留學生會計專業dissertation寫作需求：“From Bodybuildin
MMU CHESHIRE
DEPARTMENT OF BUSINESS AND MANAGEMENT STUDIES
Full-Time Undergraduate Programme 2010/11
Management Accounting 82622110
“From Bodybuilding Champ and Back to the Gym”
Introduction
留學生dissertation網This assignment is intended to help you to develop your skills in the area of investment appraisal techniques and the critical evaluation of investment decision-making processes.
Assignment details
This assignment is due in on Thursday 20th January 2011. The assignment is an two pieces of piece of work and the total forms 40% of the assessments for the unit. It is weighted at a total of approximately 2,500 words. 1,500 words report and 1,000 critical essay of capital budgeting.
Task specification
Task 1: (1,500 Words)
You are required to read the attached case study and prepare a report for the business partners that include:
• A short definition of each of the following investment appraisal methods: the payback period, the accounting rate of return, the net present value, and the internal rate of return. (15 marks)
• Calculations of the payback period, the accounting rate of return (ARR), the net present value (NPV), and the internal rate of return (IRR) - for Project A and Project B.
- Payback should be calculated to the nearest month.
- ARR and IRR should be calculated to 2 decimal places.
- NPV should be calculated to the nearest £.
- Use formulae as introduced during the lectures.
- Show all workings clearly. (30 marks)
• A recommendation to the partners for one of the two investment options, including reference to the evaluation results above and the relative merits of appraisal techniques within the context of this scenario. (20 marks)
Task 2 : (1000 Words)
You are required to read the referenced journals below and critically evaluate against the report outlined in previous task to include methods used, findings of research and relevance to report conclusions, written in an essay format.
(20 marks)
(Plus: selection/organisation/interpretation, graduate skills = 15 marks)x
Referenced Journals
1. Chris Carr, Katja Kolehmainen, Falconer Mitchell (2010). “Strategic investment decision practices: A contextual approach” Management Accounting Research 21 pg 167-184
2. Paul Collier, Anthony J. Berry (2003). “Risk in the process of budgeting” Management Accounting Research 13 pg 273-297
3. C. Carr, C. Tomkins (1996) “Strategic investment decisions: the importance of SCM. A comparative analysis of 51 case studies in UK, US and German companies”, Management Accounting Research, 7,pp. 199-217.
What to submit
You should hand in:
Your report and essay presented in the formats outlined below
A completed Departmental Front Sheet#p#分頁標題#e#
Presentation
Your report (Task 1) should be structured under the following headings: Brief Terms of Reference, Introduction, Findings, Discussion (based on your own research), Conclusions (including http://www.mythingswp7.com/dissertation_writing/Accounting/Recommendations), Your essay (Task 2) should be written in third person using academic grammar and both tasks to include a reference List (including Bibliography, if appropriate).. you should word process your work, using Times Roman 12 point text, and embed any tables/data into the document where appropriate. You should clearly state in a header or footer your name, your student number and the file name of the work on each page of your printout.
Please make sure that your assignment is posted into the Assignments Office on or before the due date. You are advised to enclose your work in a plastic folder, but please do not put each sheet into a separate plastic wallet.
Remember that this assignment is individual and so should constitute all your own work. Students should support their work, particularly in the discussion section, with appropriate references. Normal Harvard referencing is required. If you are in doubt about what constitutes plagiarism, please read the details on the reverse of the Departmental Front Sheet.
“From Bodybuilding Champ and Back to the Gym?”
Tony Wood Takes British Title
Geordie Tony Wood has been crowned Mr Britain in NABBA (National Amateur Body Building Association) bodybuilding championships
The 27-year-old, originally from Newcastle, called his win "the defining moment" after years of training and has had dreams of passing his expertise onto other up and coming talent along with the ambition to motivate the general public in the benefits of exercise by opening his own gym. The final showdown was an emotional one competing against his long time training partner James O’Rourke
Competition judge Bob Serge said: "Tony oozes all the enthusiasm and experience required to win this coveted award." Fellow judge Bertil Hawkins agreed, saying: “Tony’s talent, enthusiasm and passion make him an exemplary ambassador for the sport and is going to go on and have a very glittering career in the arena of bodybuilding and fitness."
A couple of months later
Winning the Mr Britain title has kept Tony business visiting gymnasiums around the north of England imparting training tips and giving nutritional advice to potential future bodybuilders and fitness enthusiasts alike all of which have had gyms filled to capacity.
During the summer, Tony has enjoyed his celebrity status – and its financial rewards - through a succession of seminars, demonstrations local radio interviews shows, and Photo shoots for magazine exclusives, and a lucrative offer to have a monthly editorial section in Bodybuilding Monthly for the next two years. He has achieved well-deserved recognition in the bodybuilding and fitness world, but he still dreams of become a serious player in the business world by opening his own gymnasium delivering exceptional inspiration and fitness experience.#p#分頁標題#e#
Tony is keen to capitalise on the success of Mr Britain Bodybuilding Championships and decides to approach his training partner and the other “Mr Britain” finalist with an offer of a partnership. James already works as a personal trainer and the recent profile has increased his client base giving himself a large amount of sessions for the foreseeable future working in the South however he is still harbouring dreams of returning to the North East and setting up his own gymnasium on Newcastle’s town centre, Tony’s 60:40 partnership offer in a new ‘state of the art’ gymnasium represents an excellent opportunity to gain the essential skills and experience to open his own business in the future.
Tony and James are putting ideas together for their business plan. They have short-listed two properties, using estate agents in the Newcastle/Sunderland area:
? Property A: £55,000 leasehold
Additional details
This property is currently operating as a popular gymnasium, specialising in bodybuilding and aerobics classes. Turnover has been steady during the last three years, and is based on a modest but loyal customer base from the immediate area. The owner is willing to pay the property and legal fees and to transfer any gym equipment to the new owners free of charge. The aerobics studio and its equipment are in good working order, and the reception area has been recently decorated (although some of the gym equipment is rather dated, for a “state of the art” gymnasium). Apart from the occasional advert in the local newspaper, the existing business spends little time (and money) on marketing. Current staffing: 3 full-time and permanent.
? Property B: £75,000 leasehold
Additional details
This property was run as a boxing gym until it closed over two months ago, due to the owner’s poor health. Its reputation for winning tournaments attracted people from outside Newcastle, providing steady income from loyal boxing and body building fraternity’s sales during the last four years.
The owner is in no hurry to sell, and therefore potential buyers should expect to pay the full asking price, any transaction fees, and the cost value of any miscellaneous stock (£8,000). The gymnasium is in reasonable condition, however most of the aerobic equipment needs to be replaced or upgraded in order to extend the “state of the art” gymnasium standard (£15,000). All gymnasium machines, weights, and general fixtures and fittings need to be replaced to create a more modern environment (£19,000), and the car park area will also undergo a mini-makeover to provide additional spaces (£3,000). A major advertising campaign is planned during the first two years, especially designed to attract new customers as well as those customers who have patronised rival gymnasiums during its closure. These marketing costs would represent a sizeable proportion of the overall costs, and net cash flow could be an issue until at least the third year of business. Current staffing: 5 full-time and permanent, 3 part-time and permanent, plus casual hourly-paid workers during peak seasons such as New Year and summer holidays.#p#分頁標題#e#
A preliminary analysis
Tony and James estimate that both Property A and Property B (now referred to as Project A and Project B respectively) would generate cash flow benefits over the next 5 years (and beyond that, hopefully). The outlays and cash flow benefits (net of tax) are summarised in the table below:
End of year Project A Project B
Initial investment 0 £(55,000) £(120,000)
Net cash flows: 1 £22,000 0
2 £22,000 0
3 £22,000 £88,000
4 £22,000 £88,000
5 £22,000 £88,000
Other information:
Depreciation charge per annum £3,300 £7,200
Additional information:
http://www.mythingswp7.com/dissertation_writing/Accounting/• Assumption 1: to launch the business with initial investment strictly limited to £150,000 (based on 60:40 partnership: Steve £90,000, Daniel £60,000).
• Assumption 2: to maximise the net present value of any project.
• Assumption 3: to achieve a return of (at least) 10% per annum on the net cash flows of any project.
