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ASSIGNMENT 01 FRONT SHEET
Qualification BTEC Level 4 HND Diploma in Business
Unit number and title Unit 5: Management Accounting
Submission date 4/12/2021 Date received (1st Submission)
Re-submission date 13/12/2021 Date received (2nd Submission)
Student Name Nguyen Thi Kim Phung Student ID GBS200568
Class No. GBS0908B Assessor Name QuynhNTN
Student declaration
I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism.
I understand that making a false declaration is a form of malpractice.
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Table of Contents
I. Introduction...................................................................................................................13
1. Objecyive and content of report..............................................................................................13
2. Short introduction for the company........................................................................................13
II. Description of internal accounting activities’s main objectives in general......................14
1. Definition.................................................................................................................................14
a) Accounting................................................................................................................................................14
b) Financial accounting.................................................................................................................................14
c) Management accounting..........................................................................................................................14
2. The difference between management and financial accounting in term of responsibilities and
objectives.........................................................................................................................................15
3. Responsibilities and roles of management accounting............................................................15
a) Responsibilities of management accounting...........................................................................................15
b) Roles of management accounting............................................................................................................16
4. The management accounting system.......................................................................................17
a) Cost Accounting System...........................................................................................................................18
b) Inventory Management Systems.............................................................................................................19
c) Price Optimization Systems......................................................................................................................20
5. Types of management accounting reports...............................................................................22
a) Why information should be relevant to the user, reliable, up to date and accurate?.......................22
b) Why the way in which the information is presented must be understandable?................................22
III. The importance of benchmarking..............................................................................23
1. Definition of benchmarking.....................................................................................................23
2. Types of benchmarking............................................................................................................23
3. Product benchmarking of Nike and Adidas..............................................................................23
IV. The importance of financial governance....................................................................24
1. Definition and the importance of financial governance...........................................................24
2. Financial problem....................................................................................................................25
3. Solution...................................................................................................................................25
V. Adaptability and necessary skill for accounting management........................................25
VI. Conclusion.................................................................................................................26
VII. References.................................................................................................................26
I. Introduction
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1. Objecyive and content of report
Nike, Inc. is a multinational corporation based in the United States that
designs, develops, manufactures, and markets garments, footwear, accessories,
equipment, and services around the world. As a member of Nike's financial governance
committee, I work to improve the accounting department's efficiency. The goal of this study
is to present data on the creation and use of a management accounting system that might be a
game changer for Nike's accounting department and help the corporation overcome its
financial challenges.
2. Short introduction for the company
The company's global headquarters are in the Portland metropolitan area, near Beaverton,
Oregon (USA). It is a prominent sports equipment manufacturer and one of the top suppliers
of athletic shoes and gear in the world. It employs about 44,000 people throughout the world,
and its brand was valued at $19 billion (€17,5 billion) in 2014, making it the most valuable
brand in the sports industry. Bill Bowerman and Phil Knight founded Blue Ribbon Sports on
January 25, 1964, and the firm became Nike, Inc. on May 30, 1971. Nike (N) is the Greek
goddess of triumph, and the corporation was named after her. Nike sells its products under
the Nike Pro, Nike+, Nike Golf, Nike Blazers, Air Jordan, Air Max, and other brands, as well
as subsidiaries like as Jordan, Hurley International, and Converse. Nike supports a number of
high-profile athletes and sports teams around the world, and its trademarks "Just Do It" and
the Swoosh emblem are well-known (which represents the wing of the Greek goddess Nike).
II. Description of internal accounting activities’s main objectives in general
1. Definition
a) Accounting
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