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TASK 11 P1 Introduction to management accounting accounting system

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Added on  2020-10-22

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2 M1Benefits of management accounting system4 D1 Benefits of management accounting report 4 TASK 24 P3 Calculating costs using appropriate techniques of cost analyses 4 M2 types of accounting techniques 1 D2 allocate of data.1 TASK 31 P4 Advantages and disadvantages of planning tools used in budgetary control 1 M3 Different type of planning tool helps in clearing budgets 4 TASK 31 P5 Response of management accounting system to deal with financial problems 1 M4 management accounting system helps to

TASK 11 P1 Introduction to management accounting accounting system

   Added on 2020-10-22

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TASK 11 P1 Introduction to management accounting accounting system_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and essential requirements of different types of managementaccounting systems.................................................................................................................1P2 Importance of various types of management accounting report.......................................2M1Benefits of management accounting system.....................................................................4D1 Benefits of management accounting report......................................................................4TASK 2............................................................................................................................................4P3 Calculating costs using appropriate techniques of cost analyses......................................4M2 types of accounting techniques........................................................................................1D2 Interpretation of data........................................................................................................1TASK 3............................................................................................................................................1P4 Advantages and disadvantages of planning tools used in budgetary control....................1M3 Different type of planning tool helps in clearing budgets................................................4TASK 3............................................................................................................................................1P5 Response of management accounting system to deal with financial problems................1M4 management accounting system helps to resolve financial issues...................................2D3 Planning tools are responding to financial problems........................................................2CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
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INTRODUCTIONManagement accounting is a process of preparing managerial reports in order to bringefficiency in an organisation. Maim aim of this project report is to build an understanding aboutthe techniques and systems of management accounting in order to which a small constructioncompany is selected named as “C & K developments limited” which has its operations limited toUnited Kingdom. In this project report, various management accounting systems are determinedalong with various reporting systems (Brennan and Merkl-Davies, 2013). In order to identify theimportance of this concept in an organisation, various planning tools are ascertained which helpsin resolving financial issues of a company. Various types of costing techniques such as marginaland absorptional are used to ascertain profits. In this project report, various tools of financialmanagement are also ascertained. TASK 1P1 Management accounting and essential requirements of different types of managementaccounting systemsManagement accounting:Management accounting is a process of developing managerial reports which hasfinancial and statistical data about day to day operations of an organisation. This information isrequired by managers in order to take short term decisions. This accounting system is differentfrom financial accounting as reports prepared using management accountant are developedregularly instead of annually. This concept includes various systems, techniques and methodswhich assist an organisation like C & K developments limited to increase their productivity andprofitability (Morden, 2016). Affairs such as debts, raw material and inventory are resolvedusing this concept. Types of management accounting systems and their essential requirements:Cost accounting system – This management accounting system is a framework whichused to determine cost involvement in activities of an organisation. This system involvesestimation of cost for future production and operations. This system helps C & K developmentslimited to ascertain all the costs which are involvement in their numerous activities. There is anessential requirement of this system in this company as it helps in conducting profitabilityanalyses by which ability of earning profit can be ascertained and a true picture of a company1
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