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Assignment of the Week: 2104AFE Budgeting Case Study Assessment Answer

2104AFE Budgeting Case Study Assessment Answer

Considering the vast scope of management accounting, studying this course helps student decipher a wide range of fundamental issues that govern the spectrum of management and accounting.

Our 2104AFE accounting assignment help experts have guided several students on prime concepts like costs, several decision-making techniques, cost behaviour, managerial planning and control, cost accumulation systems, variance analysis and preparing and regulating budgets.

For more than ten years, My Assignment Services has been helping students write accurate and comprehensive solutions for a variety of case studies that fall under this course. In this blog, we shall look at one of the most important and the recurrent case studies requested by students, which is the Mayson Company Case Study.

Make Sure You Are Aware of these Concepts Before Starting the Mayson Company Case Study

Before we proceed to show you our best approach to solve this case study, how about knowing about the concepts which our 2104AFE accounting assignment help experts use in this assignment for budgeting?

So, here is a list of those imperative concepts which are the pre-requisite for writing comprehensive solutions of Mayson Company Case Study.

  1. Cost behaviour
  2. Cost-volume-profit analysis
  3. Decision making
  4. Costing of product and service (process costing)
  5. Flexible budgeting
  6. Variable costing
  7. Overhead variances
  8. Direct cost variances
  9. Master budgeting
  10. Responsibility accounting

These are the major concepts that you need to be aware of if you wish to write comprehensive solutions for this management accounting case study. If you are unclear with any of these, you can simply turn to our 2104AFE accounting assignment help experts for guidance.

Now, let us move ahead and talk about the assessments that you will have to complete under this course in detail.

2104AFE Assessment Details

Summary of assesment

Homework tasks (10%)

Students enrolled in this course are given weekly homework questions. Among all of them, 5 weekly homework tasks in which you get the maximum would be selected and will contribute 10% to the overall grades. These homework tasks are designed for students to test their accounting skills.

Mid-semester exam (30%)

All the issues that are covered in tutorial 4 are tested in the mid-semester examination. This exam contributes 30% to the total marks for this course.

Assignment (10%)

This section is what we will be discussing later in the blog. Here, students are required to give solutions to the real-life problems that have been addressed in the case studies. So, the Mayson Company Case Study that we would discuss contributes 10% to the overall grades for this course.

Final examination (50%)

Final exams are centrally conducted and contribute 50% for this entire course. To complete this assessment successfully, you need to be aware of the first five concepts (as discussed) thoroughly. However, a decent knowledge of the rest of the concepts is also needed.

Now, let us proceed with the case study.

The Mayson Company Case Study

In the assignment task, you need to prepare a master budget of the scenario or the case given in the question file. As per our 2104AFE accounting assignment help experts, this budgeting task will elaborate upon all the activities that take place within each quarter as well as in the entire year.

First of all, the unit sales for each quarter in a year is tabulated, based upon which you are required to design a master budget for the company. Let us see what all details are given in this Mayson Company Case Study.

Certain scenarios will be given in the question file that will help you decide the budget for this management accounting case study. Let us discuss each of these in detail.

Part A

In the first section, students are introduced with a selling price per unit, which comprise of cash sales as well as credit sales. Also, figures for the doubtful debts and finished good inventory is also talked about in Part A.

In addition to this, the FIFO costing method is used by Mayson.

As per our 2104AFE accounting assignment help experts, the first-in, first-out (FIFO) method of inventory valuation seems to be perfect for this question.

Assignment Task

With the help of this method, the assumption is made on the purchase and selling of goods. Putting it simply, the goods that are purchased first are sold off first. This mitigates the hazards of inventory obsolescence.

Part B

Here in the second part, the concepts of direct labour have been introduced. Also, you get to know the cost of teakwood and marble for the past year as well.

Part B

This will help you in relating it with the wages of the labour, prices for one metre of teak wood as well as one slab of marble. Now, you will be able to prepare the master budget for the present and coming years easily.

Part C

In Part C, you will get the cost of 30% of the teak wood and marble that Mayson would be using in the next quarter.

Part C

Similarly, unit production of the marble and teak wood for the upcoming year will get clearer when you study part C properly.

Part D

As per our 2104AFE accounting assignment help experts, this part is considered to be the most important one for the master budget as this talks about an acquisition.

Based on the acquisition that has been given, the wages and salaries of the employees are decided and are paid to them on 15th and 30th of every month.

Part E

Here, fixed overhead totals for each quarter is given. From this figure, the depreciation figure is matched.

Part E

Once the depreciation figure comes as the half of fixed overhead totals, the fixed overhead rate for the next quarters is calculated. Our 2104AFE accounting assignment help experts calculate it by dividing the fixed overhead of the entire year by the total labour hours.

Have you got a decent idea about this budgeting assignment? If you haven’t, then don’t panic; this is just a brief of the solution, not the complete answer. If you wish to get assistance on the complete case study, then do submit the requirements to our team and we will get back to you with a well-furnished reference assignment solution of the Mayson Company Case Study.

Points To Remember While Solving the Mayson Company Case Study Assignment

Talking about this case study or any other case under management accounting, there are certain aspects that must be fulfilled in the solutions that you write for them.

Following are the points which our accounting assignment help experts keep in mind while drafting the reference assignment solutions for these case studies.

  1. The solution is written must depict your understanding about the flexible nature of management accounting and how it impacts any organisation.
  2. It must be able to demonstrate a study of a variety of costing systems and cost outputs that will help a student prepare and plan comprehensive budgets. With this, they will be able to regulate the operations within any organisation.
  3. The solutions must give an idea of how well you understand the concept of budgeting. Only when you have a thorough knowledge of budgeting, you will be able to design a master budget to support a plethora of cash budgets.
  4. You must include different accounting concepts, systems, and techniques so that you are able to justify the role of a manager in the future.
  5. A variety of problem-solving, analytical as well as interpretive skills must be applied to give solutions for a real-world situation. Then only, you will be able to convey the solutions to your audience effectively.

Fed-up of handling budgeting assignments on your own? Get expert help from us!

Just like we helped you understand this Mayson Company Case Study, similarly, our 2104AFE accounting assignment help experts have assisted a lot of students on several such kinds of case studies. Within a span of just ten years, My Assignment Services has reached the zenith of providing superior quality academic consultation services to students around the globe.

Not just this, we also offer numerous value-added benefits to students which contribute immensely in easing the task of writing praiseworthy assignments. To know more about them, get in touch with us today!

Author: Julia Martin

Julia Martin has been a teacher, private academic expert and has held the position of an accounting manager at a firm in Melbourne. She joined My Assignment Services as an accounting assignment writing expert and have grown since then to become one of the best accounting assignment experts in the assignment help industry. She has worked with students of several universities and has even aided students from Singapore, the United Kingdom, etc. with her expert consultation. She writes blogs for students to help them understand the accounting assignments’ concepts, principles and theories.

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