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Financial Decision Making Solution Assignment

   

Added on  2021-02-21

7 Pages1650 Words31 Views
Financial Decision Making

TABLE OF CONTENTSINTRODUCTION......................................................................................................................3MAIN BODY.............................................................................................................................3Role of management accounting techniques in planning, control and decision makingprocess....................................................................................................................................3Critical evaluation of selected MA techniques and giving recommendations to Harrods Plc................................................................................................................................................5CONCLUSION..........................................................................................................................5REFERENCES...........................................................................................................................7

INTRODUCTION Financial decision making implies for the process which is undertaken by firm’smanager for maximizing profitability and attainment of strategic goals. Manager emphasizeson setting competent financial-mix which helps in getting desired level of outcomes.Financial accounting may be defined as a process of recording, summarizing and reporting ofcompany’s transaction for providing an accurate view of position pertaining to the specifictime period. There are several type of accounting function which undertaken by the firmnamely financial, management, tax related and internal auditing (Types of accountingfunctions, 2019). Hence, keeping systematic record of company and communicating results tothe main stakeholders is main function of accounting. Accounting emphasizes on meetinglegal requirements which in turn associated with businesses. It shows that effectual businessplanning and control is highly required for the attainment of organizational goals andobjectives. This project report is based on Harrods Plc, departmental store, located on BromptonRoad on Knightsbridge. Now, business unit falls under the category of largest departmentalstore which occupies 5 acres. Company is involved in offering quality and luxury goodsthrough opening 330 departments. It offers designer clothes, luxury gifts and fashionaccessories to customers under the category of both men and women. For making optimumuse of financial and non-financial resources company prefers to use management accountingsystems (Types of accounting functions, 2019). Moreover, it clearly presents reasons due towhich firm failed to achieve predetermined target or goals. In addition to this, MA tools alsoassist company in developing competent framework for the upcoming time period. In this, report will provide deeper insight about the role of management accounting indecision making. Further, it also shed light on the manner in which MA techniques can beused for performance improvement. Report clearly entails critical evaluation of MAtechniques for selecting the best one.

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