Essay on Management Accounting of Marks and Spencer
Added on -2020-07-23
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UNIT 5MNG ACC
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1P.1 Management accounting and different types of management accounting............................1P.2 Different method is to be used in management accounting reporting..................................3M.1 Benefit of management accounting system.........................................................................4D.1 Management accounting system is integration with organisation purpose .........................5TASK 2............................................................................................................................................5P.3 Calculate costs using appropriate techniques of cost analysis and difference betweenmarginal costing and absorption costing.....................................................................................5M.2 Management accounting techniques and financial reporting..............................................9D.2 Apply and interpret data for a range of business activities..................................................9TASK 3............................................................................................................................................9P.4 Advantages and disadvantages of different types of planning tools that can be used forbudgetary control........................................................................................................................9P.5 Compare method and financial planing .............................................................................11M.3 Planning tools and budget forecasting...............................................................................12D.3 Planning tool is help to solve business problem ...............................................................13CONCLUSION..............................................................................................................................13REFERENCES ...............................................................................................................................1
INTRODUCTIONManagement accounting is a process to manage financial factor in working environment.In this context future decision making is based on financial sector. On the other hand, properfinancial management is most important with the help of some method to be used in workingenvironment. This report is based on MARKS AND SPENCER organisation. This company isbasically loathed in united kind and provide different services in retail sector (Jantzen and et.al2017). Further, it covered income statement and cost analyses management is help to distributionof income in different field internal working environment. On the other hand, managementaccounting system is help to improve internal performance. The payment and deduction of theexplanation systems. As the computation cost to set up the financial gain statement of the citedorganisations.Task 1P.1 Management accounting and different types of management accountingManagement accounting is help to manage the provision of account information in orderto manage future carrying into action in market. This is help to manage future performance ininternal working environment and future development. On the other hand, finance department isfocus on distribution of income in different sector and make some changes as per the need ofcustomer in market (Hamzah and et.al 2017). It is focus on long and short term planning forfuture betterment and increase market share. Management accounting method is help to managework in internal working environment. There are much management accounting function are asfollows :- Cost accounting system :- In cost accounting system is help to manage cost in workingenvironment. It is focus on estimate the cost product and profitability analyses, inventoryvaluation and cost control. In the same manner, accurate cost analyses of the product isone of the most important part and make some changes in internal working environment.It is one of the most important part to manage cost and earn profit (Beltrame, andHughson, 2017). On the other side, profit is depended on better cost analyses and makechanges as per the need of organisation. To manage product cost and decide final price ismost important factor in market, because cost is decided growth rate and profit margin oforganisation. In the same way, some different kind of costing is most important is job
costing and process costing. Job costing is process of manufacturing cost and processorder costing is focus on each and every step process in working environment. Inventory management system :- In inventory management system is help to increase themarket share and make some improvement in internal working environment. In this way,inventory management means to manage stock manage to internal working environmentand make some changes in growth rate in market. To manage stock is most important andgive facility to manage them (Abdullah and et.al , 2017). It is expenses for company tomanage stock in working environment. It is software system to tracking inventory level,order level and scale level in working environment. On the other hand, bill of documentsand product related documentation is most important and manage growth rate in market.It can also be used in the manufacturing industry to create a work order. Inventorymanagement is one of the most important part and help to increase growth rate in market.Organisation is to be focus on each and every inventory level is internal workingenvironment and make some changes in external working environment. Price optimization system :- In this system is based on mathematical calculation foranalyse the future carrying into action in market. This system is focus on customerresponse of different price in same market. It is kind of strategies to increase the numberof customer in market and make some changes as per the need of the customer in market.With the help of price, increase the number of customer in market and make somechanges in internal and external working environment (Cruz-Filipe and et.al 2016).Management is to be focus on historical data to increase the market price and make somechanges in future execution. Internal audit method :- Internal audit is based on company performance and growth ratein market and make some change as per the law should be used in working environment.Internal audit is help to manage working environment and help to increase the growthrate in market and help to smooth function of internal working environment. All such kind of system is one of the most important system and help to improve internalfinancial activity, which is help to increase market share and make some changes in growth ratein market (Peng, Duan and Sun 2015). To manage product cost and decide final price is mostimportant factor in market, because cost is decided growth rate and profit margin of organisation.
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