Managerial Control Systems - Assignment Example

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1. Identify and explain in your own words the three phases of the case study and their associated objectives (6 marks, up to 1 page). The first phase of the case study involves describing the present management accounting system, and the manner by which the firm’s effects on the environment are treated and reported…
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Download file to see previous pages The second phase is the identification of opportunities for revenues and costs that the existing system fails to report, and the specification of what changes must be adopted in the system in order to better highlight the opportunities, to make the business more profitable yet more environmentally sustainable. It requires establishing control by assigning responsibility centres and sub-centres, the drivers relevant in their cost assignment, and the setting up of records to duly report activities and allocation of corresponding costs. It also involves proper communication and consistency in applying these measures. The final phase is the trial and documentation of changes to discover how the changes will affect the results from those achieved under the current system. This trial and assessment seeks to determine whether the changes introduced leads to improved management decision-making. Included in the assessment is an evaluation of management tools introduced, how they enhance the relevance of the information delivered to managers, and the potential and opportunities created in enhancing the type, quality and accuracy of managers’ decisions that impact on the environment and the firm’s future profits. 2. ...
t generates the standard summary accounting information (chart of accounts, trial balance, the general ledger, and the income statement and balance sheet). There is no categorization or distinction among costs, all being reported together as overhead. These outputs are used to manually generate the pertinent spreadsheet leading to the more detailed income and expenditure statement and cash flow forecast, which have greater detail to support management decisions. Capital expenditures are distinguished as to capital works and capital replacements. Acquisition price form the sole criterion for deciding among projects, without taking into account the forecasted revenues/ benefits accruing therefrom. There is no system for monitoring costs after acquisition of either capital works or replacement; in the case of the latter, replacements depend upon user requests and not upon any systematic capital budgeting method. 3. Identify the environmental impacts associated with MLC’s operations and explain how the costs associated with the environmental impacts are treated and flow through MLC’s accounting system (6 marks, 1 page) According to the case study, there are four environmental impacts of MLC’s operations. These are energy usage, paper usage, water usage and waste management. Each of the costs associated with these impacts are coded directly into the firm’s expenses accounts. Expenses that go into energy, paper and water usage are assigned to the broad category of “administration and general” overhead expenses, while costs incurred for waste management are recorded under “caretaking and cleaning” overhead expenses. The costs are loosely allocated between “tuition” and “boarding”; the criterion for doing so is not specifically provided for, and is ...Download file to see next pagesRead More
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