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Management Accounting Assignment - Report

   

Added on  2020-01-23

19 Pages4565 Words65 Views
MANAGEMENTACCOUNTING
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INTRODUCTIONIn the corporate world, management accounting plays a vital role to manage and run anenterprise in a proper and smooth manner. There are various kinds of accounting tools andtechniques that are helpful for the entrepreneur up to a great extent. Without process ofmanagement accounting, a businessman is unable to manage the firm and generate higher andeffective sales along with revenues at the end of a particular period of time. The present case isbased on Covent Garden Hotel (CGH) which is a small firm and operates in the hospitalityindustry of London. The report describes about numerous kinds of accounting systems formanaging the business process. In addition to this, it provides information related to differentaccounting reports to analyse and know financial performance of Covent Garden Hotel. Besidesthis, it shows the difference between marginal costing and absorption technique to calculate netincome. Further, current study analyses about various planning tools and techniques as well asmethods to combat the financial obstacles and problems that occur in business environment.TASK 1P1 Explanation of requirements of different types of management accounting systems in CoventGarden HotelTo, General Manager and Board of Directors,Covent Garden Hotel,Date: 28th June 2017.In the accounting and financial world there are different types of methods and systemsare used by the company. Here the Covent Garden Hotel uses some management accountingsystems for various requirements are purposes. These all systems are enumerated below:Throughput accounting: The management accounting system is basically related withthe raw material rather than costing or any other aspects. It helps to identify constraintsor problems related to required raw material, turnover of employees or labour as well aswastage occurs in firm by which capacity of plant hampers (Kaplan and Atkinson,2015). The basic requirement for the Covent Garden Hotel of throughput accountingsystem is to reduce problems as well as constraints related to such mentioned aspects in1
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