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Accounting for Management Control
and Decision Making
Thursday 27th October 2016
By 4pm on Friday 9th December 2016
Student office (Hard Copy) and
e-copy uploaded to Moodle.
INFORMATION AND INSTRUCTIONS ON THE PREPARATION AND SUBMISSION OF COURSEWORK ASSIGNMENT (extract from the Module Guide)
This is a project that students should do individually. It counts 60% of the final course grade. The project will be presented during a lecture in week 5, thus after having covered the related topics in the lectures.
Students should devote a minimum total of 20 hours to undertaking research/reading, drafting and finalising their Coursework Assignment.
Students must adhere to the minimum and maximum word limits for the Coursework Assignment which are:
2,000 (minimum) and 2,500 (maximum)
The word count includes everything in the body of the text (such as quotations, citations, footnotes and subheadings). It does not include the coursework title, bibliography, references, appendices or other supplementary material, which does not form an essential part of the text. For this assignment quotations and footnotes should be kept to a minimum and appendices should not be included. Students can expect their work to comprise 6-8 A4 pages. There is a +/-10%deviation tolerance in the words count. Examiners will be instructed to mark only up to that level. In such cases, given that any recommendations/ conclusions given at the end will not be marked, this can substantially impact the overall grade. Adhering to the word limit is therefore critical to success.
Format and Presentation:
Students should adhere to the instructions below.
The coursework assignment shall be word-processed
The file must be set up so that it can be printed on A4 paper.
The student’s name, login address, seminar number and seminar leader should appear on each page as part of the header.
All pages are to be numbered.
A plain, readable font should be used, Arial 11 is preferred.
A word count must be declared at the end of the Coursework Assignment and on the cover sheet.
Students should ensure that they make regular backups of their work so that, if computer problems are experienced, they will be able to complete and submit Summative Coursework Assignment by the deadline.
Students should keep a hard copy of their work in the event that an electronic file cannot be opened or becomes corrupted either before or after submission
Students can use books, lecture slides and notes to individually work on this assignment. They will also need a calculator.
The project comprises multiple sub-questions that students need to answer in their project output. The maximum marks allocated to each sub-questions is indicated in the text. Those weights will be used by examiners to assess the project output. A total of 100 is the highest achievable grade, while 40 is the lowest pass grade for this assignment.
To submit the project output, students have to download, fill out and attach the project cover sheet that will be posted in Moodle. This cover sheet contains a declaration that students need to sign. By doing this, students declare that the work being submitted is entirely the student’s own work and they give consent for its submission to a plagiarism detection service. The cover sheet must also include the student’s name, login address, seminar number and seminar leader. Submissions without a complete, signed cover sheet will not be accepted.
No extensions to this deadline will be given. This coursework contributes 60% to the overall assessment and is a compulsory component. If it is not received by the deadline it will not be marked and a mark of ZERO will be recorded.
This project is primarily a computational assessment. Students will receive a feedback sheet with the indication of the marks received in the different sub-questions.
CASE STUDY: Gary Harth
There are three parts to this coursework assignment. The assessment has significant quantitative and qualitative (narrative) content. As a guide, students should expect parts (a) and (c) of the assignment with accompanying notes, to comprise between 1 and 3 A4 pages and part (d) to (f) comprise between 2 and 5 A4 pages.
Gary Harth needs to calculate how much working capital he will need in his first year as a restaurateur. An accountant friend recommends he budget his first year`s cash flow from trading (the capital budget is being calculated separately). The Business will start on the 1st January 2017.
Gary’s restaurant is on the Margate sea front (click on the video link for a ‘tour’ http://www.bbc.co.uk/kent/content/panoramas/margate_sea_front_360.shtml His restaurant has room for 24 tables for two that can be arranged in groups of up to four tables per party. He expects that the venue will be open six days per week, Tuesday through to Sunday (6 days per week) inclusive. (Assume 24 working days a month for all 12 months). Gary ’s accountant friend suggests that he budgets to reach 75% capacity each day. The average income per table per day is expected to be £60. It is envisaged that 50% of the restaurant’s customers will pay by credit card, cash in respect of which will be paid four weeks later. The remainder will pay by cash.
The total cost of all ingredients is calculated to be £17 per table. All ingredients will be paid for two weeks following receipt.
Gary will manage the restaurant, taking bookings and greeting customers. Kitchen staff salaries will be £57,200 p.a.; waiting staff £13,728 and social security costs and benefits will add another £20,800. All staff costs will be paid in arrears on a monthly basis. Utilities (water, gas and electricity) are expected to cost £2600 a quarter; payable by direct debit in the first week of the following quarter. Rent and council tax charges will be £40,000 and £8,000 respectively, both of which are payable at the beginning of each quarter.
To bring the business to the attention of the public in the first place, Gary has agreed to spend £12,000 on advertising in the first week to cover the first six months’ worth of promotion, but then to pay only £1,000 a quarter thereafter.
(a)Prepare a budgeted profit and loss account for the year ended 31 December 2017.
(Maximum 200 words. Marks 10)
(b)Prepare a Budgeted Balance Sheet at the end of the first year of operation.
(c)Prepare a monthly trading cash budget for the first six months and quarterly for the 6 months to 31st December 2017.
(Maximum 300 words. Marks 15)
(d)Calculate and explain how much working cash you would recommend Gary to obtain. (You may need to do a weekly cash budget for the first months).
(Maximum 400 words. Marks 15)
(e)Analyse the business plan in terms of costs; volume; profit and in relation to its location and the demographics of the area.
(Maximum 500 words. Marks 20)
(f)Using a Business Report format explain to Gary how budgeting might aid in the achievement of his business goals. A template to answer this point is available to be downloaded in the course web site (Moodle).
(Maximum 800 words. Marks 30) Overall Assignment : Word count maximum 2,500 words for the whole coursework
(Total: 100 marks)