logo

|LO 1: Demonstrate an|P1|P1 Explain management | 1 | 3 | | Understanding | | |Assessme| | |LO 1: Demonstrate an|P1|P1 Explain different | 1 | 4 | 5 | |LO 1: Demonstrate an|P1 Explain accounting | 1 |

   

Added on  2019-12-28

19 Pages5158 Words326 Views
Assessment Criteria In this assessment you willhave the opportunity topresent evidence that showsyou are able to: Task Number Evidence Pagenumber LO 1: Demonstrate anunderstanding of managementaccounting systems P1 P1 Explain managementaccounting and give theessential requirements ofdifferent types of managementaccounting systems13P2 P2 Explain different methodsused for managementaccounting reporting.14LO 2: Apply a range ofmanagement accountingtechniquesP3 P3: Calculate costs usingappropriate techniques of costanalysis to prepare an incomestatement using marginal andabsorption costs. 26LO3: Explain the use ofplanning tools used inmanagement accounting P4 P4: Explain the advantagesand disadvantages of differenttypes of planning tools usedfor budgetary control.310LO4: Compare ways inwhich organizations could usemanagement accounting torespond to financial problems P5 P5: Compare howorganizations are adaptingmanagement accountingsystems to respond tofinancial problems.312
|LO 1: Demonstrate an|P1|P1 Explain management | 1 | 3 | | Understanding | | |Assessme| | |LO 1: Demonstrate an|P1|P1 Explain different | 1 | 4 | 5 | |LO 1: Demonstrate an|P1 Explain accounting | 1 |_1
Management Accounting
|LO 1: Demonstrate an|P1|P1 Explain management | 1 | 3 | | Understanding | | |Assessme| | |LO 1: Demonstrate an|P1|P1 Explain different | 1 | 4 | 5 | |LO 1: Demonstrate an|P1 Explain accounting | 1 |_2
INTRODUCTIONManagement interpretation is a term which is used to characterize, analyse, record anddisplay the economic information as it is used in the business entity internally.By utilizing thisdata or matter, they could achieve better planning, analysis making and authority that guide inperforming the system.Administrationaccounting useful for the company as it helps in gatheringinformation and with that authority members as well as supervisors can make adequate decision(Baldvinsdottir, Mitchell and Nørreklit, 2010). Further more,system accounting enables incalculating the activity so that organisation can account the place in the market. The currentresearch is dependent on Sollatek that is constructor of gate and pipes. The primary aim of acompany is to provide proper electricity services to their customers who are suffering fromheavy power-cut problem. With support of appropriate information they can ensure to providethem proper health protection. The below written task, shows debate dependenceon differentvarieties of administration accounting field. Moreover, numerous methods that are required formanagement interpreting need to be specified (Why lean accounting?, 2017). Along with that,benefits and drawbacks of the various kinds of planning equipments need to beexplained.TASK 1P1. Management accounting and different type of systemManagement accounting is a system which helps the company in doing the proper andappropriate management by using the proper resources that how much needed and how they areusing to produce the goods and services and sell it to the consumers. It is a provision of financialdata which helps in providing the advice to the company that they have to use this in the firm asit aids in doing to developments of business (Bennett, Schaltegger and Zvezdov, 2013).Management accounting system refers to that system which helps in making the correct andappropriate decisions by making proper plans as well as measuring the performance of thecompany. Along with this it helps in providing the expertise so that they can make financialreporting so that they can make a control in formulating the strategies so that they can attain thesuccess in the competitive market as well as succour in increasing the performance as well asproductivity. Management accounting provides the data by doing management and according tothat the employees of the business entity can take appropriate decisions which aid in reap thetargets. Also improve the efficiency and effectiveness. It is a occupation which includes
|LO 1: Demonstrate an|P1|P1 Explain management | 1 | 3 | | Understanding | | |Assessme| | |LO 1: Demonstrate an|P1|P1 Explain different | 1 | 4 | 5 | |LO 1: Demonstrate an|P1 Explain accounting | 1 |_3
partnership so that administration of the firm can make best decision. Along with this planshould be devised in a proper manner along with the supervision of performance of employees.Along with this it helps in providing the expertise so that they can control the different businessactivities in formulation as well as implementation of Sollatek strategy. The system ofmanagement accounting aid in reducing the cost which are associated with the production of thegoods and services (Busco, and Scapens, 2011). Different types of management accountingsystems are:Cost accounting system:A price book-keeping method (also called merchandise costingsystem) is a structure which is adopted by the firm to identify the value of the product as it helpsin analysing the profits. It leads to the process of collecting, analysing, summarising andevaluating the cost and its profitability. It mainly focuses on controlling of the cost (Christ andBurritt, 2013). Identifying the actual cost of the product leads to know the profitability.Job costing system:It is a framework includes the way toward conglomerate data aboutthe expenses related with a particular manufacturing or administration work. This data might berequired with a specific end goal to present the cost data to a client under an agreement whereexpenses are repaid. The data is likewise helpful for deciding the precision of an organization'sassessing framework, which ought to have the capacity to quote costs that take into considerationa reasonable benefit. The data can be utilized to allot stock expenses to produced merchandise(Cinquini and Tenucci, 2010). Example- Designing a software programme or constructing abuilding.Inventory management system: Stock administration programming is a computer basedframework for leading stock levels, orders, deals and conveyances. It can likewise be utilized asa part of the assembling business to make a work arrange, bill of merchandise and otherproduction related documents. Example- Electronic inventory or grocery inventory.Price optimisation system:Value improvement is the utilization of scientific examinationby Sollatek so that they can decide that how clients will react to various costs for its items alongwith the administrations through various channels. It is likewise used to demonstrate the coststhat organization decides will best meet its targets, for example, boosting working benefit(Contrafatto and Burns, 2013). Example- In hotels, hospitals or insurance companies.
|LO 1: Demonstrate an|P1|P1 Explain management | 1 | 3 | | Understanding | | |Assessme| | |LO 1: Demonstrate an|P1|P1 Explain different | 1 | 4 | 5 | |LO 1: Demonstrate an|P1 Explain accounting | 1 |_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
LO 1 5 P1. Explaining management accounting and essential requirements
|18
|4484
|236

Unit 5 Management Accounting System
|23
|6332
|38

P1 Explaining the management accounting and presenting essential requirements
|17
|4999
|134

Explain Management Accounting
|18
|5393
|478

Management Accounting and Systems: Explained and Evaluated
|28
|4607
|1

MANAGEMENT ACCOUNTING REPORT FOR EXCITE ENTERTAINMENT LTD INTRODUCTION 1 LO 1 1 P1 P1 Understanding Management Accounting Systems
|20
|5547
|424