Question 1

You have accomplished a Management Accounting course at a master's level, which emphasises the application of knowledge. Using the Management Accounting course curriculum, critically analyse your learning in the course: What changed in your thinking as a Management Accounting student. Discuss what learning questions remain, propose ideas that can extend your learning and application of Management Accounting knowledge in your life. Question 2

Many management accounting and accounting-related professionals are skilled in accounting and financial analysis, but most are not skilled in manufacturing. This is especially the case for process manufacturing environments (for example, a bottling plant or chemical factory). To provide professional accounting and financial services, one must understand the industry, product, and processes. We have an ethical responsibility to develop this understanding before offering services to clients in these areas. Required: Discuss how you would obtain an understanding of key business processes of a company that hires you to provide financial services. Please specify an industry, a product, and one selected process. In tandem, draw on at least one reference, such as a professional journal or industry magazine.

Question 3

Both the budget process and budgets themselves can impact management actions, positively and negatively. For instance, a common practice among not-for-profit organizations and government agencies is for management to spend any amounts remaining in a budget at the end of the budget period, a practice often called "use it or lose it.'' The view is that if a department manager does not spend the budgeted amount, top management will reduce next year's budget by the amount not spent. To avoid losing budget vote(s), department managers often spend all budgeted amounts regardless of the value added to products or services. All of us pay for the costs associated with this budget system. Required Write a report to a local not-for-profit organization or government agency evaluating potential solutions to this budgeting problem.

Question 4

You are a management accountant for Time Treasures Company, whose company has recently signed an outsourcing agreement with Spotless, Inc., a janitorial service company. Spotless will provide all of Time Treasures' janitorial services, including sweeping floors, hauling trash, washing windows, stocking restrooms, and performing minor repairs. Time Treasures will be billed at an hourly rate based on the type of service performed. The work of common labourers (sweeping, hauling trash) is to be billed at $8 per hour. More skilled (repairs) and more dangerous work (washing outside windows on the 23rd floor) are to be billed at $18 per hour. Supervisory time is to be billed at $20 per hour. Spotless will submit monthly invoices, which will show the number and types of hours for which Time Treasures is being charged. The outsourcing contract is simple and straightforward. Required a) Discuss the internal control problems you foresee as a result of outsourcing the janitorial service with this contract? b) Provide recommendations to control risk after reviewing the contract.