Master Writing Service: KMGT 712 Managing Financial Resources

Week 1 Assessments

By Day 1 (Thursday), submit the Academic Integrity Declaration.

By Day 1 (Thursday), submit your Personal Introduction to the Collaboration Forum.

By Day 3 (Saturday), submit your Key Concept Exercise Part A to Turnitin.

By Day 4 (Sunday), submit your Key Concept Exercise Part B to Turnitin and to the Collaboration Forum.

By Day 7 (Wednesday), post 3–5 responses to your fellow students in the Collaboration Forum.

Key Concept Exercise: Accounting and finance for non-specialists

Accounting is a dynamic discipline which has changed considerably over time. It will continue to evolve, especially as business becomes increasingly global in nature.

This trend towards globalisation is raising issues such as the international nature of cross-border transactions, accountability of organisations and (national) regulatory authorities, and to which countries organisations owe their tax liabilities. Thus, the international harmonisation of accounting practices is also an area that is the subject of a great deal of topical debate.

When preparing accounting and finance information, it is of paramount importance to identify the user groups (stakeholders) and the type of accounting and finance statements that need to be prepared, plus the different roles of financial accounting, management accounting and financial management, in terms of their use to business.

Alternative user groups (other stakeholders) and their varying needs are discussed further in your text (Atrill and McLaney, 2017). In some cases, however, the owners of organisations may not want other parties to know more than the minimum that they have to divulge about what is happening within their organisation. One of the issues that we shall consider in Week 3 is how best to interpret accounting information that is publicly available and the potential problems faced when undertaking this type of analysis.

Meeting alternative users’ (other stakeholders’) needs can be a difficult task for accountants. As your text explains, information needs to be provided in a timely fashion, and technological advances have made real-time information a viable option in some circumstances. The information should also be relevant to the users’ needs, which means that management accounting and financial management information is often produced using very different rules from those that apply in the financial accounting arena.

Reference:

Atrill, P. & McLaney, E. (2017) Accounting and finance for non-specialists. 10th Ed. Harlow, UK: Pearson Publishing.

To prepare for this Key Concept Exercise:

Read the Required Learning Resources for Week 1.

Consider the different roles of financial accounting, management accounting and financial management in terms of their use to business.

Consider the role that accounting and finance play in your organisation (or one you may be familiar with).

Consider the difference in how stakeholders and alternative stakeholders use accounting and finance information.

Consider ways accounting and finance information can add to the value chain of an organisation.

To complete this Key Concept Exercise:

Note that Part A is due Day 3 (Saturday) and part B is due Day 4 (Sunday).

By Day 3 (Saturday)

Key Concept Exercise Part A

1. Complete the following table by putting a tick in the appropriate box:

	Non-current asset	Non-current liability	Current asset	Current liability
A tax bill due to the Revenue Authorities by the business in 6 months’ time				P
Amounts owed to a business by its customers (debtors or receivables)			P
A bank loan made to the business and repayable in 20 years’ time		P
Stocks of finished goods (inventories)			P
A freehold factory owned by the business	P
The bank overdraft of the business				P

2. Reorganise the following into a simple statement of financial position

	£
Amounts owed by a business to its suppliers	65,000
Lorry/Truck (net book value)	12,000
Freehold factory	250,000
10-year bank loan	45,000
Amount owed to the business by its customers	16,000
Bank balance (overdrawn)	40,000
Owner’s equity (capital introduced plus retained profits)	??? To calculate
Stocks of unsold goods (inventories)	10,000

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Key Concept Exercise Part B

In an approximately 500-word response, address the following issues/questions:

The international accounting profession has lost its way and is no longer serving the needs of different users of accounting information in a manner which is appropriate and meaningful for the global business environment of today.

Do you agree or disagree?

Identify the different user groups who require accounting information and explain how this information is provided for them.

Discuss how the status of the accounting profession, both in your country and internationally, has been impacted by financial scandals in the recent past and describe what measures have been taken to counterbalance the impact of these.

Do you think that the measures have been successful?

Be sure to read over your Key Concept Exercise before submitting it to your Instructor. Make sure the spelling and grammar are correct and the language, citing and referencing you use when providing your opinion are appropriate for academic writing.

This assignment is not graded, but you will receive feedback from your Instructor to help you improve your work. Please take advantage of this opportunity to learn from your Instructor’s feedback – give the assignment your full effort and ask for clarification on any feedback you do not understand.

To submit your Key Concept Exercise Part A to Turnitin, click on the "View/Complete" link for Week 1 Key Concept Exercise Part A -- Turnitin.

To submit your Key Concept Exercise Part B to Turnitin, click on the "View/Complete" link for Week 1 Key Concept Exercise Part B -- Turnitin.

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Week 2 Assessments

By Day 3 (Saturday), submit your Key Concept Exercise Part A to Turnitin.

By Day 4 (Sunday), submit your Key Concept Exercise Part B to Turnitin and to the Collaboration Forum.

By Day 7 (Wednesday), post 3–5 responses to your fellow students in the Collaboration Forum.

Key Concept Exercise: Interpreting financial statements

You have already identified the importance of accounting information for both internal and external use in an organisation. The purpose of this week is to appreciate the importance of communication of the financial performance and position of an organisation, both from a numerical viewpoint and also from a critical perspective.

It is important to have an awareness of the numerical aspects of financial information in order to appreciate the critical perspectives of why certain concepts and principles are followed in the preparation of financial accounting information.

To prepare for this Key Concept Exercise:

Read the Required Learning Resources for Week 2.

Consider the purpose of the income statement.

To complete this Key Concept Exercise:

Note that Part A is due Day 3 (Saturday) and part B is due Day 4 (Sunday).

By Day 3 (Saturday)

Key Concept Exercise Part A

Answer the following questions:

· An organisation owes £300,000 tax at 1.7.X4 and £450,000 at 30.6.X5. Its income statement for the year to 30.6.X5 includes a tax charge of £400,000. How much tax was actually paid in the year to 30.6.X5?

· An organisation buys a tangible non-current asset for £200,000. It has an estimated scrap value of £20,000 and an expected useful economic life of 10 years.

· What depreciation will be shown in the income statement for year 3?

· How would the non-current asset be shown in the statement of financial position at the end of year 3?

· If the asset is sold for £120,000 in year 4, how will this affect:

· the income statement for year 4?

· the statement of financial position at the end of year 4?

· How will the sale of the tangible non-current asset affect the firm’s statement of cash flows?

Be sure to demonstrate your numerical workings.

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By Day 4 (Sunday)

Key Concept Exercise Part B

The income statement and the statement of cash flows, in addition to the statement of financial position, are the three financial statements that organisations cannot do without. The statement of cash flows was the last one to be instituted but is now regarded as a necessity in the accounting field.

The following exercise takes a closer look at the statement of cash flows and allows time for your thoughts and consideration of its role.

In formulating your Key Concept Exercise, consider the following questions:

What type of information does the statement of cash flows provide investors?

How do changes in liquidity affect an organisation?

In an approximately 500-word response, address the following issues/questions:

Cash is the lifeblood of any business, and without it survival is very unlikely.

Do you agree or disagree?

Explain what information a statement of cash flows provides to supplement a statement of financial position and an income statement.

Why is there still some controversy surrounding published statements of cash flows?

How important are such statements in terms of the financial reporting requirements within YOUR country?

Base your answer upon your reading, further research and your own experiences.

To submit your Key Concept Exercise Part A to Turnitin, click on the "View/Complete" link for Week 2 Key Concept Exercise Part A -- Turnitin.

To submit your Key Concept Exercise Part B to Turnitin, click on the "View/Complete" link for Week 2 Key Concept Exercise Part B -- Turnitin.

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Week 3 Assessments

By Day 4 (Sunday), submit your Key Concept Exercise to Turnitin and to the Collaboration Forum.

By Day 7 (Wednesday), post 3–5 responses to your fellow students in the Collaboration Forum.

By Day 7 (Wednesday), submit your Individual Case Study Assignment to Turnitin.

Key Concept Exercise: Financial analysis

A perplexing issue, particularly for many human resource management and marketing professionals, is the absence of a valuation in the traditional financial statements relating to human capital and other internally generated intangible assets, such as brands.

Often these value drivers of an organisation form a critical key success factor. Goodwill does appear in many financial statements and this includes intangible assets acquired by another organisation, which are often subject to large impairments losses.

However, this raises questions about the sustainability and volatility relating to goodwill valuations. It is against this background that accountants have decided to be cautious in respect of recognising intangible assets in the financial statements.

To prepare for this Key Concept Exercise:

Read the Required Learning Resources for Week 3.

Consider the controversy of whether human capital should be included in the financial statements.

Consider how human capital could be defined and quantified in financial statements.

In formulating your Key Concept Exercise, consider the following questions:

How do you define human capital?

What is the importance of human capital?

What are the reasons to measure or not measure human capital?

To complete this Key Concept Exercise:

By Day 4 (Sunday)

In an approximately 500-word response, address the following issues/questions:

With the rise of the ‘knowledge economy’, the traditional valuation of an enterprise as consisting solely of measurable assets, such as buildings, equipment and inventory, is increasingly being questioned. Human capital, although widely recognised as an important component of an enterprise’s total value, does not appear on a statement of financial position (balance sheet).

· Discuss whether or not you believe human capital should be included in the financial statements.

· Identify how you are defining human capital.

· What are some of the difficulties that may be encountered in attempting to quantify and record this (these) asset(s)?

· If recorded, would such values remain constant or be subject to change?

By Day 4 (Sunday) submit your Key Concept Exercise to Turnitin and to the Collaboration Forum.

To submit your Key Concept Exercise to Turnitin, click on the "View/Complete" link for Week 3 Key Concept Exercise-- Turnitin.

Collaboration: Financial analysis

You will continue this week’s discussion from your initial Key Concept Exercise submission by reflecting on your fellow students’ submissions.

You will be providing some critical depth of comment supported by quality academic references that discuss both the practical and theoretical aspects of intangible assets and other aspects as you see relevant.

To prepare for this Collaboration:

Review the Required Learning Resources and your Key Concept Exercise from Week 3.

Consider the role and value of human capital in an organisation.

To complete this Collaboration:

By Day 4 (Sunday)

Post your Key Concept Exercise from Week 3 to the Collaboration Forum.

By Day 7 (Wednesday)

Post 3–5 responses to your fellow students in one or more of the following ways:

Asking insightful questions about the role and value of human capital in an organisation

Supporting others’ views or providing an alternative perspective on whether human capital should be assessed and reported in financial statements

Discussing an example related to the issue of reporting human capital in financial statements

Offering examples of human capital being measured in an organisation

Extending the discussion into new but relevant areas regarding quantifying human capital

Ensure that you spread your collaboration posts across at least 3 separate days of each week. This will help maximise the value of your collaboration with classmates and serve to meet the learning objectives for each activity.

Your collaborative participation will be assessed in three segments. Following the completion of Week 3, you will receive summative feedback and an initial grade based upon your participation in Weeks 1–3.

To access the Collaboration Forum, click on the "Week 3 Collaboration Forum" link.

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Individual Case Study Assignment 1: Cash flow forecasts and projected financial statements

For the following Individual Case Study Assignment, you assume the role of someone who has been asked to provide a business report for a group of friends who have invested in an organisation, Fashion Clothing. They had heard you are taking a finance module and have asked for your advice.

The scenario

A group of friends have formed a new business called Fashion Clothing, an online and mail-order clothing business, in which they have invested £200,000 of their own capital.

They intend to manufacture and sell quality clothes. They have set up the business and are selling direct to the final consumer, using a combination of aggressive marketing across a range of different media and also with the use of an automated website that accepts online orders.

To support this, they also have a department of telephone sales and support staff ready to help customers. The sales staff work in teams and receive a basic salary plus commission for each successful sale. By the start of July 20X5, they have spent £150,000 on tangible non-current assets, and they currently have the remaining £50,000 in their business bank account.

They provide you with the following forecasted figures for their first 6 months of trading:

	£
Sales for the next 6 months	1,350,000
Cost of the materials used up in sales	390,000
Labour costs for the 6 months	480,000
Other expenses for the 6 months, including marketing costs and £15,000 depreciation of tangible non-current assets	345,000
Materials purchased during the 6 months	520,000

Their projected cash receipts and payments are estimated to be as follows:

Month (20X5)	Sales Receipts	Payments for Materials	Labour and Other Expenses
	£	£	£
July	150,000	120,000	These payments are divided equally over each of the 6 months.
August	120,000	100,000
September	150,000	60,000
October	210,000	60,000
November	260,000	60,000
December	285,000	60,000
Totals	1,175,000	460,000

In addition to the above, they expect to have to pay a tax bill of £20,000 in December 20X5 and also plan to buy (and pay for) £30,000 additional tangible non-current assets in that same month. All transactions will go through their business bank account.

To complete this Individual Case Study Assignment:

By Wednesday (Day 7)

Provide a Business Report (1,000 words for the main body of the report) for the friends who have invested in Fashion Clothing, commenting on the business’ prospects and including the following five financial statements:

An opening statement of financial position at the start of July 20X5.

A monthly cash flow forecast, showing the bank balance at the end of each of the 6 months and indicating what level of overdraft facilities the friends need to negotiate with their bank manager. Explain what additional expense they should take into account as a result of needing this financial assistance (overdraft).

A projected income statement for the first 6 months of trading.

A projected statement of financial position for Fashion Clothing at the end of its first 6 months of operations.

A projected statement of cash flows for the first 6 months of trading and using the indirect method.

Since none of the investors have a background in accounting and finance, you should also explain what each of these statements means as a part of your report.

Keep the following in mind:

Using a spreadsheet may help you to produce your cash flow forecast. Remember here that £150,000 of the initial £200,000 has already been spent. Hence, your opening bank balance should be £50,000. Your closing bank balance should be included in your statement of financial position as at 31.12.20X5.

Think carefully about the £15,000 depreciation charge when working out your monthly cash outflows for labour and other expenses.

Also think carefully about the figures for closing stocks (inventories), creditors (payables) and debtors (receivables).

Please remember that your qualitative analysis and explanation of your five statements are just as important as the calculations themselves. These, together with your presentation of a professional report, will contribute towards your grade for this assignment.

Please be sure to re-visit the Key Concept Overviews for Weeks 1 and 2, as well as Week 3. These should serve as a reminder of the accruals concept, plus the difference between a cash flow forecast and a statement of cash flows. They also include detailed numerical examples that should assist with your calculations for your financial statements.

Ideally a business report should be produced with a suitable structure and quality of discussion around the following key areas:

Executive summary

Table of contents

List of figures

Introduction

Main financial findings.

2.1 Summary of the first 6 months business operations

2.2 Financial accounting statements

Analysis

3.1 Initial analysis in context of the three financial statements.

3.2 Investigations to increase efficiency

Conclusion

References

ANNEX I: Statement of financial position Fashion Clothing – 01.07.20X5 and 31.12.20X5

ANNEX II: Income statement Fashion Clothing – 6 months to 31.12.20X5

ANNEX III: Statement of cash flows Fashion Clothing – 6 months to 31.12.20X5

ANNEX IV: Projected cash flow forecast for the first 6 months of trading

By Day 7 (Wednesday)

Submit your Individual Case Study Assignment to the Turnitin link provided.

Be sure to read over your Individual Case Study Assignment before submitting it to your Instructor. Make sure the spelling and grammar are correct and the language, citing and referencing you use when providing your opinion are appropriate for academic writing.

To submit your Individual Case Study Assignment to Turnitin, click on the "View/Complete" link for Week 3 Individual Case Study Assignment 1 – Turnitin

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Week 4 Assessments

By Day 3 (Saturday), submit your Key Concept Exercise Part A to Turnitin.

By Day 4 (Sunday), submit your Key Concept Exercise Part B to Turnitin and to the Collaboration Forum.

By Day 7 (Wednesday), post 3–5 responses to your fellow students in the Collaboration Forum.

By Day 7 (Wednesday), submit your Personal Development Portfolio to Turnitin.

Key Concept Exercise: Fundamentals of management accounting

You have already explored the key differences between management accounting and financial accounting and now you have the opportunity to apply some quantitative and qualitative aspects of what you have studied, utilizing the principles of cost-volume-profit (CVP) analysis.

To prepare for this Key Concept Exercise:

Read the Required Learning Resources for Week 4.

Consider the difference between managerial accounting and financial accounting.

Consider the manager’s role of analysing and interpreting financial information to help achieve the organisation’s goals.

To complete this Key Concept Exercise:

Note that Part A is due Day 3 (Saturday) and part B is due Day 4 (Sunday).

By Day 3 (Saturday)

Key Concept Exercise Part A

Answer the following questions:

The launch of a new product is under consideration. Its unit variable costs will be £30 and it is estimated that incremental fixed costs of £250,000 will be incurred if production is commenced. Forecast sales are 50,000 units. At what level of price for the new product will the organisation break even? If the actual planned selling price is £48 per unit, what will be the organisation’s margin of safety?

The following information is about two organisations, A and B.

	Organisation A	Organisation B
	£	£
Fixed costs	60,000	12,000
Variable costs per unit	0.20	0.50
Unit selling price	0.60	0.60
Expected sales levels (units)	160,000	160,000

· Which firm has higher operating gearing?

· What is the expected net income of both firms?

· What would expected net income be for both firms if sales were a) 140,000 units and b) 180,000 units?

· Which firm is facing more risk in terms of its current sales predictions?

Be sure to demonstrate your numerical workings.

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Key Concept Exercise Part B

A friend has asked you for some advice: ‘My small business now makes a profit; I am only too aware of this, as I now face a big tax bill each year, when my tax accountant has prepared my annual accounts. However, I don't feel much better off personally, so this is not quite what I had expected when I took the risk of resigning my job and setting up my own firm. The accountant is now trying to persuade me to pay her even higher fees, by letting her prepare monthly “management accounts” for me. She says that I would also benefit from something called CVP analysis on my various product lines. I know that you are now doing an MSc. What does she mean here, and is this likely to be worth my paying her for?’

In formulating your Key Concept Exercise, consider the following questions:

What is the difference between financial reporting and management accounting?

What are the benefits and potential problems associated with cost-volume-profit (CVP) analysis?

What advice would you give your friend?

In an approximately 500-word response, address the following issues/questions:

· Outline the difference between financial reporting and management accounting information and explain the benefits and potential problems associated with cost-volume-profit (CVP) analysis.

· How might the technique that you have discussed assist your friend in the effective management of his business resources?

· What advice would you give your friend?

Base your answer on research, your readings and your own experiences. Please cite all references.

To submit your Key Concept Exercise Part A to Turnitin, click on the "View/Complete" link for Week 4 Key Concept Exercise Part A -- Turnitin.

To submit your Key Concept Exercise Part B to Turnitin, click on the "View/Complete" link for Week 4 Key Concept Exercise Part B -- Turnitin.

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Personal Development Portfolio: Reflection

Your PDP will allow you to critically reflect on your personal and professional development goals.

To prepare for this PDP Assignment:

Read the Required Learning Resources for Week 4.

To complete this PDP Assignment:

By Day 7 (Wednesday)

Write a critically reflective paper (500 words) on the following:

Your prior and current knowledge, plus experience of the module's key concepts and themes, including those you have identified as particular areas of interest

Your previous personal biases and assumptions about key module topics, plus how these might now have changed

Your current practice related to key module topics

Potential areas for your personal development and strategies to continue this growth (this could include your work or future studies)

By Day 7 (Wednesday) submit your PDP to Turnitin.

This assignment is not graded, but you will receive feedback from your Instructor to help you improve your work. Please take advantage of this opportunity to learn from your Instructor’s feedback. Give the assignment your full effort and ask for clarification on any feedback you do not understand.

To submit your PDP to Turnitin, click on the "View/Complete" link for Week 4 Personal Development Portfolio -- Turnitin - FF

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Week 5 Assessments

By Day 4 (Sunday), submit your Key Concept Exercise to Turnitin and to the Collaboration Forum.

By Day 7 (Wednesday), post 3–5 responses to your fellow students in the Collaboration Forum.

By Day 7 (Wednesday), submit your Individual Case Study Assignment to Turnitin.

Key Concept Exercise: Budgeting and financing the organisation

This week’s Key Concept Exercise is intended to get you thinking about the use of budgeting in an organisation. There are many different types of budgets.

This week, you will consider different budgeting approaches such as flexible, zero-based and rolling budgets in organisations.

To prepare for this Key Concept Exercise:

Read the Required Learning Resources for Week 5.

Consider the value of budgeting for an organisation.

Consider the different budgeting approaches.

Consider the behavioural aspects of budgeting.

In formulating your Key Concept Exercise, consider the following questions:

Consider different budgeting approaches in an organisation.

Consider how the budgeting approaches may differ among various organisations, such as a Fortune 500 company, a small business or a non-profit.

What are the characteristics of a budgeting system among the various organisations?

What are some of the ethical issues related to budgeting and the successful implementation of a budget?

To complete this Key Concept Exercise:

By Day 4 (Sunday)

In an approximately 500-word response, address the following issues/questions:

‘I don’t need a budget; I run my own business so it’s all in my head. Bothering with a budget would just be a waste of time and money!’

· Do you agree or disagree with this point of view?

· Discuss the value of budgeting for organisations of all sizes and types in terms of effective resource management.

· Explain what characteristics of a budgeting system are most likely to contribute towards its successful implementation and how a lack of these might result in ethical problems.

By Day 4 (Sunday) submit your Key Concept Exercise to Turnitin and to the Collaboration Forum.

To submit your Key Concept Exercise to Turnitin, click on the "View/Complete" link for Week 5 Key Concept Exercise-- Turnitin.

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Individual Case Study Assignment 2: Budgets and variances

For this Individual Case Study Assignment, you will provide possible explanations for the variances that you have calculated and suggestions as to how the company might try to improve its cost control.

Orchid Ltd. is a small furniture manufacturer. It was established as a family-owned business 30 years ago and prides itself on high-quality products.

Most of its products are made to order as a result of direct orders from internet-based sales. Typically the company has been profitable, operating at the top end of the market; recently, however, costs appear to have been increasing and the company has also seen a decline in its sales.

The workforce is highly skilled and recently several of the experienced craftspeople who make the products have retired, and the company has had problems recruiting, training and retaining suitably skilled employees.

One of its products, a table, has the following standard costs:

	£
Direct materials (8m @ £30/m)	240.00
Direct labour (10 hours @ £25/hr)	250.00
Fixed overheads	160.00
	650.00
Selling price	950.00
Standard profit margin	300.00

The table is made from solid oak and the above materials reflect the size of the table in square metres. The labour required to make the table is highly skilled.

The monthly production and sales are planned to be 800 units. The actual results for March were as follows:

		£
Sales revenue		753,300
Less
	Direct materials	(192,500)	(7,000m)
	Direct labour	(221,000)	(8500 hours)
	Fixed overheads	(130,000)
Operating profit		209,800

There were no opening or closing stocks. The company manufactured and sold 810 tables; this is more than budgeted due to a successful marketing campaign.

To complete this Individual Case Study Assignment:

By Day 7 (Wednesday)

Parts 1 and 2 should be submitted as an operating statement, as per your Key Concept Overview, and within the business report as required for part 3.

· Calculate the flexed and actual budget.

· Calculate the following variances:

· Sales variances; volume and price

· Direct material variances; usage and price

· Direct labour variances; efficiency and rate

· Fixed overhead variance; spending

· Present the above information as a part of a business report, providing possible explanations for the variances that you have calculated and suggestions as to how the company might try to improve its cost control.

This Individual Case Study Assignment should be around 1,000 words for the main body of your business report.

By Day 7 (Wednesday) submit your Individual Case Study Assignment to the Turnitin link provided.

To submit your Individual Case Study Assignment to Turnitin, click on the "View/Complete" link for Week 5 Individual Case Study Assignment 2 – Turnitin

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Week 6 Assessments

By Day 3 (Saturday), submit your Key Concept Exercise Part A to Turnitin.

By Day 4 (Sunday), submit your Key Concept Exercise Part B to Turnitin and to the Collaboration Forum.

By Day 7 (Wednesday), post 3–5 responses to your fellow students in the Collaboration Forum.

Key Concept Exercise: Capital budgeting

This week you will consider the usefulness of the different types of investment appraisal techniques and you also have the opportunity to perform some introductory calculations to confirm your appreciation of the underlying concepts behind each method.

Many organisations use multiple investment appraisal techniques in order to evaluate whether an investment should be undertaken.

It is also equally important to consider the qualitative aspects of an investment in addition to the quantitative aspects. For example, many qualitative aspects including ethical and environmental considerations can affect the viability of any investment decision and can influence the outcome of the same.

To prepare for this Key Concept Exercise:

Read the Required Learning Resources for Week 6.

To complete this Key Concept Exercise:

Note that Part A is due Day 3 (Saturday) and part B is due Day 4 (Sunday).

By Day 3 (Saturday)

Key Concept Exercise Part A

For the following exercise, complete the calculations below. Evaluate different capital investment appraisal techniques by completing the calculations shown below:

Bongo Ltd. is considering the selection of one of two mutually exclusive projects. Both would involve purchasing machinery with an estimated useful life of 5 years.

Project 1 would generate annual cash flows (receipts less payments) of £200,000; the machinery would cost £556,000 with a scrap value of £56,000.

Project 2 would generate cash flows of £500,000 per annum; the machinery would cost £1,616,000 with a scrap value of £301,000.

Bongo uses straight-line depreciation. Its cost of capital is 15% per annum.

Assume that all cash flows arise on the anniversaries of the initial outlay, that there are no price changes over the project lives, and that accepting either project will have no impact on working capital requirements.

Assess the choice using the following methods by completing the calculations shown below:

ARR

NPV

IRR

Payback period

Calculate the missing answers:

	Project 1	Project 2
ARR (see workings)	33%	???
NPV (£’000)	???	210
IRR	25%	???
Payback Period (yrs)	???	3.2

ARR workings (Project 1)

Cash flows	200
Less: depreciation (see below)	100
Accounting profits	100

These profits are the same each year in this question.

Annual depreciation (Cost – SV) / 5

(556,000 – 56,000) / 5

100

Average NBV of investments

(556 + 56) /2	306
ARR	33%

Be sure to demonstrate your workings.

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Key Concept Exercise Part B

In formulating your Key Concept Exercise, consider the following question:

What are some of the alternative methods of investment appraisal?

In an approximately 500-word response, address the following issues/questions:

Many businesses around the world still fail because their capital investment decisions are based upon a calculation on the back of an envelope and do not take any of the correct factors into account. Even larger businesses often get this wrong. This is a true sign of poor resource management.

· Do you agree or disagree?

· Discuss the alternative methods of investment appraisal and describe the limitations of these to help justify your arguments.

· How do you think that capital budgeting decisions should ideally be made by different types of organisations?

To submit your Key Concept Exercise Part A to Turnitin, click on the "View/Complete" link for Week 6 Key Concept Exercise Part A -- Turnitin.

To submit your Key Concept Exercise Part B to Turnitin, click on the "View/Complete" link for Week 6 Key Concept Exercise Part B -- Turnitin.

By Day 4 (Sunday)

Post your Key Concept Exercise Part B from Week 6 to the Collaboration Forum.

By Day 7 (Wednesday)

Post 3–5 responses to your fellow students in one or more of the following ways:

Asking insightful questions

Supporting others’ views or providing an alternative perspective on the different capital investment appraisal techniques

Discussing an example related to different capital investment appraisal techniques

Offering examples of sensitivity analysis within the context of capital budgeting decisions

Extending the discussion into new but relevant areas regarding financial management

To access the Collaboration Forum, click on the "Week 6 Collaboration Forum" link.

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Week 7 Assessments

By Day 4 (Sunday), submit your Key Concept Exercise to Turnitin and to the Collaboration Forum.

By Day 7 (Wednesday), post 3–5 responses to your fellow students in the Collaboration Forum.

By Day 7 (Wednesday), submit your Individual Case Study Assignment to Turnitin.

Key Concept Exercise: Working capital management

There is an cost associated with holding inventories or stocks. Just-in-time techniques can provide cost efficiencies in terms of a reduction in holding inventories.

To prepare for this Key Concept Exercise:

Read the Required Learning Resources for Week 7.

In formulating your Key Concept Exercise, consider the following questions:

What are the benefits of just-in-time (JIT) techniques?

What types of organisations use JIT techniques?

Should things change if they are running smoothly?

To complete this Key Concept Exercise:

By Day 4 (Sunday)

In an approximately 500-word response, address the following issues/questions:

‘Things that are running smoothly should not be subject to any control. If you commit yourself to just finding and fixing problems, you'll be able to carry out effective control (within an organisation) with fewer personnel’ (Minoura, 2003).

Discuss what the above statement means and whether you agree with it.

Describe how an organisation that you have experience of, or have researched, has benefitted from just-in-time (JIT) techniques and with special reference to inventory control.

Also discuss whether the potential benefits—and drawbacks—of such JIT techniques are limited to large manufacturing businesses or whether they have wider applications for other organisations.

Base your answer on research, your readings and your own experiences. Please cite all references.

Reference: Minoura, T. (2003) The Toyota production system. Available from: http://media.lexus.co.uk/wp-content/files_mf/1323862732essenceTPS.pdf (Accessed: 9th November 2016).

By Day 4 (Sunday) submit your Key Concept Exercise to Turnitin and to the Collaboration Forum.

To submit your Key Concept Exercise to Turnitin, click on the "View/Complete" link for Week 7 Key Concept Exercise-- Turnitin.

Collaboration: Working capital management

This week’s Collaboration will enable you to engage with your colleagues in a further exploration of the important ideas and issues you studied in your Key Concept Exercise.

To prepare for this Collaboration:

Review the Required Learning Resources and your Key Concept Exercise from Week 7.

To complete this Collaboration:

By Day 4 (Sunday)

Post your Key Concept Exercise from Week 7 to the Collaboration Forum.

By Day 7 (Wednesday)

Post 3–5 responses to your fellow students in one or more of the following ways:

Asking a thoughtful question about their post

Offering contributions based upon your prior experience

Extending the discussion into new but relevant areas

Modelling or promoting critical reflection from what you have read

Clarifying the subject matter being discussed

At the end of the module, you will receive further summative feedback and a third grade based upon your participation in Weeks 6–8.

To access the Collaboration Forum, click on the "Week 7 Collaboration Forum" link.

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Individual Case Study Assignment 3: Working capital management and capital budgeting

For your third Individual Case Study, you provide a business report for BLC Ltd, a medium-sized UK manufacturing company.

To prepare for this Individual Case Study Assignment:

Read the Required Learning Resources for Week 7.

To complete this Individual Case Study Assignment:

By Day 7 (Wednesday)

This Individual Case Study Assignment should be around 1,000 words in total and should be submitted in the form of a business report (approximately 500 words for each part).

Individual Case Study Assignment Part A

BLC Ltd. is a medium-sized UK manufacturing company based in Liverpool.

The company is seeking to expand its operations with the establishment of an office block to house the marketing and human resources staff in Manchester. The company has narrowed the choice to two alternatives with the following net cash flow information being available:

Year	Property 1	Property 2
	£000s	£000s
0	(2,500)	(2,750)
1	1,000	900
2	500	700
3	600	800
4	1,000	600
5	900	700

Items to keep in mind:

The company’s current cost of capital is 10%.

For this assignment, ignore taxation.

Required

As the company accountant is currently on holiday, you are required to:

By calculating net present value, internal rate of return and payback, advise the company which option they should take.

Critically evaluate the other qualitative factors that might be taken into account in this decision.

Individual Case Study Assignment Part B

BLC Ltd. has revenue of £500 million and sells all of its goods on credit to a variety of different wholesale customers. At the moment the company offers a standard credit period of 30 days. However, 70% of its customers (by revenue) take an average of 70 days to pay, while the other 30% of customers (by revenue) pay within 30 days. The company is considering offering a 2% discount for payment within 30 days and estimates that 80% of customers (by revenue) will take up this offer (including those that already pay within 30 days).

The Managing Director has asked the credit controller if the cost of this new policy would be worth offering. The company has a £80 million overdraft facility that it regularly uses to the full limit due to the lateness of payment and the cost of this overdraft facility is 15% per annum.

The credit controller also estimates that bad debt level of 2% of revenue would be halved to 1% of revenue as a result of this new policy.

Required

Calculate the approximate equivalent annual percentage cost of a discount of 2%, which reduces the time taken by credit customers to pay from 70 days to 30 days.

Calculate the value of trade receivables under the existing scheme and the proposed scheme at the year-end.

Evaluate the benefits and costs of the scheme and explain with reasons whether the company should go ahead and offer the discount. You should also consider other factors in this decision. (Hint: You need to work out the cost of the discount compared to the interest on the overdraft saved and bad debt reduction.)

By Day 7 (Wednesday)

Submit your Individual Case Study Assignment to the Turnitin link provided.

To submit your Individual Case Study Assignment to Turnitin, click on the "View/Complete" link for Week 7 Individual Case Study Assignment 3 – Turnitin

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Week 8 Assessments

By Day 4 (Sunday), submit your Key Concept Exercise to Turnitin and to the Collaboration Forum.

By Day 7 (Wednesday), post 3–5 responses to your fellow students in the Collaboration Forum.

By Day 7 (Wednesday), submit your Personal Development Portfolio reflection to Turnitin.

By Day 7 (Wednesday), submit your UoL Satisfaction Survey.

Key Concept Exercise: Balanced scorecard

The balanced scorecard’s (BSC) four focus areas are financial, customer, process, and learning and growth. The scorecard incorporates measures derived from an organisation’s strategy. Although retaining financial measures of past performance, the balanced scorecard also introduces the drivers of future financial performance.

For this Key Concept Exercise, you critically examine the balanced scorecard.

To prepare for this Key Concept Exercise:

Read the Required Learning Resources for Week 8.

In formulating your Key Concept Exercise, consider the following questions:

What are the advantages of using the balanced scorecard?

What are the critical areas that should be considered in its implementation?

Should the balanced scorecard be used across different organisations?

To complete this Key Concept Exercise:

By Day 4 (Sunday)

In an approximately 500-word response, address the following issues/questions:

· Critically evaluate the advantages of using the BSC approach to performance measurement and identify critical areas in terms of implementation of the BSC.

· Should public sector or not-for-profit organisations develop a BSC?

Use examples to illustrate your points as well as suitable academic references.

By Day 4 (Sunday) submit your Key Concept Exercise to Turnitin and to the Collaboration Forum.

To submit your Key Concept Exercise to Turnitin, click on the "View/Complete" link for Week 8 Key Concept Exercise-- Turnitin.

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Personal Development Portfolio: Final reflections

This week’s Personal Development Portfolio will enable you to engage with your colleagues in reflecting on what you have learned in this module and its potential for advancing your career.

To prepare for this PDP Assignment:

Build upon the material from your Week 4 reflective paper. In doing so, please reflect upon the feedback from your Week 4 PDP. Below are questions/issues that you may again like to further reflect upon:

· What links have you now identified between accounting and finance and effective strategic decision making?

· Further discuss those areas of financial and management accounting, plus financial management, that have most resonated with you.

· How do you see the concepts that you have studied applying to your professional experience, plus your personal finances?

· What steps might you now take to aid you in the transition of applying the coursework to your workplace?

· How can you link what you have studied in Managing Financial Resources with what you took away from your previous modules?

· What ethical and cultural issues have you considered important in this module and how have they impacted upon your views of global business?

· Do you feel that you have improved your ‘key skills’ (report writing, time management, etc.) as a result of your experiences with this module?

To complete this PDP Assignment:

By Day 7 (Wednesday)

Submit your reflection (1,500–2,000 words) to Turnitin.

To submit your PDP to Turnitin, click on the "View/Complete" link for Week 8 Personal Development Portfolio -- Turnitin.

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