logo

Financial and Management Accounting - Assignment

   

Added on  2020-07-22

14 Pages3793 Words71 Views
Finance For Managers

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................11.1 The purpose and required for keeping financial recordes................................................11.2 Techniques for recording financial information in a business organisation.....................21.3 Legal and organisational requirement for financial reporting..........................................21.4 Usefulness of financial statements to stakeholders..........................................................2TASK 2............................................................................................................................................32.1 Components of working capital........................................................................................32.2 Business organisations can effectively manage working capital.....................................3TASK 3............................................................................................................................................33.1 Difference between management and financial Accounting............................................33.2 The budgetary control process..........................................................................................43.3 Calculation and interpretation of variances from budget.................................................43.4 Evaluate the use of different costing methods for pricing purpose..................................5TASK 4............................................................................................................................................64.1 Demonstration Methods of project appraisals..................................................................64.2 Evaluation of project appraisal.........................................................................................94.3 How finance might be obtained for a business project...................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONCriteria of finance management and accounting remain essential in respect of managersand higher level of management (Baker and Wurgler, 2011). There are different types of cost andfinancial reports provided to managers like budgetary reports, reconciliation statements, cashflow and fund flow statements, financial positions reports, etc. These reports represent particulardivisions of company. These information are used in decision making and strategic planning.Budgetary reports, variance analysis report, investment rates and accounting rate of returns arethe reports described in this report (Fan, Wei and Xu, 2011). As a finance manager of small scaleice cream company, planning and strategies are prepared in this report. Company wants to launcha new ice cream product in market in respect this subject cost and variance analysis done here. TASK 1 1.1 The purpose and required for keeping financial recordesA small scale organisation deals in ice cream products and planning to launch newproduct. There are various types of variances analysed to determine the cost of production units.Current situation of production indicates towards further extension and new product launch.Company want to introduce new ice cream product for children and wants to manufacture icecream boxes which contains the unit of 24 ice cream. There are various types of variances andcost analysis made to evaluate the consistency and stability of plan.Purpose and requirementsInternal control requirements: By the assistance of this, organization can undoubtedlyhave the capacity to chose aggregate sum of costs and wages organization is paying inside aAccounting period.Legal requirements: Companies act substance budgetary explanations used to get readyas per material accounting norms under area 291(Ang, Gregoriouand Lean, 2014). Tax requirements: Tax show up in some shape in each three budgetary explanations.Conceded charge obligation can be considered in the long haul liabilities area of the accountingreport. It would determine, regardless of whether organizations are paying charges according tothe chose approaches of the nation. 1

1.2 Techniques for recording financial information in a business organisationDay book and ledger: A buys day book is a Accounting record in which purchasingexchange are recorded viably. All the monetary exchange is recorded into record books. Double entry Accounting: It is a successful framework that is utilized to post a widerange of monetary sections. It gives profitable data that each record would impactful affect theannouncements. The trail balance: An declaration of the considerable number of obligations and credit ina Double entry Accounting with any difference showing a blunders are breaking down throughthis trail adjust. In the wake of chronicle all the exchange into the record at that point posted intothe trail adjust. 1.3 Legal and organisational requirement for financial reportingFinancial reporting requirements for sole traders: An individual back are more firmlyconnected business tasks than with some other kinds of business structure. The money relatedrecord of sole dealer organizations of exchanging Accounting. Independently employed solemerchants and most organizations don't have to make a formal benefit and losses explanations. Private limited companies: It is required for each private restricted organization to holdan AGM in consistently for the information for shutting the monetary year. they are required tokeep up appropriate records of information which will be useful in introducing it before differentfinancial specialists. Public limited companies: It is most extreme essential for general society restrictedorganization to arranged money related explanations so that to issues shares and in addition bringIPO. It will help with masterminding all the basic alternatives those are useful in producing mostextreme benefit.1.4 Usefulness of financial statements to stakeholdersUsefulness of stakeholders: In any sort of business, a partner is fundamentallyconsidered as a financial specialists of the organization whose activities decide the results oftheir business choice. Utilizing of partner ability and expanded responsibility of leadorganization. They don't need to be value investors.Users/stakeholders: End clients have not been taken into thought about a need gatheringof people. Be that as it may, the standing board of trustees avows the critical piece of theorganization. A few people, for example, chiefs, inspectors and banks and in addition other2

End of preview

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

Related Documents
Management Accounting and Systems: Creams Ltd Case Study
|15
|4586
|39

Finance for Managers Project : Report
|19
|6538
|38

Management Accounting: Systems, Techniques, and Benefits
|20
|5455
|55

Finance for Managers: Analysis of Financial Records, Accounting Systems, and Reporting Requirements
|28
|5570
|104

Report On Management Accounting & Financial Accounting
|22
|7874
|190

Finance for Managers: Purpose, Techniques, and Importance of Financial Records
|18
|4528
|63