I have questions for accounting

I have done the essay question and calculation all i want to do is to review and check it and if there a mistake I need you to solve it.

Arab Open University
B292: TMA –A
Fall Semester 2024-2025
Cut-Off Date: TBA
About TMA:
The TMA covers the management accounting concepts and practices in the businesses. It
is marked out of 100 and is worth 20% of the overall assessment component. It is intended to
assess students’ understanding of one of the important concepts in management accounting
which has emerged as an alternative to traditional costing methods. In recent years the nature
of industrial production has fundamentally altered as it became more capital intensive and based
on machine production, overheads tend to be more dominant and the international market
became highly competitive. This TMA requires you to apply the course concepts. The TMA
learning objectives are intended to:
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Enhance student ability to understand the analysis of cost-volume-profit relationship.
To emphasize the importance of cash budgets to the company.
Assess students’ understanding of key learning points within units 2, 3 & 4.
Increase the students’ knowledge about the reality of Managerial Accounting as a
profession.
Develop students’ communication skills, such as memo writing, essay writing, analysis
and presentation of material.
Develop the ability to understand and interact with the nature of managerial accounting
tools in reality.
The TMA requires you to:
1- Review various study sessions beside the supplementary materials.
2- Conduct a simple information search using the internet.
3- Present your findings in not more than 2,000 words ± 10%.
4- You should use Microsoft Office Word/excel and Times New Roman Font of 12 points.
5- You should read and follow the instructions below carefully. Each part of the process
will carry marks for the assignment.
B292-TMA
Fall 2024-2025
Criteria for Grade Distribution:
Content
Part A
Criteria
Marks
Part B
Computations
Analysis
35
65
Referencing
(to deduct)
(5)
Structure and
Presentation
of ideas
(to deduct)
(5)
Total
marks
100
Part A
Question 1 (10 Marks)
A the very common feature of an organization is in it having multiple divisions,
consisting of a head office and a number of separate operating divisions, a
distinction that is made within a corporate strategy, business unit strategy and
functional strategy.
Required:
A-Explain each of the corporate (3 marks) & business unit strategy (3 marks).
B-Explain the functional strategies by referring to each of the production,
financial, marketing and human resource functions. (4 marks; 1 mark for each
function)
Question 2 (25 Marks)
Toyota Company was a pioneer in adopting & implementing the production
control system known as the Just-In –Time system.
Required
A- Discuss the concept of the Just-In –Time system (4 marks)
B- What are the prerequisites or requirements for a successful implementation
of (JIT)? (5 marks)
C- Identify at least 3 advantages and 3 drawbacks of the (JIT) (6 marks)
D- Explain how the JIT system benefited Toyota (5 marks)
E- Explain how a fast-food restaurant can apply and benefit from a JIT system.
(5 marks)
B292-TMA
Fall 2024-2025
Part B
Question 1 (40 Marks)
Donald needs to prepare a cash budget for December 2023. The cash balance at
the beginning of December is $12,000. The actual sales for October and
November and expected sales for December are:
Information
October ($)
November ($)
December ($)
Cash Sales
13,000
10,500
14,800
Sales on Account
40,000
60,000
80,000
Total Sales
53,000
70,500
98,800
Sales on account are collected over a three-month period in the following ratio:
10% in the month of sale,
70% in the month following sale
18% in the second month following sale
2% remaining are uncollectible.
Additional information includes:
(a) Purchases of inventory will total $40,000 for December; 20% will be paid for
in December. Accounts payable from November’s inventory purchases is
$22,000, all of which will be paid in December.
(b) Selling and administrative expenses are budgeted at $26,000 for December;
of which $ 8,000 is for depreciation.
(c) Equipment costing $10,000 will be purchased for cash during December, and
other miscellaneous cash expenses of $2,000 will be paid during December.
Required
Prepare the cash collections for the month of December AND a Cash Budget for
December. Show ALL workings clearly (40 marks)
B292-TMA
Fall 2024-2025
Question 2 (25 Marks)
Kamal has a grocery store that was constructed at a cost of $8,000 several years
ago. He decided to use the store to sell necessary groceries and some household
items in his spare time. The store will be depreciated over a 20-year life. In order
to prepare his store, Kamal needs to build some shelves and has determined that
each shelf will require $60 in material. He will hire some local workers to do most
of the work and pay them $70 for each completed shelf. He will rent tools at a
cost of $400 per month. Kamal has drawn money out of his savings account in
the bank to provide the capital needed to get the operation going. The savings
were earning interest at 6 percent annually. The Skylimit advertising agency will
handle advertising at a cost of $200 per month. Kamal will hire students to sell
his goods and pay a commission of $40 per board.
Required:
From the foregoing information/above text, identify all the examples you can of
the following types of costs (a single item may be identified as more than
one type of cost): Note: Students must identify and quantify the items in
their respective cost category.
Cost Item
Your Answer
Variable cost
Fixed cost
Selling or administrative cost
Product cost
Manufacturing overhead
Sunk cost
Opportunity cost
Differential cost (between the
alternatives of selling or not
selling the stores’ goods)
End of TMA
B292-TMA
Fall 2024-2025