Question 1 only

This individual project is worth 60% of your final grade. The assignment is due on May 15th, 2020. Question 1 (30 Marks) The concept of budgeting has been a long established management accounting concept though some managers view budget preparation as a waste of time which could be used more productively. This position has been suggested by the beyond budgeting roundtable. Critically review the budgeting concepts and the views suggested by the beyond budgeting round table to present your views on the methods which should be adopted in the future. Question 2 (50 Marks) The East Division of K Company manufactures a component that is vital to the health care Industry. This Division has been experiencing some problems in coordinating activities between various departments which resulted in acute and embarrassing shortages in the industry in the past. The divisions Manager in an effort to avoid future shortages has decided to reinforce the decision to have monthly budgets prepared to aid in the production process. To assist in preparing the second Quarter's budgets, the Financial Controller has provided the following actual and budgeted information. January (actual) February (actual) March (actual) April (Budget) May (budget) Junc(budget) July (budget) August (budget) 6.000 10,000 14.000 20,000 35,000 50,000 45,000 30,000 Direct Material Two different materials are used in the production of the component. Data related to these materials are given below