100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
MAC3703 EXAM PACK 2022 $3.20
Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa
  4.  
  5. MAC3703 - Selected Accounting & Financial Management Techniques (MAC3703)

Exam (elaborations)

MAC3703 EXAM PACK 2022
 1 purchase
  • Module
  • MAC3703 - Selected Accounting & Financial Management Techniques (MAC3703)
  • Institution
  • University Of South Africa

MAC3703 EXAM PACK 2022. MAC3703 - Selected Accounting & Financial Management Techniques. Recommend strategies that the project manager could use to manage the different stakeholders’ expectations should conflict arise Should conflicts arise between stakeholders, this may be resolved by: S - ...

[Show more]

Preview 4 out of 423  pages

Document information

  • September 5, 2022
  • 423
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • mac3703
  • mac3703 exam pack 2022
  • mac3703 exam pack
  • mac3703 selected accounting amp financial management techniques
  • selected accounting amp financial management techniques

Written for

  • University of South Africa
  • MAC3703 - Selected Accounting & Financial Management Techniques (MAC3703)
All documents for this subject (12)

Seller

avatar-seller
STUDYLAB2023

Reviews received

Content preview

MAC3703 EXAM
PACK 2022

, Stuvia.com - The study-notes marketplace


MAC 3703


Question

Advantages of outsourcing

 It frees up time taken by existing staff on the contracted-out activities.
 It allows the company to take advantage of specialist expertise and equipment
rather than investing in these facilities itself and underutilising them.
 It frees up time spent supporting the contracted-out services by staff not directly
involved, for example supervisory staff, personnel staff.
 It may be cheaper once time savings and opportunity costs are taken into
account. √
 It is particularly appropriate when an organisation is attempting to expand in
time of uncertainty because it allows the use of facilities on a short-term
(readily-cancelled) basis which would only be otherwise available via relatively
long investments of a permanent employee and the training he or she.

Circumstances appropriate for partnering

 If significant input is required from specialist contractors or subcontractors.
 If there is a rapid expansion of a program of construction.
 If time is a critical factor.
 If projects are repetitive and based upon a set standard designs.
 If there is a particular construction problem which is best solved by a team of
experts

QUESTION
Briefly explain steps that you would take to implement value analysis
Steps to implement value analysis
 Step1. Select a product or service for study.
The product selected should be one which accounts for a high proportion of the
organisation’s costs, since the greatest cost savings should be obtainable from
high cost areas.
 Step 2. Obtain and record information
The questions to be asked include: what is the product or service supposed to
do? Does it succeed? Are there alternative ways of making or providing it?
 Step 3. Analysing the information and evaluate the service each aspect of the
product or service should now be analysed. Any cost reductions must be
achieved without the loss of use or esteem value.
 Step 4. Consider alternatives from the analysis, a variety of options can be
devised. This is the ‘new ideas stage of the study, an alternative option would
mix ideas for eliminating unnecessary part or features or standardising certain
components or features.
 Step 5. Selection of the least cost alternative the costs (and other aspects of value)
of each alternative should be compared.


PREPARED BY : MUNYA

Downloaded by: LuthandoPetros |
Distribution of this document is illegal

, Stuvia.com - The study-notes marketplace


MAC 3703


 Step 6. Recommendation the preferred alternative should then be recommended
to the decision makers for approval.
 Step 7. Implementation and follow-up once value analysis proposal is approved
and accepted, its implementation must be properly planned and co-ordinated.




QUESTION
Briefly explain the possible benefits and drawbacks of backflush accounting.

Benefits

 This costing system would discourage managers from producing unnecessarily
output for mere inventory piling since work-in-process does not add value until
the finished product is completed or sold
 In Backflush costing, the number of accounting entries required would
significantly be reduced. Likewise, the supporting vouchers, documents and
other things would also be reduced.
 Backflush costing is much simpler than any other methods since there is no
separate accounting for work-in-process.
 Lower inventory results lower payment of financial cost of inventories.
 Maintenance issues relating to material inventory relief huge workforce to work
on productive activities, thus saves money.

Drawbacks of backflush accounting

 Only in few cases this system can be applied only in few circumstances where
the production process is very short and the inventory level is negligible.
 Management not in a position to control
 This system creates no information for the management to monitor the
performance and control the activities. So you can say that this system runs
automatically and stop automatically and there is no interference is involved
from outside
 Backflush is unsuitable when manufacturing process is lengthy in nature. Again,
it may also be unsuitable when the bill of materials contains not only piece
commodities but also many parts with more or less variable use.

QUESTION

Recommend strategies that the project manager could use to manage the different
stakeholders’ expectations should conflict arise

Should conflicts arise between stakeholders, this may be resolved by:


PREPARED BY : MUNYA

Downloaded by: LuthandoPetros |
Distribution of this document is illegal

, Stuvia.com - The study-notes marketplace


MAC 3703


• Negotiation. The parties discuss the issue with the view to finding mutually
acceptable solutions.
• Mediation. A third party facilitates the negotiation process.
• Partnering. Creating communication links between project participants with the
intention of directing them to a common goal.
• Arbitration. A third party may be asked to intervene to impose a solution




QUESTION
DISCUSS THE REASONS FOR THE INCREASED TREND IN
ORGANISATIONS USING OUTSOURCE SUPPLIERS.
REASONS
 Improving company focus
 Gaining access to world class capabilities
 Freeing internal resources for other uses
 Streamlining or increasing efficiency for time consuming functions
 Maximizing use of external resources
 Saving costs
 Transferring risk
 Mitigating risk
 Realize the benefits of reengineering

BENEFITS OF OUTSOURCING
 Lead to reduction in costs
 Increased efficiency
 Focus on core business activities
 Access to skilled resources
 Faster and better services
 Improved quality
DISADVANTAGES OF OUTSOURCING
 Loss of confidentiality
 Losing management control of business
 Problems with quality can arise if the outsourcing provider doesn’t have proper
processes

PREPARED BY : MUNYA

Downloaded by: LuthandoPetros |


Distribution of this document is illegal

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller STUDYLAB2023. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $3.20. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

65040 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

CMY2603 EXAM PACK 2022

Lecture notes ·

(0)

Y2 Chapter 3 - Sequences

Exam (elaborations) ·

(1)

PLS2601 EXAM PACK

Exam (elaborations) ·

(0)

N4465 MOD 4 QUIZ

Exam (elaborations) ·

(3)

FAC1502 Exam Pack 2024

Summary ·

(4)

IB cell biology Topic 1

Interview ·

(1)

Hoofdstuk-3-Leren

$3.20  1x  sold
  • (0)
Add to cart
Added