This is a paper that focuses on the Life Symphony Enterprises accounting management context. The paper also provides the learning outcomes for this paper.
Life Symphony Enterprises accounting management context
Aim of the coursework:
The assessment has the following Learning Outcomes to be met:
1. Firstly, understand concepts, tools and techniques of management accounting in different contexts.
2. Secondly, evaluate, assess and apply traditional and contemporary costing systems in practice.
3. Thirdly, develop analytical and critical judgements to evaluate relevant and irrelevant information and contribute in planning, organising and decision making in managing organisational resources.
4. Fourthly, critically evaluate scope of management accounting in organisational contexts and explore alternatives to make optimal use of production resources.
a) Candidates are to make reasonable assumptions, especially when advices or recommendations would be provided. All assumptions should be clarified. It is candidates’ liability to ensure that their assumptions do not contradict any information provided/instructed in the coursework task.
Life Symphony Enterprises (LSE) produces health and beauty products with manufacturing and distribution facilities all over the UK. The company currently employs 1,000 employees with an annual turnover of £30m. Sally Mason is the Group Management Accountant of the firm and her primary role includes supporting other staff working in various divisions in making decisions on cost management; divisional performance evaluation and operational priorities. This week, she has received several queries from various offices. You, as a promising intern, has been appointed to assist her in various investigations.
In your interview for this position, you had demonstrated your knowledge in various management accounting issues, for instance, cost classifications, behavioural analysis, cost reporting under marginal and variable costing, traditional costing system, Activity-based costing system and variance analysis. Sally is really looking forward to working with you and on your fifth day in the job, she has handed you email trails, notes and conversation with her colleagues. You have arranged all materials in order and found the following: (Below attachment)