logo

Management Accounting Systems and Reporting

20 Pages5420 Words71 Views
   

Added on  2021-02-19

About This Document

MANAGEMENT ACCOUNTING INTRODUCTION 1 TASK 11 P1 Management accounting and essential requirement for different type of management accounting systems 1 P2 Mention various methods utilised for management accounting reporting2 M1 Define the advantages of management accounting systems along with their applications in organisational context 4 D1 Critical evaluation of management accounting systems and reporting are integrated with process of company5 TASK 25 P3 Calculate and measure costs by using different techniques of cost analysis to formulate effective income statement5 M2 Apply different management accounting techniques

Management Accounting Systems and Reporting

   Added on 2021-02-19

ShareRelated Documents
MANAGEMENTACCOUNTING
Management Accounting Systems and Reporting_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and essential requirement for different type of managementaccounting systems......................................................................................................................1P2 Mention various methods utilised for management accounting reporting ............................2M1 Define the advantages of management accounting systems along with their applications inorganisational context.................................................................................................................4D1 Critical evaluation of management accounting systems and reporting are integrated withprocess of company.....................................................................................................................5TASK 2............................................................................................................................................5P3 Calculate and measure costs by using different techniques of cost analysis to formulateeffective income statement..........................................................................................................5M2 Apply different management accounting techniques and formulate financial reportingdocuments...................................................................................................................................8D2 Prepare a financial report which properly apply and interpret data for different businessactivities......................................................................................................................................8TASK 3............................................................................................................................................9P4 Analyse the merits and demerits of various kinds of planning tools used in budgetarycontrol ........................................................................................................................................9M3 Evaluate the use of various planning tools along with their application of forecasting andpreparing budgets......................................................................................................................10TASK 4..........................................................................................................................................11P5 Describe by comparison how companies are adapting the management accounting systemto resolve financial problems....................................................................................................11M4 Management accounting system can lead to the sustainable success in relation to solvingthe financial issues....................................................................................................................14
Management Accounting Systems and Reporting_2
D3 Planning tools for accounting respond accurately to solve the financial issues that leads tothe sustainable success..............................................................................................................14CONCLUSION .............................................................................................................................14REFERENCES..............................................................................................................................15.......................................................................................................................................................15
Management Accounting Systems and Reporting_3
INTRODUCTIONManagement accounting is defined as the procedure of preparing accounts andmanagement reports which offers timely and accurate financial data needed by the managers of afirm to make short term and daily basis decisions. With the help of management accounting,weekly and monthly reports for internal audience of a business firm is prepared. By using thesereports, sales revenue, available cash flows, amount of orders can be acknowledge in a propermanner. This assignment is based on Meggit PLC which is a Britain based Engineeringorganisation which specially deals in Aerospace equipment. Organisation is headquartered atBournemouth Airport, UK. This engineering company was established in 1974 and employeesmore than 11,700 employees as per the latest report (Cheng, 2012). This assignment is going toinclude about management accounting and the needs of different kind of managerial accountingsystems within an organisation. Different tactics and methods which are used for managementaccounting reporting are discussed. Beside this, cost and expenses are calculated by usingdifferent cost analysis techniques so that an accurate income statement can be prepared. Variouskind of planning tools for budget control and mentioned along with their merits and demerits. Atlast, use of management accounting to solve financial problems is carried out. TASK 1P1 Management accounting and essential requirement for different type of managementaccounting systemsManagement accounting is the process of identifying about the business costs andoperational cost for preparing financial reports and accounts which helps managers' in decisionmaking. The main motive of management accounting system is to take a better and accuratedecisions by controlling on the organisation performance, operational activities and developmentprocess. This accounting system is only used by the organisation for maintaining a betterenvironment in the internal team. In context of Meggit PLC, management accounting help themto take effective decision to order to accomplish their organisational goals and objectives. Thereare various systems of management accounting which are discussed with their essentialrequirement as below:-Price Optimising system: This system is used by the organisations for deciding theprices of their multiple products and services. It helps various organisations to know that1
Management Accounting Systems and Reporting_4

End of preview

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

Related Documents
Management Accounting INTRODUCTION 1 TASK 11 P1 Essential requirements of its systems
|18
|3956
|341

Management Accounting Systems & Techniques
|20
|5703
|222

Management Accounting Systems and Tools for Financial Problem Solving
|13
|2934
|24

System of Management Accounting - Doc
|19
|5425
|405

Management Accounting Systems and Reporting Methods for Connect Catering Services
|22
|4671
|61

Management Accounting Concepts Assignment
|19
|5519
|181