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BFA312 Management Accounting and Internal Control Section

Questions:

Question 1: Differences between management accounting and financial accounting
You are the financial controller of a large manufacturing organization and intend to approach the human resources (HR) manager seeking to create two new positions: a financial accountant and a management accountant.
Required:
1 Prepare a briefing document for the HR manager which explains the differences between these two roles.
2 Formulate (and answer) the five likely questions that you anticipate the HR manager will ask you about these two positions when you meet.
Question 2: Product cost classification: manufacturer
The following cost data for the current year relate to Heartstrings Pty Ltd, a greetings card manufacturer:
Service department costs1  $ 50 000
Direct labour: wages   242 500
Direct labour: on-costs     47 500
Indirect labour: on-costs     15 000
On-costs for production supervisor       4 500
Administrative costs                   75 000
Rental of office space for sales personnel2     7 500
Sales commissions       2 500
Product promotion costs       5 000
Direct material               1 050 000
Advertising expense      49 500
Depreciation on factory building        57 500
Cost of finished goods inventory at year end   57 500
Indirect labour: wages      70 000
Production supervisor's salary     22 500
Total overtime premiums paid     27 500
Cost of idle time: production employees3    20 000
Required:
Calculate each of the following costs for the year:
1 Total prime costs.
2 Total manufacturing overhead costs.
3 Total conversion costs.
4 Total product costs (for external reporting purposes).
5 Total period costs.
Question 3: Cost behavior; engineered cost; committed and discretionary costs: manufacturer
HappyDaze T-shirts manufactures and prints customised designs on T-shirts. Below is a list of some of their major costs.
(a) Cost of daily radio advertising on the local community radio station.
(b) Cost of the fabric used to make the T-shirts.
(c) Cost of the ink used in the designs.
(d) Salary of the managing director.
(e) Wages of the production employees who sew and print the T-shirts.
(f) Cost of movie tickets provided for the Employee of the Month award each month.
(g) Depreciation of the sewing machines, calculated on a units of production basis.
(h) Cost of electricity used in the factory building.
(i) Rent of the building.
(j) Wages of the staff who package the T-shirts.
(k) Cost of sewing machine maintenance.
(l) Cost of the new advertising sign at the front of the factory.
(m) Cost of the company car used by the managing director.
Required:
For each cost:
1 Indicate whether it is fixed or variable.
2 If the cost is variable, indicate whether it is an engineered cost. Explain why.
3 If the cost is fixed, indicate whether it is committed or discretionary. Explain why.

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