Management Accounting Master Assignment Example | Topics and Well Written Essays - 2000 words

Management Accounting Master - Assignment Example The attached report is a proposal to introduce innovations in our management accounting techniques specifically with regard to Activity Based Budgeting related to Advanced Manufacturing Technology (AMT). The present techniques in place do not seem to be reflecting the changed industry dynamics and priorities. (Lucey, 1993) As discussed at the recent conference we are expecting to develop new products in the engineering cranes and automated fork lift equipment in the 'Premium' segment. These products are expected to be very popular with the automobile industries because of their versatility. Strong business contacts with both the above segment and a referral network are expected to help gain a rapid entry into the market. ABC plans to offer the automobile industries high quality engineering equipment at prices which are competitive relative to other premium quality suppliers in the market. The management of the company believes that the inclusion of precision controls within our products will better serve the needs of the automobile industry. (Garrison, 2003) Conventionally management accountants used forms of variance analysis in arriving at costs. Variance analysis compares the budgeted versus the actual costs of raw material during a manufacturing cycle. Variance can be calculated for both costs and revenue. When costs are allotted to material or labor a standard rate is the benchmark used to compare variances. The standard rate of material versus the actual material cost in the market determines the efficiency of a purchase or labor mechanism. The accepted product costing used volume based measures such as labor hours or labor dollar to allocate indirect costs. Traditional roles allocated to management accountants typically include:- Facilitating the preparation of financial reports Being a part of the strategy forming team Planning optimal resource use Planning and controlling business activity The management accountant is viewed as someone who oversees cost control through a strict regulation of unit prices and labor. (Hansen, 1997) In this context it should be stated that Cash is regarded as an asset that has the ability to generate opportunity cost. This because cash is the most liquid form of asset and these is available on a ready basis. Cash in hand, cash at bank are the most liquid form in terms of currency and checking. These can be enumerated as the instrument of short term

Bus 234 Quail P1 Essay Example | Topics and Well Written Essays - 250 words

Bus 234 Quail P1 - Essay Example All field agents have an educational background in environmental science while the accountant has an educational background in accounting. The mission of the business is to provide quality services in terms of advising clients on the best approach to designing and putting up infrastructure to allow minimization of environmental pollution in order to make the immediate surrounding healthier and friendlier. The business anticipates to add the number of clients through the field agents. The field agents interact with clients on site and may attract new clients from their code of conduct and interaction with existing clients on the ground. The company wishes to conduct a needs assessment to determine the necessity of training its field agents on the best strategies for winning prospective customers to utilize the business` services. As discussed in Altschuld and David (57), in order to determine the training needs, all the field agents were given questionnaires, which contained open-ended questions on a Likert scale. From the results obtained from the short survey, the field agents` rate of interaction with prospective clients is average since their interaction skills and convincing are also rated average. It is thus imperative for the Earthcare group to train its field agents on best skills and strategies of developing and sustaining good customer relationships in order to increase the customer base for Earthcare