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Concept of Management Accounting

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Added on  2020-10-04

Concept of Management Accounting

   Added on 2020-10-04

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MANAGEMENTACCOUNTING
Concept of Management Accounting_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Report to General Manager regarding concept of management accounting andrequirements of their types to company......................................................................................1P2 Report to General manager regarding explanation of methods of management accountingreports..........................................................................................................................................4TASK 2............................................................................................................................................7P3 Difference between Marginal costing and Absorption costing and calculation of Incomestatement through these methods:...............................................................................................7TASK 3..........................................................................................................................................11P4 Report to General manager regarding advantages and disadvantage of different types ofplanning tools for budgetary control.........................................................................................11P5 Uses of management accounting system in solving financial problems..............................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
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INTRODUCTIONA management accounting system gathers financial informations from operations of thebusiness like sales data, movement in inventories and changes in the costs of raw materials(Banerjee, 2010). These useful informations than converted into valuable reports by managementaccounting systems. Bizdaq was established in 2015 with less than 10 employees, it comes under businesssales sectors. This company gives marketplace for sale and its annual turnover is near to£100,000.In this assignment, various types of management accounting systems have beendiscussed. Advantages and disadvantages of budget control will support Bizdaq in making achoice between different methods of budgetary-control. This assignment contains case studywhich has two scenario's. First scenario has focus on accounting techniques implementation forbusiness, while second scenario consists of resolution techniques to reduce the impact offinancial issues. A report has been written to General manager, to convince him for adoptingdifferent techniques of budgetary-control to solve Bizdaq's financial issues. The main objective of this report is to explain application techniques of managementaccounting tools like profit analysis, marginal costing and absorption costing methods. TASK 1P1 Report to General Manager regarding concept of management accounting and requirementsof their types to companyFrom: Management accounting officerTo: General manager of BizdaqSub: Management accounting systemThis report contains management accounting system meaning and its different types. It's basicuses for company is also explained. The main purpose of this report is to explain managementabout how it would support company in decision-making process.Management Accounting System:An accounting management system uses operational data and makes reports which isvaluable like sales analyses report, Inventory costs which is stocked and comparison reportbetween budgeted and actual expenses (Bebbington, Unerman and O'Dwyer, 2014). For1
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