(solved) Advanced Management Accounting

Added on - Nov 2020

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ADVANCEDMANAGEMENTACCOUNTING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1P1 purpose and presentation of financial information with respect to various stakeholders......1LO2..................................................................................................................................................2P2 application of various accounting microeconomic techniques.............................................2LO3..................................................................................................................................................4P3 Analysing the concept of variance analysis with the perspective of budget control.............4P4 Analysing the standard costs and actual costs to correct and control variances....................5LO4..................................................................................................................................................7P5 Evaluating the external factors and internal factors changing business environment whichimpact on management accounting.............................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONAdvanced management accounting is very important aspect of each and everyorganization whether it is small or big. The present report will be giving brief understanding onthe benefits which are producing accuracy and timely financial information in professionalformat. There has been detail justification of the costing value with proper description and usesof management costing techniques along with these, the role of costing which helps inmaintaining the performance of organization. This report is depicting the clear picture ofbudgeting function and variance analysis with the recommendations for taking action onmanagement and for investigating it properly.LO1P1 purpose and presentation of financial information with respect to various stakeholdersThe financial statements play very important role in decision making, strategy planning,identifying success and failures. The financial statements provide organization about financialtransparency. Tax liability has been evaluated, if financial statements have accuracy then will bemitigating errors. Trust is most important in organization, payment cycle has been improved.While planning and forecasting financial statements are very important concept. There isrequirement of funds for expanding the business. In context of Large big companies, Enron wasvery successful accounting firm has to be closed because of fudging financial statements.Presentation of various financial statements1
Illustration1: Format of balance sheetBalance sheet gives indication about financial performance of organization. It classifiesassets and liabilities on specified date. Its subsidiary objective to provide exact financial position,information in context of equity of actual and real owner. Provisions in context of firm againstthe possibles losses in the future, it created in form of reserves.2
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