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NMIMS Cost and management accounting assignment June 2024

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NMIMS Cost and management accounting assignment June 2024

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Description

NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Cost & Management Accounting
Internal Assignment applicable for June 2024 Examination
Assignment Marks: 30
Instructions:
 All Questions carry equal marks.
 All Questions are compulsory.
 All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3 in not more than 500 words for each subsection. Use relevant examples, illustrations as far as possible.
 All answers to be written individually. Discussion and group work is not advisable.
 Students are free to refer to any books/reference material/website/internet for attempting their assignments, but are not allowed to copy the matter as it is from the source of reference.
 Students should write the assignment in their own words. Copying of assignments from other students is not allowed.
 Students should follow the following parameter for answering the assignment questions.
Q1. In a particular month, 1,000 units were introduced in Process A. The normal loss is estimated at 5% of input. At the end of the month, 700 units were produced and transferred to Process B, 230 were incomplete units and 70 units were scrapped at the end of the

process. The incomplete units had the following degree of completion: materials 75%, labor 50%, overheads 50%.
Additional details of process A are as follows:
(Rs.)
Cost of 1000 units introduced
29000
Additional materials consumed
7200
Direct Labour
16700
Allocated overheads
8350
The scrapped units were sold at Rs. 10 per unit.
Compute:
1. Statement of Equivalent Production
2. Statement of Cost
3. Statement of Evaluation 4. Process A account (10 Marks) Q2. The following information in respect of a production process is available for the month of June 2023.
Budgeted
Actual
Output Units
120000
130000
Hours
120000
132000
Fixed Overheads
180000
200000
Variable Overheads
240000
272000
Working Days
100
104
Compute the relevant overheads variances. (10 Marks)
Q3. In the course of developing the global accounting standards, the International Financial Reporting Standards are widely recognized over 100 countries. Therefore, more and more companies are presenting their financial information in the International Financial Reporting Standards to their internal and external users. As one of the largest retailers in the world, Mil Ltd. has its business over 10 countries and employed almost 3,20,000 people. It is very interesting to see how its accounting information supports its operations. To show how the business is running, the accounting information are provided to all users as managers, customers, suppliers, associations and government. As a retailer, it is very important for Mil Ltd. to provide a positive financial statement to its accounting information users.
a. In the context of the above case study, identify and explain the relevance of Management Accounting Information to the employees. (5 Marks)
b. Explain in what way management accounting practices in global perspective are relevant to shareholders? (5 Marks)
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