On successful completion of this module students will be able to:
Complete an online quiz demonstrating your knowledge of financial and management accounting [assesses learning outcome 1]. The quiz is located on the VLE.
[Assesses learning outcomes 1, 2, 3, 4, 5, & 6]
The written submission assesses all six learning outcomes.
The assessment has three main parts covering practical accounting questions, proposing and justifying a business case, and finally, a proposal for budgeting and costing.
(a) Medi-Plus a medical supplies & service company, has produced the following Trial Balance on the 31st December 2018:
|Salaries & Wages||635|
|Motor Vehicles-Fixed Assets||190|
|Long Term Bank Loan||3100|
|Equipment- Fixed Assets||1350|
|Cash at Bank||15|
|Land & Buildings-Fixed Assets||2400|
|Light & Heat||61|
Depreciation is to be provided as follows only using the current value listed
|Land & Buildings||2%|
The depreciable amount for the above items is considered to be the full amount.
(b) Vita Health WLL, a healthcare company run by the Hassan family, has recently been experiencing liquidity problems. The company has an overdraft of 50,000BD on the 31st of May 2019 and the bank has been pressing for a reduction in this overdraft over the next six months. The Hassan family is unwilling to raise finance through long-term borrowing.
The following projections for the six months ended 30th November 2019 will be as follows:
Sales and purchases
An outstanding dividend of 50,000BD will be paid out by the company in June 2019.
Critically evaluate a service area in your organization and identify an area for improvement. Once you have identified the area for improvement work through the Budget Impact Analysis steps for that improvement. Draft a costed Business Plan (Budget Impact Analysis) for submission to your Board providing suggested solutions to the issues outlined. Provide supporting backup for your proposal with relevant data and assumptions including the consideration of associated risks/benefits (both tangible and intangible). The Business Plan must be clearly tied to your organization’s corporate strategy.
|1.||Introduction that includes background information, context and||500 words|
|the case for change|
|2.||Clearly state the project scope and objectives||250 words|
|3.||Evaluate the risks and constraints associated with the change||250 words|
|4.||Provide a critical financial/budget impact analysis||250 words|
|5.||Evaluate the impact analysis on the service area||500 words|
|6.||Critically reflect on how the change will meet your organization’s||250 words|
Budgeting & Costing: How they are used to inform decision making
Prepare a paper for the executive board of your organization on budgeting and its importance in setting good financial policy. Review your organization’s approach to the budgeting process and financial control and critically evaluate the organization’s approach to budgeting. In your answer you will need to:
|Introduction – introduce your organization and the contents of the||200 words|
|paper. Provide a critical evaluation of the importance of budgeting|
|Critically evaluate your organization’s approach to budgeting||200 words|
|Critically analyze the budgets used||200 words|
|Critically evaluate the method of budgetary control used||200 words|
|Outline two areas for improvement and justify these changes to your||400 words|
|executive board with reference to the literature.|
Provide one presentation (maximum 10 minutes) presenting your costed Business Plan (Budget Impact Analysis) (5 mins) and the budgeting areas for improvement (5 mins) to the Board of your organization [assesses learning outcomes 3, 5, and 6]. Please see the VLE for the PowerPoint template and instructions for using Loom to record and share the presentation.