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Characteristics of Managerial Accounting

   

Added on  2020-10-23

10 Pages2815 Words162 Views
Management Accounting

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Point 1- Characteristics of management accounting information..........................................1Point 2 – Discussing relevance and comparable characteristics beneficial for managementaccountant...............................................................................................................................3Point 3- Implication of usefulness of characteristics to management accountants in takingdecisions.................................................................................................................................5SUMMARY.....................................................................................................................................6REFERENCES................................................................................................................................8

INTRODUCTIONManagement accounting information plays crucial role in the organisation to takeenhanced decisions. This information is useful in carrying out relevant data so that internaloperations may be strengthened by company. It is essentially required because without referringto such piece of content, well-structured decisions cannot be taken. Furthermore, costs arecontrolled in a better way and unnecessary ones are alleviated up to a high extent. Present reportdeals with Favelle Favco Berhad which is engaged in manufacturing sector. The organisation islisted on Malaysian Stock Exchange named as Bursa Malaysia Berhad which is the largestexchange holding company replaced with Kuala Lumpur Exchange. It is formed under Section15 of CMS (Capital Market and Services) Act, 2007 operating and offering complete range oftrading, clearing and related depository services in effective manner. Favelle Favco Berhad is in manufacturing of cranes which are used in the construction ofhouses, roads and related construction elements. The brand is operated under names of FavelleFavco and Kroll. The firm is located and headquartered in the Selangor, Malaysia. The addressof organisation is Lot 586, Jalan Batu Tiga Lama, 41300 Klang in Selangor. Main plant islocated in this region, however, production sites and offices are in Sydney, Australia, China,Texas, USA and Denmark. The organisation provides full range of cranes under two brands andhas cemented its position in short time span. Cranes includes Offshore, Tower, Crawler andWharf. The tailored solutions and services are provided by company in meeting out demands andexpectations of customers. High advancement in technology is provided by firm. Services imparted by organisationare lifting support for job site demand. Well-maintained equipments are provided that are lowcost and heavy investment is made on it. Personnels are well-trained giving productive servicesto clients by effectively catering their needs. Reliable services are given by company. It isenlarging its product portfolio by adding cranes in offshore category which are build inaccordance to API standards and delivering quality services. Management accountingcharacteristics and concepts are explained in the report. It will be useful for Favelle FavcoBerhad in maintaining costs and alleviating it so that revenue may be maximised. Point 1- Characteristics of management accounting informationThere are various characteristics of such accounting information are discussed below-1

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