1/12/24, 4:21 PM Quiz 1 - ANSWERS

ACC301: COST AND MANAGEMENT ACCOUNTING I

MARKING SCHEME FOR QUIZ I

SECTION A

Meaning and Scope of Management Accounting

1. C
2. A
3. D
4. D

Question 5: Core Work of a Management Accountants in modern businesses

The core work of a Management Accountant in modern business revolves around applying their professional knowledge and skills
to aid in key areas of business management. This includes formulation of policies, planning, and controlling. Their role is essential in
steering a firm towards its objectives through informed decisions and strategies.

In essence, the role of a Management Accountant in contemporary business settings extends beyond just handling the numbers.
Their role involves strategic partnership in decision-making, guiding the business towards sustainable growth and profitability
through expert financial management.

Question 6: Tools for the work of the Management Accountant

Data analytics software (e.g. Python, R, SQL) Business intelligence applications (e.g. Power BI, Tableau) Spreadsheet Programs (e.g.
Microsoft Excel) Accounting software. (e.g. SAP, Oracle, QuickBooks, Xero)

Financial Plannig and Analysis software Risk Management Software

Skills necessary for the work of the Management Accounting

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1/12/24, 4:21 PM Quiz 1 - ANSWERS

Analytical Skills Strategic Thinking Communication Skills Problem-Solving Skills Adaptability to Technology Ethical Judgment and
Professionalism Project Management Skills Leadership and Teamwork Continuous Learning

SECTION B

Introduction to Python for Management Accounting

In [ ]: # Importing all necessary packages

import numpy as np
import pandas as pd
import matplotlib.pyplot as plt
import seaborn as sns

1. B
2. B
3. C
4. D
5. A

In [ ]: # QUESTION 7

# Given existing prices

existing_prices = [110, 112, 118, 120, 112]

# Initialize an empty list for the new prices

new_prices = []

# Loop through each price in the existing prices

for price in existing_prices:
new_price = price*1.11 # Calculate the new price by increasing each existing price by 11%
new_prices.append(new_price) # Add the new price to the new_prices list
print(new_prices) # Print the new prices

# ALTERNATIVELY

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1/12/24, 4:21 PM Quiz 1 - ANSWERS

for price in existing_prices:

new_prices.append(price*1.11)
print(new_prices)

In [ ]: # QUESTION 7

# Create DataFrame by parsing dict object into the DataFrame constructor

perf_df = pd.DataFrame({
'month': list(range(1,7)),
'cost_of_sales': [2500, 3400, 3000, 4000, 5000, 4300],
'revenue': [3600, 4000, 3600, 5000, 6250, 6000]
})
print(perf_df)

# ALTERNATIVELY

# Create data as a list of lists (each inner list is a row)

data = [
[ 1, 2500, 3600],
[ 2, 3400, 4000],
[ 3, 3000, 3600],
[4, 4000, 5000 ],
[5, 5000, 6250 ],
[6, 4300, 6000 ]
]

# Define column names

columns = ['month', 'cost_of_sales', 'revenue']

# Create DataFrame
perf_df = pd.DataFrame(data, columns=columns)

# Display DataFrame
print(perf_df)

In [ ]: # QUESTION 8 (CREATE NEW COLUMN (GROSS MARGIN))

# Calculate gross margin for each month (Revenue - Cost of Sales)

perf_df['gross_margin'] = perf_df['revenue'] - perf_df['cost_of_sales']

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# Print the DataFrame with the new 'gross_margin' column

print(perf_df)

In [ ]: # Question 9 (VISUALIZATION OF REVENUE TREND)

# Plotting the trend of revenue data

perf_df['revenue'].plot()
plt.title('Revenue Trend Over Months')
plt.xlabel('Month')
plt.ylabel('Revenue')
plt.grid(True)
plt.xticks(perf_df['month'])
plt.show()

In [ ]: # Questions 10, 11, and 12 (Forecast)

# Question 10 (Calculate the forcast_cost_of_sales by increasing each actual cost_of_sales by 13%)

perf_df['forecast_cost_of_sales'] = perf_df['cost_of_sales']*1.13

# Question 11 (Calculate the forcast_revenue by increasing each actual revenue by 13%)

perf_df['forecast_revenue'] = perf_df['revenue']*1.13

# Question 12 (Calculate forecast_margin for each month as forecast_revenue - forecast_cost_of_Sales)

perf_df['forecast_margin'] = perf_df['forecast_revenue']-perf_df['forecast_cost_of_sales']

# Print the DataFrame with the column forcast_cost_of_sales

print(perf_df)

In [ ]: # Quesion 13 (BONUS COMPUTATION)

# List of sales values

sales = [6000, 6500, 5000, 8000, 10000, 8000, 12000, 3000, 6000, 7600]
bonus = []

for sales_amount in sales:

if sales_amount>=10000:
bonus.append(sales_amount*0.06)
total_bonus = np.sum(bonus)
print('Total bonus payment is GHC', total_bonus, sep='')

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