 
The business uses normal costing and applies overhead on the basis of direct labour cost. The cost of goods sold before making adjustments for any overhead variance is $856000. 
Calculate the overhead variance for the year and dispose of the overhead variance by adjusting the costs of goods sold. 
Activity 10 
1. A furniture manufacturer predicts that they will sell 12000 of product A and 8000 of product B in the next financial period. They prepare their budget accordingly. 
At the end of the financial period the actual figures are 15000 for product A and 7000 for product B. costs are assigned and the wholesale margin on product A is calculated to be $450 and on product B it is $350. 
Calculate the predicted and the actual sales mix, the variances that need to be examined and their impact. 
2. Part way through the production process it is discovered that the cost assignment was inaccurate for product A and that there has been an underestimation of $150 per unit. They are unable to change the pricing because of contractual obligations. 
What is the impact of this error in cost assignment if sales were as predicted? 
3. What is the impact on income when the actual sales figures are used? 
4. Consider an example of a new car sale yard and the managers predicted that they would sell 1400 of model A and 1800 of model B in the fiscal year. They would prepare their budget accordingly. Sales of model A did not meet expectations and sold 1200 units. Model B had sales rise to 2400 vehicles for the year. The expected margin on each vehicle is $2000 for model A and $3000 for model B. 
Calculate the predicted and actual sales mix and the impact of the variations on income.

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marketing mix concepts theoretically

Assessment item 4 
Evaluating marketing strategy and recommendations 
Length: 3000 words 
Submission method options 
Alternative submission method 
Task 
The final stage of the marketing audit is for you to evaluate how well the marketing mix of the organisation is performing for your chosen organisation. NB: as before, if you have a large range of product offerings, it is a good idea to focus on just one. 
Incorporating theoretical concepts into your discussion from chapters 7-14 and with the use of other theoretical sources and secondary research, please discuss the following: 
1. Outline and describe the 8 marketing mix concepts theoretically and apply the components to one of your products offerings. As part of your application be sure to explain and evaluate all of the 8ps’ of marketing (product, prices, promotion, distribution, partnerships, people, processes and physical evidence). 
2. Given your evaluation of your overall marketing strategies, the competition and broader contemporary issues facing marketers today, provide recommendations for your organisation. Your recommendations should focus on each of the 8ps and illustrate how contemporary issues may impact on your organisation and its marketing strategy. 
For example, for this report, contemporary issues may include, but are not limited to, Corporate Social Responsibility, social media interactions, advances in technology, ethical concerns, environmental concerns and globalisation etc. 
More information on how to complete this assessment will be provided on Interact 2 
Rationale 
This assessment assesses the following learning outcomes: 
be able to apply the marketing mix and aspects of branding and positioning to a specific target market and be able to evaluate competitors' programs; and 
be able to discover and evaluate how contemporary issues of environment, social media and other technology, society and Corporate Social Responsibility (CSR) might affect marketing. 
Marking criteria 
Criterion :The various skills to be assessed Fail (0-49%) Pass (50-64%) Credit (65-74%) Distinction (75-84%) High Distinction ( 85%) 
Communication Skills 
This is about the presentation of the work including :Structure, Format, Grammar, including images 

Value 10% Poor grammar, spelling, punctuation, concepts were not clear, no paragraphs or formatting- no images, tables or illustrations 
Some grammatical errors, sentences were clear and complete clear structure and formatting using headings, and sub headings, some illustrations and diagrams, but not explained and only decorative 
Minor grammatical errors, sentences were clear and complete, structure and format were used to aid the reader including diagrams, tables and images, that were relevant to argument, but were still not fully explained or described 
Free of grammatical errors 
Structure and format were clear Sentences were well constructed. Language was concise. Excellent use of diagrams, images and tables that were both visually appealing as well as clearly relevant and explained 
Free of grammatical errors 
Structure and format were clear, logical and consistent. Sentences were well constructed. Exceptional use of diagrams, images and tables, clearly relevant, explained and insightful links made 

Theoretical analysis skills 
This criterion is about defining, describing and evaluating the concepts that were found when researching the topic 
Value 40% Concepts were not defined, described or evaluated, mainly listed without explanation 
Concepts were defined, there was an attempt to provide descriptions with examples to explain, limited analysis 
Clear and relevant definitions and descriptions with examples, some attempt to develop analysis by comparing and contrasting of concepts 
Clear definitions, descriptions with examples and analysis of concepts with comparison, with clear evaluations and conclusions 
Clear definitions, descriptions with examples and analysis of concepts with highly insightful and perceptive comparisons, evaluations and conclusions 

Application skills 
This criterion is about linking theory to a specific context, explaining how it relates to a product/company, contemporary issues and making recommendations 
Value 40% There was no or limited application to the case study, no examples provided no recommendations 
Case study was described and identified. The context was connected briefly to theory, but the recommendations were not well supported by arguments 
Case study was described and identified. The context was connected to theory with clear links. There were relevant market discussion and recommendations were supported 
Case study described and identified and insightful evaluations were made. The context was connected to theory with clear, creative and logical links. There were relevant, well supported recommendations and market discussions with explicit connections to theoretical arguments 
Case study described and identified and insightful evaluations were made. The context was connected to theory with exceptional, logical and imaginative links. The market discussions and recommendations were highly relevant , realistic and supported with explicit connections to theoretical arguments 
Referencing Skills 
This criterion was about the application of APA referencing 
Value 10% There was limited or no attempt at in text or end of text referencing 
There was an attempt to apply referencing, but style and application were inconsistent and some points remain unreferenced 
Referencing applied. However style/application was inconsistent with some errors in text/reference list Both the in text and end reference list were consistent in terms of style and application of APA6. 
Both the in text and end reference list were consistent in terms of style and application of APA6. Referencing apparent in all places where expected. 

Presentation 
Report format should be used for Assessment Three. 
You need to include an executive summary for the third assessment, table of contents etc 
Use an abbreviation of the questions as your section headings and sub- sections for each of the 8ps of marketing and each contemporary issue you are addressing in your report 
Referencing should use APA 6th edition- see CSU library for tutorials and guide 
Tip- remember your word count- you will not be able to discuss everything, so choose the most relevant issues given your organisation- be sure to justify your choice as part of your argument.

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