SOLUTION: Management Accounting | My Assignment Tutor

Page 1 of 10APPENDIX GA36b LEVEL 5 ASSESSMENT SPECIFICATION Programme:BA Business ManagementModule:Management AccountingModule code:LCBB5002Contribution toOverall ModuleAssessment (%):70%Lecturer:Winifred SoribeInternal Verifier:Widin Sha’venAssignment Title:Assignment 2 – ReportWord count (orequivalent):2500Submissiondeadline:To be announced by theAssessment teamPlease refer to the assessmentsschedule published onStudents’ Hall in MoodleReturn date ofprovisional marks& written feedback:After the ExamBoardSubmissionmethod:All written assessments, where practical and possible, must be submitted viaTurnitin unless otherwise instructed by the Lecturer. (Please DO NOT put thisassessment specification into Turnitin or it will match many similarities withother students’ submissions.)Alternative submission method (if applicable):Late submission of the assessment will result in a late penalty mark.Penalties for late submission: Up to one week late, maximum mark of 40%.Over one week late, 0%. Only the Extenuating Circumstances Panel mayapprove a change to submission dates.Academichonesty /referencing:Academic honesty is required. In the main body of your submission you mustgive credit to authors on whose research and ideas your work is based. Appendto your submission a reference list that indicates the books, articles, etc. thatyou have used, cited or quoted in order to complete this assessment. Page 2 of 10 Module Learning Outcomes(from module syllabus) Prepare control reports which show original, flexed and actual budgets Calculate key variances. Evaluate decisions using relevant costing Demonstrate decision making abilities under risk. TASK DESCRIPTION Amana Ltd is a family-owned tourist business located in England which sells souvenirs to tourists. They have severallocations in tourist hotspots across England namely Brighton, London bridge, Westminster bridge, Buckingham Palace,Birmingham city centre and Manchester city centre. Souvenirs are produced by a Chinese manufacturer specificallyaccording to designs made by the Amana team.They have been operating a successful business for 40 years and have come to understand the dynamic nature of thetourism industry. Recently, the Covid-19 pandemic broke out in England leading the government to impose restrictionson movement and travel which severely impacted the tourism industry. Amana’s revenue took a big hit in April 2020 astourists could not travel for the Easter holidays, sales picked up slightly in the summer of 2020; however, the prolongedlock down between December 2020 and February 2021 depleted any additional revenue that had been made in thesummer.In the past, Amana ltd has only traded within physical stores with a functioning website serving as a channel formarketing their business. Mr Amana, the owner of the business has hired you as a manager and provided a cost breakdown of their products. Original budget (£)Actual (£)Units100,00080000Selling price2520Variable costs:Materials2.50280,000Labour4440,000Overhead1.50120,000Contribution171,160,000Fixed overheads:Warehouse rental200,000170,000Insurance100,000100,000Fulltime warehouse supervisor salary50,00035,000 *Figures are based on average estimates incurred in producing a mix of souvenirs.Required:(i) Prepare the monthly control report showing original budget, flexed budget, and variances. (25 marks)(ii) Using your control report prepared in (i) above, prepare a report on Amana’s performance during the year2020. (20 marks)(iii) Provide recommendations to Amana’s CEO on areas of improvement. (15 marks)(1500 words, TOTAL = 60 marks)Page 3 of 10PART BMr Amana has noticed that a lot of his competitors now sell online to customers in the UK, Europe and US. He has beenconsidering closing the Brighton, Birmingham city centre and Manchester city centre branches in order to streamlinethe business activities and move 50% of their sales online. Several factors have to be taken into consideration whenmaking this decision.i) Cost of setting up delivery network – £150,000ii) Cost of upgrading current website to handle large volume of sales – £50,000iii) Salary of a fulltime IT programmer – £35,000 per annumiv) Based on market research, there would be guaranteed sales of 100,000 units annuallyThe business also has the alternative of selling their products directly on Amazon and would have to take the followingfactors into consideration when making this decision.i) Amazon fulfilment fees – £50,000ii) High levels of competition between Amana souvenirs and other sellers on these platforms – Guaranteed sales of65,000 units on Amazon annually with the potential to increase depending on demand.iii) Lack of control over pricing and return policy.Required:In your report, provide an analysis of Mr Amana’s decision to go online and advise if they should set up their own onlineshop or sell on Amazon. You should take into consideration all the relevant costs. (1000 words, TOTAL = 40 marks)ALL QUESTIONS SHOULD BE ATTEMPTEDPage 4 of 10 GUIDANCE FOR STUDENTS IN THE COMPLETION OFTASKS NOTE: The guidance offered below is linked to the five generic assessment criteria overleaf.1. Engagement with Literature SkillsYour work must be informed and supported by scholarly material that is relevant to and focused on the task(s)set. You should provide evidence that you have accessed an appropriate range of sources, which may beacademic, governmental and industrial; these sources may include academic journal articles, textbooks,current news articles, organisational documents, and websites. You should consider the credibility of yoursources; academic journals are normally highly credible sources while websites require carefulconsideration/selection and should be used sparingly. Any sources you use should be current and up-todate, mostly published within the last five years or so, though seminal/important works in the field may beolder. You must provide evidence of your research/own reading throughout your work, using a suitablereferencing system, including in-text citations in the main body of your work and a reference list at the end ofyour work.Guidance specific to this assessment: Specific to this assignment: At least 12 references need to be cited2. Knowledge and Understanding SkillsAt level 5, you should be able to demonstrate: sound knowledge and critical understanding of the wellestablished concepts and principles of the subject area and the way in which those principles havedeveloped; knowledge of the main methods of enquiry in the discipline. Knowledge relates to the facts,information and skills you have acquired through your learning. You demonstrate your understanding byinterpreting the meaning of the facts and information (knowledge). This means that you need to select andinclude in your work the concepts, techniques, models, theories, etc. appropriate to the task(s) set. Youshould be able to explain the theories, concepts, etc. meaningfully to show your understanding. Yourmark/grade will also depend upon the extent to which you demonstrate your knowledge and understanding.Guidance specific to this assessment: A thorough and detailed understanding budgeting and variance inassessing performance and decision making3. CalculationYour work must contain clear calculations using professional layout and headings where relevant. Directionsfor variances should be clearly indicated as either favourable or unfavourable.Guidance specific to this assessment: A control report should be prepared clearly showing theoriginal budget, flexed budget, actual budget and variances4. Practical SkillsAt level 5, you should be able to use/deploy a range of established techniques within the discipline, and applyunderlying concepts and principles outside the context in which they were first studied, including, whereappropriate, the application of those principles in an employment context. You should be able to demonstratehow the subject-related concepts and ideas relate to real world situations and/or a particular context. Howdo they work in practice? You will deploy models, methods, techniques, and/or theories, in that context, toassess current situations, perhaps to formulate plans or solutions to solve problems, or to create artefacts,some of which may be creative. This is likely to involve, for instance, the use of real world artefacts, examplesand cases, the application of a model within an organisation and/or benchmarking one theory or organisationagainst others based on stated criteria. You should show awareness of the limitations of concepts andtheories when applied in particular contexts.Guidance specific to this assessment: The practical application of budgeting, variances and relevantcosting in assessing business performance and decision making especially with reference to thecurrent global pandemic.Page 5 of 105. Transferable Skills for Life and Professional PracticeYour work must provide evidence of the qualities and transferable skills necessary for employment requiringthe exercise of personal responsibility and decision-making. This includes demonstrating: professionaldevelopment to advance existing skills and acquire new competences that will enable you to assumesignificant responsibility within organisations; that you can initiate and complete tasks and procedures,whether individually and/or collaboratively; that you can use appropriate media to effectively communicateinformation, arguments and analysis in a variety of forms to specialist and non-specialist audiences; fluencyof expression; clarity and effectiveness in presentation and organisation. Work should be coherent and wellstructured in presentation and organisation.Guidance specific to this assessment: A report is required, 2,500 words, with appropriate referencing andheadings.Page 6 of 10 STUDENT FEEDBACK FORM This section details the extent to which the assessment criteria are demonstrated by you, which in turn determines yourmark. The marks available for each category of skill are shown. Lecturers will use the space provided to comment onthe achievement of the task(s), including those areas in which you have performed well and areas that would benefitfrom development/improvement. Generic Assessment CriteriaMarksavailableMarksawarded1. Engagement with Literature Skills.15Extent of research and/or own reading, selection of credible sources, application of appropriatereferencing conventions2. Knowledge and Understanding Skills20Extent of knowledge and understanding of concepts and underlying principles associated withthe discipline.3. Calculations25Clarity and accuracy of calculations. Use of professional and well-structured layout.4. Practical Application Skills25Deployment of methods, materials, tools and techniques; application of concepts; formulation ofinnovative and creative solutions to solve problems.5. Transferable Skills for Life and Professional Practice15Attributes in professional practice: individual and collaborative working; deployment ofappropriate media; presentation and organisation. Assessment Mark (Assessment marks are subject to ratification at theExam Board. These comments and marks are to give feedback on module workand are for guidance only until they are confirmed. )Late Submission Penalties (tick ifappropriate)%Up to 1 week late (40% Max)Over 1 week late (0%) GENERIC ASSESSMENT CRITERIA Level 5In accordance with the Framework for Higher Education Qualifications, at the end of Level 5 students will be expected to have developed sound knowledgeand critical understanding of the well-established concepts and principles in their field of study, and of the way in which those principles have developed.They will have learned to apply those concepts and principles more widely outside the context in which they were first studied, including, where appropriate,the application of those principles in an employment context. They will have knowledge of the main methods of enquiry in the subject area, and ability toevaluate critically different approaches to problem solving. They will possess an understanding of the limits of their knowledge, and how this influences theiranalyses and interpretations. They will be able to use a range of established techniques to initiate and undertake critical analysis of information, and topropose solutions to problems arising from that analysis. They will be able to effectively communicate information, arguments and analysis in a variety offorms to specialist and non-specialist audiences, and deploy key techniques of the discipline effectively. They will be able to undertake further training,develop existing skills and acquire new competences that will enable them to assume significant responsibility within organisations. They will have thequalities and transferable skills necessary for employment requiring the exercise of personal responsibility and decision-making. Level 5FAILMARGINAL FAILSATISFACTORY(3rd / Pass)GOOD(2.2 / Pass)VERY GOOD(2.1 / Merit)EXCELLENT(1st / Distinction)EXCEPTIONAL(1st / Distinction)Category0-29%30-39%40-49%50-59%60-69%70-84%85-100%Engagementwith literature(includingreading,referencing,academicconventions andacademichonesty)Little or noevidence ofreading and/orreliance oninappropriatesources.Views andfindings mostlyunsupported andnonauthoritative.Referencingconventionsusedincoherently orlargely absent.Poorengagementwith essentialreading. Noevidence ofwider reading.Reliance oninappropriatesources, and/orindiscriminateuse of sources.Heavily relianton informationgained throughclass contact.Inconsistent andweak use ofreferencing.Engagementwith a limitedrange of mostlyrelevant andcredible sources.Some omissionsand minorerrors.Referencingconventionsevident thoughnot alwaysappliedaccurately orconsistently.Engagementwith anappropriaterange ofliterature,includingsourcesretrievedindependently.Some overreliance on texts.Referencing mayshow minorinaccuracies orinconsistencies.Engagementwith a widerange ofliterature,includingsourcesretrievedindependently.Selection ofrelevant andcredible sources.Very good use ofreferencing, withno/very fewinaccuracies orinconsistencies.Engagementwith anextensive rangeof relevant andcredibleliterature.Consistentlyaccurateapplication ofreferencing.Exceptionalengagementwith anextensive rangeof relevant andcredibleliterature. Highlevel referencingskillsconsistentlyapplied.Knowledgeandunderstanding(Soundknowledge andMajor gaps inknowledge withunsatisfactory,uncriticalunderstanding ofFragmentaryknowledge, withonly superficialcriticalunderstanding.Limited butadequateknowledge andcriticalunderstanding ofKnowledge isreasonablydetailed andaccurate. A goodcriticalKnowledge isreasonablyextensive.Exhibits verycompetentExcellent,detailedknowledge andhighly criticalunderstanding ofExceptionallydetailedknowledge andoutstandingcritical Level 5FAILMARGINAL FAILSATISFACTORY(3rd / Pass)GOOD(2.2 / Pass)VERY GOOD(2.1 / Merit)EXCELLENT(1st / Distinction)EXCEPTIONAL(1st / Distinction) Category0-29%30-39%40-49%50-59%60-69%70-84%85-100%criticalunderstanding ofthe wellestablishedconcepts andprinciples in theirfield of study;knowledge of themain methods ofenquiry in thediscipline.)the subjectmatter. Muchirrelevantmaterial.Substantialinaccuracies.Significantlyflawedunderstanding ofthe mainmethods ofenquiry in thediscipline.Some significantinaccuraciesand/or irrelevantmaterial.Incomplete orpartially flawedunderstanding ofthe mainmethods ofenquiry in thediscipline.the wellestablishedconcepts andprinciples withinthe subject area,with a few gapsin the selectionof material. Anarrow criticalunderstanding ofthe mainmethods ofenquiry.understanding ofthe wellestablishedconcepts andprinciples andthe mainmethods ofenquiry, withminor gaps inthe selection ofmaterial.criticalunderstanding ofthe wellestablishedconcepts andprinciples of thesubject and themain methods ofenquiry.Breadth anddepth ofknowledge.the wellestablishedconcepts andprinciples of thesubject and themain methods ofenquiry.understanding ofthe wellestablishedconcepts andprinciples of thesubject and themain methods ofenquiry. May gobeyondestablishedtheories.3. CalculationsClarity andaccuracy ofcalculations.Use ofprofessionaland wellstructuredlayout.Little or no attemptto presentcalculations.Incorrectcalculations for themost part. Poorlayout andstructureWeak attempt topresentcalculations.Incorrectcalculations for themost part. Weaklayout andstructure.Some attempt topresentcalculations.Correctcalculations for themost part.Satisfactory layoutand structure.A good attempt atthe calculations.Correctcalculations for themost part. Goodlayout andstructure.A very goodattempt at thecalculations.Correctcalculations for themost part. Verygood layout andstructure.An excellentattempt at thecalculations.Accuratecalculationsthroughout.Excellent layoutand structure.An exceptionalattempt at thecalculations.Accuratecalculationsthroughout.Exceptional layoutand structure.Practical skills(Apply underlyingconcepts andprinciples morewidely outside thecontext in whichthey were firststudied; use arange ofestablishedtechniques;propose solutionsto problemsarising fromanalysis.)Limited or nouse ofestablishedmethods,materials, toolsand/ortechniques.Little or noappreciation ofthe context ofthe application.Limitedunderstanding ofthe application oftheory topractice ormakingRudimentaryapplication ofestablishedmethods,materials, toolsand/ortechniques butwithoutconsiderationandcompetence.Flawedappreciation ofthe context ofthe application.Weakunderstanding ofthe application ofAn adequateawareness andmostlyappropriateapplication ofestablishedmethods,materials, toolsand/ortechniques.Basicappreciation ofthe context ofthe application.Theoreticalknowledge andunderstandingapplied inA good andappropriateapplication ofestablishedmethods,materials, toolsand/ortechniques.Clearappreciation ofthe context ofthe application.Mainlyconsistent,accurate andlogicalapplication oftheory toA very goodapplication of arange ofestablishedmethods,materials, toolsand/ortechniques.Very goodconsideration ofthe context ofthe application,with perceptiveinsights.Consistent,accurate andlogicalapplication ofAn advancedapplication of arange ofestablishedmethods,materials, toolsand/ortechniques.The context ofthe application iswell considered,and insightful.Consistent,accurate andlogicalapplication oftheory topractice, makingExceptionallevels ofapplication anddeploymentskills usingestablishedmethods,materials, toolsand/ortechniques.Consistent,accurate andlogicalapplication oftheory topractice, makinghighly developedlinks between Level 5FAILMARGINAL FAILSATISFACTORY(3rd / Pass)GOOD(2.2 / Pass)VERY GOOD(2.1 / Merit)EXCELLENT(1st / Distinction)EXCEPTIONAL(1st / Distinction) Category0-29%30-39%40-49%50-59%60-69%70-84%85-100%appropriate linksbetween the two.Very weakproblem-solvingskills outside thecontext in whichthey were firststudied.theory topractice, withonly occasionalevidence ofmakingappropriate linksbetween the two.Weak problemsolving skillsoutside thecontext in whichthey were firststudied.practice, but notalways makinglogical linksbetween the two.Can identifyproblems andpropose basicsolutions outsidethe context inwhich they werefirst studied.practice, makingappropriate linksbetween the two.Can identifyproblems andpropose mostlyappropriatesolutions outsidethe context inwhich they werefirst studied.theory topractice, makingappropriate linksbetween the two.Can identifyproblems andproposeappropriatesolutions outsidethe context inwhich they werefirst studied.Evidence ofsome creativity.well-developedlinks betweenthe two. Canidentify problemsand proposeexcellent,creativesolutions outsidethe context inwhich they werefirst studied.the two. Canidentify routineand non-routineproblems andpropose quitesophisticated,creativesolutions outsidethe context inwhich they werefirst studied.Transferableskills for lifeandprofessionalpractice(Effectivelycommunicate in avariety of formsto specialist andnon-specialistaudiences; thequalities andtransferable skillsnecessary foremploymentrequiring theexercise ofpersonalresponsibility anddecision-making.)Communicationmedium isinappropriate ormisapplied.Work is poorlystructured,disorganisedand/orconfusinglyexpressed. Veryweak use oflanguage and/orveryinappropriatestyle. Failure towork effectivelyas part of agroup. Little orno evidence ofthe skills foremploymentrequiring theexercise ofpersonalresponsibilityCommunicationmedium is poorlydesigned and/ornot suitable forthe audience.Work is poorlypresented in adisjointedmanner. It isloosely, and attimesincoherently,structured, withinformation andideas oftenpoorlyexpressed.Weak use oflanguage and/orinappropriatestyle. Flawedapproach togroup work,meeting onlypartialobligations toCancommunicate ina suitablemedium for theaudience butwith some roomfor improvement.Mostly orderedpresentation andstructure inwhich relevantideas / conceptsare reasonablyexpressed. Workmay lackcoherence inplaces. Canwork as part of agroup, meetingmost obligationsto others butperhaps withlimitedinvolvement ingroup activities.Cancommunicateeffectively in asuitable mediumfor the audience,but may haveminor errors.Mostly coherent,organised work,in a suitablestructure and isfor the most partclearlyexpressed. Canwork effectivelyindependentlyand/or as part ofa team, withclearcontribution togroup activities.Demonstratesthe skills foremploymentrequiring theexercise ofCancommunicatewell, confidentlyand consistentlyin a suitablemedium for theaudience.Work iscoherent, fluent,well-structuredand organised.Can work verywellautonomouslyand/or as part ofa team, with verygoodcontribution togroup activities.Demonstratesvery good skillsfor employmentrequiring theexercise ofpersonalresponsibilityCancommunicateprofessionallyconfidently andconsistently in asuitable mediumfor the audience.Work iscoherent, veryfluent and ispresentedproficiently. Canworkautonomouslywith initiative.Where relevantcan workprofessionallywithin a team,showingleadership skillsas appropriate,and meetingobligations.Demonstratesexcellent skillsCancommunicatewith anexceptionallyhigh level ofprofessionalism,highly suitablefor the audience.Work isexceptionallycoherent, veryfluent and ispresentedprofessionally.Can workexceptionallywell within ateam, showingleadership skills.Demonstratesexceptional skillsfor employmentrequiring theexercise ofpersonalresponsibility Level 5FAILMARGINAL FAILSATISFACTORY(3rd / Pass)GOOD(2.2 / Pass)VERY GOOD(2.1 / Merit)EXCELLENT(1st / Distinction)EXCEPTIONAL(1st / Distinction) Category0-29%30-39%40-49%50-59%60-69%70-84%85-100%and decisionmaking.others. Limitedevidence of theskills foremploymentrequiring theexercise ofpersonalresponsibilityand decisionmaking.Demonstratesthe basic skillsfor employmentrequiring theexercise ofpersonalresponsibilityand decisionmaking, withsome areas ofminor weakness.personalresponsibilityand decisionmaking, withsome areas ofstrength andsome of minorweakness.and decisionmaking, with justoccasional minorweakness.for employmentrequiring theexercise ofpersonalresponsibilityand decisionmaking and anappetite forfurtherdevelopment.and decisionmaking and anappetite forfurtherdevelopment. THIS DOCUMENT IS ALSO AVAILABLE IN WELSH