Case Study-AW608

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ACC3015 Case Study
 

You are a financial consultant for NN Limited and you are required to answer the following questions. You are expected to write an academic essay of up to 2,500 words addressing these questions. You are expected to explain your calculations using detailed notes, where applicable, and carry out academic research to develop your discussion (cite references).
 

Question 1.

Budgeting and Variance Analysis
Budgetary controls have been likened to a system of thermostatic control. Critically discuss this statement and show how the analogy is applicable/not applicable to budgetary control in an organisation.
 

Question 2.
 

Beyond budgeting
 

‘Traditional budgeting as an instrument of corporate management is increasingly seen as an obstacle to progress by managers. Typical statements are “too complex”, “takes too long”, “too inflexible, we cannot adapt quickly enough to the market”, “does not motivate you to set yourself ambitious targets”, or even “the budget is the bane of corporate America” (Jack Welsh, General Electric), and “the budget is a tool of repression” (Bob Lutz, Chrysler). But controllers also complain “a lot of effort, no-one is really interested in it”, “we mould the figures long enough until we are in agreement internally but that does not help us much on the market” – and the list goes on…’ Daum (2002).
 

Critically evaluate the paragraph above in the context of the budgeting process and recent developments ‘beyond budgeting’.

 

Question 3.

 
Investment Appraisal
 

(a) Your company has the option to invest in projects T and R but finance is only available to invest in one of them.
 

You are given the following projected data
 

Project T R
£ £
Initial Cost 70 000 60 000
Profits: Year 1 15 000 20 000
Year 2 18 000 25 000
Year 3 20 000 (50 000)
Year 4 32 000 10 000
Year 5 18 000 3 000
Year 6 2 000
 

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Defining Problem

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Notes
 

i. All cash flows take place at the end of the year apart from the original investment in the project which takes place at the beginning of the project.
ii. Project T machinery is to be disposed of at the end of year 5 with a scrap value of £10,000.
 

iii. Project R machinery is to be disposed of at the end of the year 3 with a nil scrap value and replaced with new project machinery that will cost £75,000
iv. The cost of this additional machinery has been deducted in arriving at the profit projections for R for year 3. It is projected that it will last for three years and has a nil scrap value.
v. The company’s policy is to depreciate its assets on a straight line basis.
vi. The discount rate to be used by the company is 14%.
 

Required

 

(a) Calculate for projects T and R and advise which project should be invested in, stating your reasons
 

i. Project Cash flows (3)
ii. Payback period (4)
Page 3 of 7

 

iii. Accounting Rate of Return (4)
iv. Net present value (4)
 

(b) Explain why Net Present Value is considered technically superior to Payback and Accounting Rate of Return as an investment appraisal technique even though the latter are said to be easier to understand by management. Use published work (journals and books) to critically discuss investment appraisal methods.

Additional Guidance
 
1. Attempt this as three separate tasks.
 
2. Report or memo format would be ideal to ensure presentation is formal and professional.
 
3. All calculations must be detailed and presented clearly.
 
4. Use of published work (citing references) within text is expected.
 
5. A full list of references should be presented at the end of the case study.
 
6. Please avoid the use of ‘I, We, Us’ in your case study. You are expected to write in third person.
 
7. Include the assignment front sheet and marking scheme which is attached to the assignment brief.
 
8. Good use of English, referencing, presentation will earn marks.
 
9. Submit online and on time, late submissions will not be accepted. http://www.northampton.ac.uk/staff/academic-and-curriculum-administration/umf-staff-handbook/part-1-the-framework-day-to-day/assessment
 
10.For extensions or deferral of assessment, please refer to the University policy on mitigating circumstances. http://tundra.northampton.ac.uk/results/searchresult.asp?Title=mitigating+circumstances&Description=&Author=&Department=&Date+Created=&Until+Date+Created=&Document+Type=&Perspectives=&submit=Search
 

Accounting and Finance Penalties
 

1. Word Count*: All assessments have a word count with a tolerance of 10% only. Submissions that exceed the word count will be penalised as follows-one grade point* for every 150 words or part thereof.
 
2. Missing References – penalty is three grade points minimum (see module guide for further details).
 
3. Front sheet missing-penalty one grade point.
 
4. Word count missing or inaccurate-penalty one grade point. *Word count-front sheet, contents page, references and any appendices do not count in the word count.
 

NB* The grade point refers to one grade movement. E.G. a one point penalty when the assessment grade is B+ will be downgraded to B. A two point penalty would down grade the assessment to B-, three points to C+
 

Accounting & Finance Front Sheet
 

NB. This sheet must be attached to any submission of Accounting & Finance field module coursework ONLINE.
No assignment will be accepted without it.
 

Checklist before submission
 

1. Have you read, understood and acted in accordance with the referencing guidelines set out in the appropriate Accounting & Finance Module Guide.
2. Where you have quoted directly from or where you have paraphrased the work of others, have you acknowledged and appropriately referenced the source of your quotation in the body of the text?
3. Have you placed all direct quotations in inverted commas?
4. Have you listed and correctly cited all your sources in your bibliography?
 

Declaration by the candidate named above
 

1. I confirm that this is my own work (or, in the case of a group assignment, the work of my group) and that, although I may have consulted others in the course of assembling material for the work, the finished article has been completed without help or participation of any other person (other than, in group assignments, other members of the same group).
2. The work contains no material drawn from unattributed sources.
 

Student Signature ________________________ Page 6 of 7

 

Marking Scheme
 

Attach this sheet as page 2 of your answer NAME Mark % Out of 100%
 

Question 1
 

Introduction
 

Definition, explanation, application of budgetary control.
Critical review of variance analysis. 15
 

Question 2
 

Introduction.
 

Critical evaluation of the current debate on budgeting for small to large organisations.
What is ‘beyond budgeting’?
Critical evaluation of ‘beyond budgeting’ and the emerging tools for organization planning and control.
Conclusion and recommendations. K
 
Question 3
 

Calculations
Introduction
Critical analysis of investment appraisal methods.
Discussion of the new/emerging tools for investment appraisal.
Conclusion
40
Presentation and Language 10
Citing and Referencing 5
Overall 100

 
product code: Case Study-AW608
 
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