Page 1 of 5 ICON COLLEGE OF TECHNOLOGY AND MANAGEMENTPearson BTEC HND in Business (RQF)Unit 5 Management AccountingScheme of WorkSession: September 2020This unit is aimed at achieving the following learning outcomes:LO1: Demonstrate an understanding of management accounting systemsLO2: Apply a range of management accounting techniques.LO3: Explain the use of planning tools used in management accountingLO4:…

Bailey plc commenced business on 1 March making one product only, the standard cost ofwhich is as follows:Thefixed production overhead figure has been calculated on the basis of a budgeted normaloutput of 36,000 units per annum. The actual fixed production overhead incurred in Marchand April was £15,000 each month.Selling, distribution and administration expenses are: Fixed£10,000…

1Lecture 1: Introduction of the UnitPrepared by: Dr Gilbert ZvobgoICTM Objectives of the Session: To introduce the Unit’s contentand the Unit assessment 1.You should begin by asking the students to introducethemselves and ask them to say (or write) their expectationsof the Unit. If written, let them read their expectations to theclass. 2. Online Ground Rules1…

24/02/20201LO2: Variance AnalysisDr Fidelis AkangaLearning outcomesBy the end of this unit Define and explain the purpose of standardcosts Discuss the usefulness of variances Calculate and interpret variances24/02/20202Recall Planning involves systematically looking at thefuture, so that decisions can be made today whichwill bring the company its desired results. Control can be defined as the process of…

MANAGEMENT ACCOUNTING SEMINAR 2EXERCISE 1M Ltd had the following material transactions during the first week in March. Quantity(units)Unit cost£Opening balance1st March102.00Receipts2nd March702.20Issues3rd March40Receipts4th March502.30Issues5th March70 Show the stores ledger card for the week using each of the following methods of material valuation:(a)FIFO(b)(c)LIFOWeighted average cost EXERCISE 2Kershaw Bookstore had 500 units on hand at January 1,…

24/02/20201LO4: Strategic ManagementAccounting: Balanced ScorecardDr Fidelis AkangaLearning outcomesBy the end of this unit Explain what strategic management is andhow it can be used to help a firm create acompetitive advantage. Explain what Balance Scorecard is and howit relates to organisations24/02/20202Strategic Management Accounting CIMA (2005) defines SMA as:“A form of management accounting in whichemphasis is placed…

24/02/20201LO1&2: Inventory ValuationMethodsDr Fidelis AkangaLearning outcomesBy the end of this unit Explain process Costing Calculate & explain the treatment of normaland abnormal losses Distinguish between first in, first out (FIFO),last in, last out (LIFO), and average costmethods of stores pricing24/02/20202Process Costing Costing method used company is involved in massproduction through a sequence of severalprocesses. Cost…

24/02/20201LO2&3: BudgetingDr Fidelis AkangaLearning outcomesBy the end of this unit Explain the purpose and nature of abudgeting system Explain how budgeting is used for planningand control Understand the different types of budgets Explain the benefits of budget Prepare different budgets and explain howthey lead to the master budget24/02/20202Definition and Role of Budgets A budget is…

Question 2: BreakevenA firm has the following income statement for a month.Sales: 3,000 units at £80/unit £240,000Less: Cost of Goods Sold.Variable Production Cost (180,000)Fixed Production Cost (19,800)Gross Margin 40,200Selling and Administrative ExpensesVariable Selling Cost (21,000)Fixed Selling Expenses (7,500)Net Profit £ 11,700Required:1. Find the firm’s breakeven output.2. If it wishes to have a monthly net income…

Biochemistry Lab Exercise 2, page 1/5 Student ID number:______________ Lab day/time: ______________ Overall mark: ( /20) Restriction Enzyme Exercise: Given the following information: Uncut lambda () DNA is 48,502 base pairs long.DNA is normally in a linear state before entering a host cell. However, on infection of a host cell theDNA circularises. To be able…