AGRI7002 Agri Management Accounting Assignment Sample MTU Ireland

AGRI7002 Agri Management Accounting is a course that covers financial accounting and management for agricultural businesses. The focus is on the principles of double-entry bookkeeping, financial statement preparation, budgeting and costing, cash flow forecasting, and tax assessment for agribusinesses.

This course would be beneficial for students who are interested in working in the agricultural sector as accountants or managers. It is also relevant for students who wish to start their own agricultural business, as they will need to understand basic financial management concepts to make sound business decisions.

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

Assignment Brief 1: Examine the role of financial management in assisting management to carry out their functions in Agribusiness organizations.

The role of financial management in assisting management to carry out their functions in an agribusiness organization includes the following:

1. Providing accurate information on the financial position of the company and its performance over a specific period;
2. Monitoring and controlling company expenditure;
3. Planning for future growth and expansion;
4. Determining the most cost-effective means of production; and
5. Generating funds for investment in new ventures or equipment.

Financial management is therefore essential in assisting management to make informed decisions about the running of the business and its future direction. Without accurate and timely financial information, management would be operating in the dark, which could lead to disastrous consequences.

Assignment Brief 2: Compile material cost calculations in different organizations.

A wide range of factors affects how much it costs to compile material. For example, the type of material being compiled, the size and complexity of the project, the number of people involved in the compilation process, and the level of accuracy required all play a role in determining the cost.

That said, here are some ballpark figures for compiling material in three different organizations:

1. Corporate organization – $50-$75/hour (depending on experience and skillset)
2. Government organization – $25-$50/hour (depending on experience and skillset)
3. The non-profit organization – $15-$25/hour (depending on experience and skillset)

These figures are only meant to be a general guide, as actual costs will vary depending on the specific organization and project.

Assignment Brief 3: Calculate labor cost and overhead apportionments.

There are a few different ways to calculate labor costs and overhead apportionments. One common method is to use a predetermined overhead rate. This rate is typically calculated as a percentage of direct labor costs. 

Once the overhead rate is determined, it can be applied to any future labor costs to calculate the overhead component. For example, if the overhead rate is 10% and the direct labor cost for a project is $1,000, then the total overhead cost would be $100 ($1,000 x 10%). 

Another method for calculating labor and overhead apportionments is to use a job-order costing system. In this system, costs are tracked by individual jobs or projects. This information can then be used to calculate the labor and overhead costs for each job.

Job order costing is often used in manufacturing businesses, where it can be helpful to track the costs of individual products. However, this system can also be used in service-based businesses, such as accounting or law firms.

Assignment Brief 4: Complete job and process accounts.

There are a few key steps to completing job and process accounts. First, you’ll need to gather all of the relevant information for each account. This includes contact information, account balances, and any outstanding invoices or payments. Once you have this information, you can begin reconciling the accounts. This involves comparing the information you have with the records of the company or organization in question. If there are any discrepancies, you’ll need to investigate and resolve them. Finally, once everything is in order, you can close out the accounts and move on to the next ones.

Of course, every job and process will be different, so it’s important to be flexible and adaptable when completing accounting tasks. However, by following these general steps, you’ll be able to complete the job and process accounts accurately and efficiently.

Assignment brief 5: Analyse costs for cost volume profit purposes.

When analyzing the costs for cost volume profit (CVP) purposes, it is important to understand the different types of costs that are incurred. There are fixed costs, variable costs, and semi-variable costs.

Fixed costs remain constant notwithstanding the level of activity or business undertaking. Variable costs change in direct proportion to the level of activity or business undertaken while semi-variable costs are a combination of fixed and variable elements.

It is also necessary to ascertain the selling price and the unit sales volume to determine the contribution margin per unit and then derive gross margin and net income figures. Finally, break-even analysis can be conducted by ascertaining the point at which total revenue equals total cost.

CVP analysis is a useful tool for management in decision-making as it assists in understanding the relationships between costs, volumes, and profits. It can be used to formulate pricing strategies, make decisions about product mix, and also to decide whether to accept or reject special orders.

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