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FNSACC507 Provide management accounting information: Assessment Task 1

Assessment Task 1: Written Questions 

Task summary 

  • This is an open book test.
  • Students need to answer all of the written questions correctly. 
  • All questions must be completed within 2 hours. 
  • Answers must be word processed and sent to your assessor as an email attachment. 

Required

  • Access to textbooks/other learning materials
  • Computer and Microsoft Office
  • Access to the internet

Timing

The assessor will advise you of the due date of this submission.

Write in the due date below as advised by your assessor:

Submit

  • Answers to all questions 

Assessment criteria

  • All questions must be answered correctly in order for a student to be assessed as having completed the task satisfactorily. 

Re-submission opportunities

Students will be provided feedback on their performance by their Assessor. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.  If any parts of the task are not satisfactorily completed your assessor will explain why and provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.  Students have the right to appeal the outcome of assessment decisions if they feel they have been dealt with unfairly or have other appropriate grounds for an appeal. Students are encouraged to consult with their assessor prior to attempting this task if they do not understand any part of this task or if they have any learning issues or needs that may hinder them when attempting any part of the assessment.

Assessment Task 1 Instructions

Provide answers to all of the questions below: 


  1. Describe the concept of cost behaviour. 
  2. Explain why it is important to understand cost behaviour.
  3. Describe two cost behaviour characteristics of fixed costs. 
  4. Describe two cost behaviour characteristics of variable costs.
  5. Describe the key principles of double entry book keeping. 
  6. Describe the key principles of accrual accounting. 
  7. Describe why costing systems are used
  8. Discuss the differences between financial accounting and cost accounting.
  9. Identify the four basic steps in accounting to determine process cost:
  10. What are Critical success factors (CSFs), and how do they define key management information requirements?
  11. Briefly explain the benefits of budgeting.
  12. Briefly explain the concept of a top down budget approach.
  13. Briefly explain the concept of a bottom up participative budget approach.
  14. List at least three principles that should be observed when developing budgets. 
  15. Describe the concept of variance analysis in management accounting.
  16. Provide two examples of commonly derived variances in variance analysis.
  17. Give two reasons why variance analysis may not be a useful tool.
  18. Explain the concept of horizontal analysis and give two reasons why this is useful. 
  19. Provide two examples of security processes that may be in place in an organisation in order to ensure data is adequately protected?


Answer

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