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Introduction to Management Accounting TABLE OF CONTENTS

   

Added on  2020-01-28

13 Pages3570 Words206 Views
MANAGEMENTACCOUNTING
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Explain management accounting and give essential requirement of different types ofmanagement accounting systems.................................................................................................3P2 Explain the different methods used for management accounting reporting...........................4M1 Evaluate the benefits of various management accounting systems and their applicationwithin Dell...................................................................................................................................4D1 Critically evaluate how management accounting systems and management accountingreporting is integrated withing organizational process in context of Dell...................................5TASK 2............................................................................................................................................5P3 Calculate costs per unit under both absorption costing and marginal costing and explainwhy do they differ........................................................................................................................5M2 Accurately apply the results obtained in P3 above to produce an Income Statement usingthe management accounting technique of Marginal Costing......................................................6D2 Produce a Financial Report that accurately applies and interprets data for a range ofbusiness activities carried out at Dell..........................................................................................7TASK 3............................................................................................................................................8P4 Explain the advantages and disadvantages of different types of planning tools used forbudgetary controL........................................................................................................................8A. Compute the standard cost of PVC sheets required to manufacture 4,000 keyboards. Alsocompute the difference between actual cost incurred and standard cost....................................8B. Compute materials price and quantity variance. Table 4 calculation of material pricevariance........................................................................................................................................8M3 Analyze the use of different planning tools and their application for preparing andforecasting budgets in the context of Dell. The different planning tools for forecasting budgetsare as follows -.............................................................................................................................9
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D3 Evaluate how planning tools respond appropriately to solving problems in the context ofDell , leading to sustainable business development...................................................................10Task 4.............................................................................................................................................10P5 Compare Dell with one of the two Lenovo or HP................................................................10M4 Analyze how, in responding to financial problems, management accounting can lead anorganization such as Dell to sustainable success.......................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONTo function properly in the organization there are various management accountingsystems which help in the proper functioning of the organization. A management accountingsystem collects the financial data and draws conclusion out of it. The below report deals with thedifferent accounting systems and their benefits and the integration of the same within theorganization. Further it deals with the calculation of the different variances and the financialreport and towards the end it deals with the planning tools which are used by Dell in theirsustainable success.TASK 1P1 Explain management accounting and give essential requirement of different types ofmanagement accounting systems.Management accounting aims at deriving the information which is available to a businessfor making decisions and this information is required by the managers so that no decisions in theorganization is delayed because it will in turn affect the productivity of the organization.Management accounting is not done to meet the needs of outsiders, rather it focuses on theinternal functioning of the organization aiming the managers. The essential requirement of different types of management accounting systems are-Job Costing- under this type of costing, the entire job is not considered as a single output.Here the costs are segregated based on the work done by each department and theworkers. Here the job has different specifications and hence the work is evaluateddifferently. Here the work comes is basically customized hence different systems arerequired to accomplish different jobs hence the costing is also done separately.Batch Costing- in this type, the entire batch is valued and cost is calculated separately.This is suitable for the batch which is uniform and the design is similar (Otley, 2013). Forthe entire batch the same costing is done. Process Costing- For the products which require a series of activities to come to the lastproduct is evaluated under process costing. It is used to determine the cost of eachprocess in a unified manner. This is basically done for the mass production where thereare no changes in the production chain.
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