Management Accounting Assignemnt : Imda Tech
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Added on 2020-01-07
Management Accounting Assignemnt : Imda Tech
Added on 2020-01-07
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Management accounting
Table of ContentsINTRODUCTION.......................................................................................................................................4TASK 1.......................................................................................................................................................4(A). (i) Management accounting meaning and difference between financial and management accounting...............................................................................................................................................4(ii) Importance of management accounting information as a decision-making tool.................................5(B) Explain various types of management accounting system & its application......................................6TASK 2.......................................................................................................................................................7(1). Absorption costing............................................................................................................................7(2). Marginal costing...............................................................................................................................8TASK 3.......................................................................................................................................................9(A) Different types of budgets and their advantage and disadvantages....................................................9(B) Budgetary process...........................................................................................................................11(C) Pricing strategies.............................................................................................................................12TASK 4.....................................................................................................................................................13(A). Explaining the balance score card approach & describing its implementation...............................13(I) Use of BSC to respond financial problems.......................................................................................13(II) Significance of BSC to improve financial governance & development of effective strategies........14CONCLUSION.........................................................................................................................................14REFERENCES..........................................................................................................................................15
Table of figuresTable 1 Calculation of profit or loss under Absorption costing...................................................................7Table 2Calculation of unit cost under absorption costing............................................................................8Table 3 Calculation of profit or loss under marginal costing.......................................................................8Table 4Calculation of unit cost under marginal costing...............................................................................9Table 5 Reconcilation statement..................................................................................................................9
INTRODUCTIONNow-a-days with the internationalized of the operations and tough rivalry period, it becomes toocomplex for the managers to make prudent decisions on a urgent basis or in very short period. Thischallenges arise the need of managers to be well-equipped with the extra ordinary & exceptionalmanagerial skills, so that, immediate decisions can be made for arriving success. The present report aimsat finding out the critical importance of managerial accounting tools like costing, balance scorecardapproach and budgeting framework to gain succcess for Imda Tech which is engaging in production anddelivery of special charger for the phones & other carrying electronic gadgets.TASK 1(A). (i) Management accounting meaning and difference between financial and management accountingManagerial accounting is a framework that managers use to make business decisionsregarding their day-to-day functioning, operations and regular course of actions. In the globalcorporate scenario, managers are highly concerned towards their future performance and therebyuse current information and business performance to make variety of decisions in operationalareas in highly fluctuating environment. Unlike it, Management accounting Financial accounting MeaniningCIMA (Chartered Institute ofManagement Accounting) hasdefined management accounting as aprocess which comprisesidentifying,measurement,accumulation, evaluation, analysisand communication to the managersto aid in successful & effectivecorporate planning (Simons, 2013).Financial accounting is a processwhich is concerned withpreparation of Imda Tech’sannual financial reports for theobjective of financialreporting(Pratt, 2013).Purpose/objecctive To devise solid plans, formulateorganizational strategies andeffective decisions for meeting outTo measure the performane ofthe entity by finding out theprofitability and financial status
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