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Financial Control in Management Control Systems
Financial Control in Management Control Systems
Introduction
How the use of standard costing is quite valuable in pricing and budgeting and how the standard costing installation is a desirable vehicle for accomplishing the objectives of a progressive management.
Standard costing technique is the most efficient means of establishing desirable results for a given company. This method uses all the efficient methods available to evaluate, analyze and interpret a given set of results. Setting prices for given products or goods in a given company is the most overwhelming step that a company can take. A standardized method that considers all the dynamics necessary for this can actually calculate and stipulate on a fair price plan that is efficient for both the consumers and producers (Darcy, 84). Standard costing system takes all these into the broader perspective of going to the extreme end of analyzing all the necessary steps and outlines that should be taken into consideration when coming up with a definitive price plan.
A strategic upfront company that adopts the standard costing pricing technique can be assured of maximum returns to their profit influx. This can be realized if a professional expert that has mastered all the necessary execution techniques of undertaking this. The cost of the input or the raw materials being used should be considered when using the standard costing system. This provides a clear cutline of how the intermediary and final product quantity, quality, as well as price, should be fixed appropriate (Lipin & Knecht, n.p.)
Standard costing technique is a prolific tool when setting up a budgeting plan for a given company. This tool encompasses all the dynamics necessary for effective budget plan. This tool takes into consideration the wider perspective of allocating and establishing a solid ground of an enforceable budgetary plan. Standard costing technique is a reliable tool for any given company that yearns for qualitative profit plan.
Standard costing installation is another technique that the frontline companies should adopt. This technique uses a broad scope that works hand on hand with the management of a given company in realizing the set objectives of the company. Most professionals who specialize in management practices usually uses this technique when setting up their prices and installing them for it to be practical in nature. Standard coating installation technique provides a ground where the management can focus on monitoring and evaluation of the given goals and objectives of the company. Through this, the management is able to determine the cumulative progress of the company towards achieving the set goals that are given (Eroğlu, 76). Standard costing installation technique is one of the best methods that multinationals companies use for their price appraisals and budgetary plans. This is critical to their success due to the strict outlines and measures that should be adhered to the later.
Standard costing installation technique is being appraised by plenty of company management frameworks across the globe; this is due to its practicability and enforceability that works to achieve desired results that are critical to a company success. This tool provides a wider spectrum of checking in detail the cumulative progress of a given company and how this progress can be maintained until the desired objectives are achieved (Nedyalkova, 208). This technique is efficient if only the strict outlines and measures that are provided are followed to the later.
The analysis of the actual and the standard cost in the case given above: STANDARD BUDGE
NO. EXPENSES QUANTITY AMOUNT ($)
1. Personnel 3 10,000
2. Whole year salary (Security) 2 120,000
3. Maintenance 10 50,000
4. Insurance 10 200,000
5. Installation 20 100,000
6. Project Continuity – 50,000
7. Solar Street lights 10 500,000
8. Advertisement boards 10 100,000
9. Office and office equipment – 115,000
10. Website development and hosting – 24,000
11. Communication – 12,000
12. Training 2 10,000
13. Travel – 10,000
14. Evaluation/ Information Dissemination – 20,000
15. General Administration/ Overhead – 30,000
16. Miscellaneous Expenses – 159,000
17. TOTAL EXPENSES 1,500,000
18. Other Funding Sources (Funds received from area CDF) 500,000
10. Total Grant Funding Requested 1,000,000
11. Estimated Annual Project Revenues 100,000
12. Personnel Requirement Personnel –
1 consultant, 1 project manager, 1 project coordinator, 1 community mobilizer. 1 logistics manager .2 security officers. General labour.
NO. EXPENSES QUANTITY AMOUNT ($)
1. Personnel 3 12,000
2. Whole year salary (Security) 2 128,000
3. Maintenance 10 67,000
4. Insurance 10 270,000
5. Installation 20 150,000
6. Project Continuity – 55,000
7. Solar Street lights 10 675,000
8. Advertisement boards 10 120,000
9. Office and office equipment – 100,000
10. Website development and hosting – 44,000
11. Communication – 20,000
12. Training 2 8,000
13. Travel – 10,000
14. Evaluation/ Information Dissemination – 25,000
15. General Administration/ Overhead – 40,000
16. Miscellaneous Expenses – 162,000
17. TOTAL EXPENSES 1,750,000
18. Other Funding Sources (Funds received from area CDF) 600,000
10. Total Grant Funding Requested 1,200,000
11. Estimated Annual Project Revenues 98,000
12. Personnel Requirement Personnel –
1 consultant, 1 project manager, 1 project coordinator, 1 community mobilizer. 1 logistics manager .2 security officers. General labour.
ACTUAL BUDGET
The set of workings and data given above shows the estimation that is provided for a company that wants to invest in street lighting program. The first phase of the working shows definitive working of the standard costs that the company is likely to incur while carrying out all the activities that entails the installation of the lighting along all the streets. These standard costs show the possible approximation workings that the company is bound to incur for this project. These workings attract a provision for either appreciation or depreciation of the goods and services.
Standard Budget/Costs;
This shows the estimated workings for every expense that will be accounted for every good acquired or service’s offered. These estimations are in monetary terms. This is due to the use of monetary terms as a basic measurement for fair compensation of goods or services offered. These are just but preliminary approximations that a professional’s expert’s estimates that the given project will have to undertake. This estimation is given prior to timely consultation to the budgetary committee on the status of the financial position of the given company. The applicability of the standard costing technique is quite evident from the workings that are given. This is due to the current market of goods and services being offered, therefore; this leads to the notion that the cumulative expenses are relatively related to the current market provision of the prices of goods and services (Hinshaw, 19). Experts design these approximations bearing in mind the possible appreciation or depreciation of the market interest rate. The market interest rate is flexible; it can either appreciate or depreciate depending on the market forces of demand, hence, this provision should be enforceable and all the necessary precautions should be adhered to strictly. The standard costs o budget is just but a blueprint of the possible expenses that the company is to incur. These provisions allow for the budgetary team to plan adequately and ensure that every factor is put in place to realize maximum returns from the project.
Actual Costs/Budget
This is the practical bit of all the expenses that the project has incurred. These expenses have either increased or decreased from the late standard approximations. This is due to the prevailing market interest rate and market forces of demand and supply. Some of the prices of the available goods and services decrease due to the decreased demand for these factors (Vian et al, 10). The actual costs show the timely estimation of the goods and services that the company will incur in setting up the project. This project needs a monitoring and evaluation team that will work to ensure that all these money is spent in the right way and at the right team for the right purpose. Project work is an activity that takes quite sometimes for the possible income to be realized. This is the reason as to why the company spends most of it financial resources on setting up and establishing this project. Therefore, the basic notion of immediate profit realization is waivered upon.
The actual costs are practical enough after this amount is spent on the field for the rightful purpose and timely expenditures. This project is quite sustainable in the long run perspective only if the management employs a taskforce that will work to realize the execution of the project and the possible profit influx from the project. Projects are quite hard in maintaining; therefore, this forces the company to outsource for an independent consultancy firm that has experience on such projects and will work closely to ensure maximum realization of this project (Stubbs,11).
The most likely areas for further attention
There are plenty of areas that should be monitored closely and checked upon constantly for positive results from the project. A financial team that will monitor all the dynamics of the projects especially on how expenditures will be managed should be established (Parnaby, 1068). This prepares the company against any possible miscellaneous losses against unscrupulous management team.
Another possible area of concern is developing a monitoring and evaluation team that will work closely with the finance team on checking and ascertaining for the possible progress of the project.
Other information that is desirable when making decisions based on the above data.
The main information that should be taken into perspective is not about the total costs of the project but the long run impact of the project. The company should not be concerned mainly on the heavy cost of the project; instead, they should project and prepare for the possible huge long-term income from the project. Such projects are fruitful in the long-run and maintenance should be a critical factor to the management team.
The main limitations associated with the techniques of standard costing and variance analysis
There are plenty of limitations that are associated with these techniques; for the standard costing technique, time is the main limitation that affects the period when the standard budget is set, and when the actual costs are practical, this affects the profits of a given company negatively.Bibliography;
Darcy, A 2001, ‘Strengthening North-South Partnerships for Sustainable Development’, Nonprofit & Voluntary Sector Quarterly, 30, 1, pp. 74-98
Eroğlu, Ş 2009, ‘Patterns of Income Allocation among Poor Gecekondu Households in Turkey: Overt Mechanisms and Women’s Secret Kitties’, Sociological Review, 57, 1, pp. 58-80,
Hinshaw, PM 2011, ‘Regulatory Readiness Understanding the Triple Aim’, Nursing Management, 42, 2, pp. 18-19,
Lipin, S, & Knecht, G 1995, ‘How Many Other Barings are There?’, Wall Street Journal – Eastern Edition, 28 February
Nedyalkova, Pl 2010, ‘Selection and Applicability of Financial – Control Rate in the Control Process’, Trakia Journal of Sciences, 8, pp. 204-210,
Parnaby, pf 2009, ‘Sit Back and Enjoy the Ride: Financial Planners, Symbolic Violence, and the Control of Clients’, Canadian Journal of Sociology, 34, 4, pp. 1065-1086
Stubbs, W 1995, ‘Two down, Many to Go’, Times Higher Education Supplement, 1167, p. II
Vian, T, Richards, S, McCoy, K, Connelly, P, & Feeley, F 2007, ‘Public-Private Partnerships to Build Human Capacity in Low Income Countries: Findings from the Pfizer Program’, Human Resources for Health, 5, pp. 8-11,
50 minute lesson plan to teach modal verbs
50 minute lesson plan to teach modal verbs
Lesson Plan
Date: 4th January, 2014 Level: Intermediate
Activity: Teaching of Model verb: The students will practice the use of modals through singing and games.
Skills: Speaking, Listening and writing.
Outcome expected: throughout the entire learning lessons, the students ought to identify diverse modal verbs and the meaning that each of the verb convey: such as ability, suggestion, obligation and necessity. The students are also expected to also construct grammatically correct sentences that contain modals in the correct context. While the lesson still continues, the teacher will also expect the students to rehearse the use of the modal verbs through singing a song mashed up with modals verbs (Skocik & Weston, 2002 p. 67). The modals verbs will entail in the construction of the lyrical part of the song hence making it possible for the students to practice and convey the meaning of the verbs. Eventually, the teacher will also require the students to play some of the ESL games that will further promote the understanding of the modals verbs.
Resources needed for the lesson: The dictionary, board, marker, computers, data show, worksheets and speakers.
Introduction :
Greetings.
Intro-Warm up
“Using Modal verbs: an interactive presentation”
While-Stage:
“The modal verb song”
Post Stage:
“Review on Modals Verbs” Time
10Mins
15Mins
15Mins
10Mins Comments:
In the introduction, the teacher will greet students, call out the roll call and inform the students that the lessons will entail of modal verbs.
The teacher will give examples of related modal verbs: Can, Can’t, Should, Shouldn’t, Might, Have to and Must (Gerngross, Puchta & Thornbury, 2007 p. 81)
The teacher will then offer a brief description of the three stages of the lesson.
The introduction:
In the introduction, the teacher will present a power point that will reveal modal verbs to the students.
While stage: The teacher will expect the students to sing along the modal verbs songs.
Post stage: The teacher will present the ESL games on modals verbs and expect students to take part in the games.
The teacher will present power point slides containing modal verbs. In the presentation, the explanation of the usage of the modal such as; Must Can Cannot, Must not, May not and May (Skocik & Weston, 2002 p. 78). The power point will also contain a brief description of the modal verbs. The meaning of each of the modal verbs will also entail of the main parts of the slides. Through the use of the L2 audio samples, the teacher will also give the correct pronunciation and usage of the modal verbs. (The teacher will require the students to pay attention to the audio samples).
After the presentation and necessary explanations, for purpose of ensuring that students have understood, the teacher will require the students to complete 5 fill in exercises Must (Gerngross, Puchta & Thornbury, 2007 p. 81).
After completing the first activity, the teacher will ask the students to attentively watch a musical video. The music video will entail of musical video where diverse songs will be mashed up and lyrics contains of modal verbs (Capel & Sharp, 2013 p.44). An example of such a song entails; http://www.youtube.com/watch?v=3KcSEnVnQ98
The teacher will later explain the usage concerning most of the modal verbs and how they work in sentences. For instance: May, May it be?, might, can, can’t, mustn’t and should Must (Gerngross, Puchta & Thornbury, 2007 p. 112).
In order to ensure that all the students understand, the teacher needs to play the video twice or thrice hence ensuring that all students comprehensively understand. The teacher also needs to show videos that contain written L2 inputs hence make it possible for the students to relate the modal verbs in the lyrics with the written information (Skocik & Weston, 2002 p. 95). At this level, the teacher becomes capable of asking and clarifying doubts concerning vocabulary and idiomatic expressions that the students might face difficult in understanding.
(In all the situation, the teacher needs to notice to mood of the students; audience in the classroom environment. One of the greatest drawbacks of applying games and songs for purposes of teaching is the fact that the songs occasionally saturate the minds of the students (Capel & Sharp, 2013 p.71). In this case, it becomes easily for the students to get distracted from the actual class hence pay less attention).
In an effort to ensure that the students understand the modal verbs appropriately, the teacher will introduce the third stage that involves asking the students to play three online games obtained from
http://www.kidssesigames.com/
During the playing of the games, the students ought to rehearse the use of the modal verbs taught during the classroom lesson such as: Can, Can’t, Must, Must not, May and might (Capel & Sharp, 2013 p.148). The teacher ought to provide enough information concerning the way students needs to play the games. The teacher also needs to engage in playing the games hence ensuring that the students learn to obtain the correct vocabulary and checking of the scores.
BibliographyCapel, A., & Sharp, W. (2013). Objective proficiency. Cambridge, Cambridge University Press.
Gerngross, G., Puchta, H., & Thornbury, S. (2007). Teaching grammar creatively. Cambridge, Cambridge University Press.
Skocik, C., & J. Weston Walch (2002). English lesson plans for substitute teachers. Portland, Me: J.W. Walch.
Educational Itinerary Since I Joined College
Educational Itinerary Since I Joined College
Since I joined college a few years ago, my life has had a major transformation. Before this I was a naïve and pretty much uninformed. However, after a few experiences both inside and outside the classrooms I have grown to be a more sensible and reasonable undergraduate student. Initially, my life at the institution was mostly filled with ignorance and fear. This was mostly attributed by my inexperience and naivety. Nevertheless, after being at the college for some time I have now turned out to be a more focused student: I have realized most of my goals. This paper outlines some of the experiences I have had at this university.
I have had many unforgettable experiences at the institution but one of them was more meaningful. This was a critical thinking and composition class I attended at Santa Barbara City College. I had presumed that the class was all about writing good essays and I failed to be keen on the articles read in class. As a result of this I ended up attaining a grade in the boundaries of B and C. This was a major setback considering that I was applying for USCD and I needed a B in order to be considered for the transfer. Upon realization of this I talked to my teacher about the predicament. He was very helpful and encouraged me to concentrate on the term paper to better my grades. I complied with this and to my amazement I attained a grade B. I heard my lesson: the hard way.
Reservations might be given to my poor writing in English papers considering am an international student. However, having learnt mathematics for around 18 years and coming close to failing a paper was a major let down. This happened in my multi-variable calculus lectures, an advanced calculus class that focused on three dimensional spaces. I have always been good in mathematics and I therefore decided not to pay much attention to the lectures. I did not know the course material and willingly did not attend classes. All this time I had planned to recover lost time in the overnight review before midterm paper. However, due to my reckless behavior I ended up forgetting the date of the midterm. I ended up scoring the lowest grade, which I was ashamed of. This experience had taught me to always attend all my classes and to take them seriously.
I major in economics which means that am always doing calculations. However, this was about to change when I took my Macroeconomics class whose interest is application of economics to the real world. A good example of this is the relationship existing between GDP and interest rates to the real world. Initially before attending this class I had fear inside of me. I wondered how I was going to relate all the calculations I was doing to the real world out there. However my teacher turned out to have answers to all my questions. During this class my teacher taught me different ways I could apply equations learnt earlier in technology. This class became very helpful in the long run as it helped me to redefine my goals, to apply what I had learnt in class to the world.
My four years at the university can be termed to have been a mixture of both happiness and testing times. During this period there has been happiness like understanding myself. This has been achieved with help from my teachers who I must admit have been very helpful and patient. However tough times have existed during this period. Having to learn my lessons the hard way and dealing with my inexperience at the start of my college life are some of the testing times. All in all in this mixed mundane and exotic times, I am moving towards my career. Finally as seen in this writing I have had many experiences but I choose the most memorable and exiting ones.