ACCT7011 Finance Planning and Control Assignment Sample MTU Ireland

ACCT7011 Finance Planning and Control is a unit that explores the role of financial planning and control in organizations. The unit provides students with an understanding of the principles of financial accounting and how they are applied in practice. The unit also examined the use of financial information for decision-making purposes and how it can be used to create shareholder value.

Students will develop skills in financial analysis and forecasting, budgeting, and project appraisal. The unit will also cover topics such as capital investment decision-making, working capital management, and managing risk. This unit is essential for students intending to pursue careers in finance or accounting.

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In this section, we are describing some assigned briefs. These are:

Assignment Brief 1: Explain the role of the management accountant and outline how management accounting has evolved.

The role of the management accountant is to provide financial and accounting information and advice to managers to help them make informed business decisions. Management accountants typically have a broad knowledge of both accounting and finance, and they use this knowledge to advise managers on a variety of financial topics, including asset management, capital budgeting, risk management, and pricing strategy.

Management accounting has evolved significantly over the past few decades as businesses have become increasingly complex and globalized. Today, management accountants play a vital role in helping organizations navigate these challenges and manage their resources effectively. With their comprehensive understanding of both accounting and finance, management accountants are uniquely positioned to provide insights that can help organizations make sound financial decisions.

Assignment Brief 2: Describe basic cost behavior and apply the concept of break-even analysis.

There are three main types of cost behavior: fixed, variable, and mixed. Fixed costs do not vary with output, while variable costs increase or decrease in proportion to output. Mixed costs contain both fixed and variable elements.

Break-even analysis is a tool used to determine the point at which a project will become profitable. It is calculated by dividing the total fixed costs by the selling price per unit less the variable costs per unit. The break-even point is the number of units that must be sold to cover all of the project’s costs. 

Fixed Costs: These are expenses that remain constant regardless of how much or how little you produce during a given period rent, for example, would be considered a fixed cost.

Variable Costs: Variable costs, on the other hand, change proportionately with production output. For example, if you’re running a manufacturing company and you need to purchase raw materials for each widget you produce, then the cost of those raw materials would be considered a variable cost.

Mixed Costs: Finally, mixed costs contain both fixed and variable elements. For example, salaried employees usually have a base salary that remains constant, regardless of how many hours they work (fixed cost), but they may also receive commissions or bonuses that vary based on output (variable cost).

While break-even analysis is a useful tool, it has its limitations. First, it assumes that all costs are linear, which is not always the case. Second, it does not consider the time value of money, which can make a big difference in long-term projects. Finally, it does not account for changes in revenue or variable costs over time. Despite these limitations, break-even analysis is still a helpful tool for decision-making.

Assignment Brief 3: Construct product costing models such as traditional overhead costing and Activity Based Costing methods.

There are a few different ways to construct product costing models, but two of the most common are traditional overhead costing and activity-based costing methods. 

Traditional overhead costing involves allocating indirect costs to products or services based on some sort of proportion or physical relationship. For example, if the indirect cost of running a factory is $100,000 per month and the factory produces 10,000 widgets per month, then each widget would have an allocated cost of $10. This method is relatively easy to calculate, but it can be less accurate than other methods because it doesn’t consider how much each activity costs. 

Activity-based costing (ABC) is a more targeted approach that assigns costs to specific activities instead of broad categories like overhead. For example, if the indirect cost of running a factory is $100,000 per month and the factory has 10 employees who each work 20 hours per week, then the ABC method would allocate $5 per hour to each employee ($100,000/10/20). This approach can be more accurate than traditional overhead costing, but it can also be more time-consuming to calculate.

Both traditional overheads costing and activity-based costing are valid methods for allocating indirect costs, and which one you use will depend on your specific needs and preferences. 

Assignment Brief 4: Explain the budgeting process and prepare the various budgets.

The budgeting process is a strategic planning tool that businesses use to forecast future income and expenditure. The goal of budgeting is to ensure that finances are managed in a way that supports the company’s business objectives. 

There are several different types of budgets that businesses can prepare, each with its purpose. The most common type of budget is the operating budget, which details the anticipated revenue and expenses for a specific period. Other popular types of budgets include marketing budgets, research and development budgets, and capital expenditure budgets. 

Budget preparation typically begins with an analysis of past financial performance. This data is used to generate forecasts for future income and expenditure. Once the forecasts have been generated, businesses can start to allocate resources and make decisions about how to best achieve their financial goals. 

A budgeting process is an important tool for all businesses, regardless of size or industry. Proper budgeting can help businesses to avoid financial problems and make informed decisions about where to allocate resources.

Assignment brief 5: Analyse and apply the various planning and control models to aid management with decision making.

Various planning and control models can be used to aid management with decision-making. These models help managers to identify objectives, formulate plans and allocate resources. They also provide a framework for monitoring progress and evaluating results.

The most common planning and control models are the Objectives-based Models, the Strategy-based Model, and the systems approach. Each of these models has its strengths and weaknesses, so it is important to select the right model for each situation.

The Objectives-based Model is geared toward achieving specific goals. It involves setting objectives and then developing plans to achieve those objectives. This model is useful for short-term planning, but it can be inflexible in rapidly changing situations.

The Strategy-based Model is designed to help businesses achieve a competitive advantage. It focuses on developing and implementing strategies that will give the company an edge over its competitors. This model is more flexible than the Objectives-based Model, but it can be more difficult to implement.

The systems approach is a general framework that can be used to plan, control and evaluate any type of system. This model is very flexible, but it can be complex to understand and use.

No matter which planning and control model you use, it is important to monitor progress and make adjustments as needed. The best way to do this is to set up a system of feedback loops that will provide information about what is working and what is not. By constantly monitoring and adjusting your plans, you can ensure that you are on track to achieve your objectives.

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