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Management Accounting Assignment : Unicorn grocery

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Added on  2020-01-28

Management Accounting Assignment : Unicorn grocery

   Added on 2020-01-28

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MANAGEMENTACCOUNTING
Management Accounting Assignment : Unicorn grocery_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ..........................................................................................................................................3P1 Management accounting and different type of management accounting system..................3M1 Benefits of management accounting system and their application ......................................4P2 Different methods use for management accounting report....................................................5D1 Integrated working of management accounting system and management accountingreports .........................................................................................................................................7TASK 2............................................................................................................................................7P3 Cost analysis by different methods .......................................................................................7M2 Range of management accounting techniques for appropriate financial report.................10D2 Financial report and its interpretation ................................................................................11TASK 3..........................................................................................................................................11P4 Advantages and disadvantages of different planning tools in budgetary control................11TASK 4..........................................................................................................................................13P5 Use of management accounting system to respond to financial problems .........................13M3 & M4 Managerial accounting respond to financial problems ...........................................14D3 &D4 Planning tools helpful in sorting out financial problems ..........................................14CONCLUSION .............................................................................................................................14REFERENCES .............................................................................................................................15
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INTRODUCTIONMA is a process which aid and support all departments managers to take effectivedecision which are related with their daily operations. It enables the firm to keep their dailyroutine data and according to those, their weekly, monthly and daily reports get prepared. Thismethod is suitable for them because an entity can identify the deviations which occur at the timeof manufacturing activity. If any thing went wrong then managers are capable in taking effectivedecision. It is completely different from financial accounting in which the reports are preparedfor the outsiders which are called as the stakeholders of the company where as on the other handmanagement accounting is used for taking decision which are for internal audiences of business(Hammad, Jusoh and Ghozali, 2013). The present report is based on Unicorn grocery who isworking in a grocery items. Cited organisation is dealing in consumer products and managerialaccounting aid them in effective and efficient decisions. In this assignment, various things willbe going to be discussed in which methods used for making management accounting reports areconsidered. Also the different forms of cost are explained. Advantages and disadvantages ofbudget is an essential component which makes the report more effective. Also some other factorsare going to be elaborated in this assignment.TASK 1 P1 Management accounting and different type of accounting systemManagerial accounting is a procedure through which an organisation can maintain theirrecords of operation. This helps them in making financial reports and aids the managers to takedecision which are for short term. Unlike the financial accounting, it does not provide the wholeyear reports which help the organisation to analyse these reports. These reports are prepared forall internal audiences which are employees, CEO of the company etc (Balakrishnan, Labro andSoderstrom, 2014). Management accounting aims to provide help to managers so that they can take decisionwhich helps in growth and success. Hence, managers can manage all activities in a propermanner and have to formulate effective planning for sustainability. So it can be said thatmanagement accounting provides a platform through which managers can take short termdecision.
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Another advantage of using this approach is that it helps in making and changingstrategies which are helpful in long run success of a firm. This helps in gathering more and moreinformation about the business so that target can be set and achieved in the minimum time frame.Also in case of finding out any deviation and difference by the superiors at the time of activitythen they can change that according to the need and demand of time. This method is best for Unicorn grocery due to dealing in grocery items. They really needthis type of technique through which they can analyse their daily stock of vegetables etc. Oncethey apply this system on their business, then they can manage their cash availability and reduceunnecessary storage of vegetables and fruits (Baldvinsdottir, Mitchell and Nørreklit, 2010). Thishelps them in another manner in which they can control the cost of warehousing and spoilage ofthings. The wastage of products get minimises and their business can provide fresh items to theirtarget customers. This helps in creating a brand image and their business can attain profit in anethical manner. So this technique is useful for them with the purpose of earning profit.Management accounting system has different number of aspects which helps theorganisation to use for their business activities. These system approaches aid an entity to takeeffective decision on weekly or monthly reports. The systems of management accounting are asfollow:1.Cost accounting: Cost accounting approach helps an organisation to use effective systemfrom which they can control their cost of product. In this concern they have to utilisesuch method from which their production quality get improved at the minimum cost.2.Inventory management: According to this technique it is clearly stated that a firm have tomanage their stock so that they can provide material when ever needed in market. 3.Job order costing: This method is used when the products are different from each other.It deals in when an organisational production items get vary. Like unicorn grocery theydeal in grocery items as well as fruits and vegetables also (Bodie, 2013). 4.Price optimizing: It is an analysis by the company to identify that how the customers aregoing to respond on different prices of the products and services through differentchannels. M1 Benefits of management accounting system and their application All the above system is helpful according to Unicorn. They deal in different range ofproducts and from such methods they can examine cost which is going to be incurred. Along
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