Cost Accounting Name of the University Authors Name
Added on 2021-04-21
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Running head: COST ACCOUNTING Cost AccountingName of the StudentName of the UniversityAuthors NoteCourse ID
COST ACCOUNTING1Table of ContentsAnswer to question 1..................................................................................................................2Answer to question 2:.................................................................................................................2Answer to question 3:.................................................................................................................3Answer to question 4:.................................................................................................................4Answer to question 5 A:.............................................................................................................5Answer to question 5 B:.............................................................................................................6Answer to question 6:.................................................................................................................6Answer to question 7:.................................................................................................................7Answer to question 8:.................................................................................................................8Answer to question 9:.................................................................................................................9Answer to question 10:.............................................................................................................11Reference List:.........................................................................................................................13
COST ACCOUNTING2Answer to question 1Panopticism can be defined as the social theory that is named after the panopticonwhich is originally created by the French philosopher Michael Foucault. The ternpanopticism can be defined as the experimental laboratory of the power which helps inmodifying the behaviour as the symbol of displaying the society surveillance. Panopticims is important in management accounting as it calls for the attention inaccounting and management components of anti-corruption project. Panopticism would helpin detailing the accounting and auditing concepts as the emphasis of detecting and preventingthe corruption (Scott, 2015). Panopticism helps in implementing control over the accountingrecords and would act as the reformation tool that would stress important on the financialcontrols as the anti-corruption. Panopticism would help in eliminating conflict of interestamong the control and good management by implementing strong auditing programs. Another importance of panoptcism can be highlighted in the study is that it actuallyhelps in implementing data transparency which would help in promoting better synopticallysystem. The panoptical approach will help in enduring the company under the control of theprivate organization (Eldenburg et al., 2016). For example, implementing panoptical systemin a organization would help in determining the raw nature of the data obtained and wouldhelp in side-lining the professional auditors. Answer to question 2: The functions of management accounting are as follows; a.Planning: The functions of management accounting includes formulation of short andlong term plans that is necessary over the particular interval of time. The functions ofmanagement accounting is closely interwoven with planning since it provides
COST ACCOUNTING3information regarding decision making (Lanen, 2016). For example, decisionsregarding what types or products are to be sold or what would be the product pricing. b.Organizing: The functions of management accounting is based on creating anoriginal framework for assigning responsibilities to the individuals that are workingwithin the organization for attaining business goals. Management accounting helps inorganizing the functions of managers by offering reports that are necessary to regulateinformation. c.Controlling: Management accounting assist in the controlling functions bygenerating performance reports and reports of control that helps in reflecting thevariations among the anticipated performance and the actual performance (Boardmanet al., 2017). The reports forms the basis for taking necessary corrective measures.Answer to question 3: According to Otley, (2016) routine and responsibilities have turned out to be acomplex thing in the modern world with mistakes are virtually inevitable in the modernworld. According to the Van Helen Rock Band checklist is considered as the most importanttool of control. The checklist help in careful composing and application of the same. The rockband realised that check list form the important tool of control as this helps in making surethat everyone that are involved in the job are better able to understand the goals and followthe prescribed procedure. According to the rock band they would also benefit from the checklist as well as thechecklists are highly considered portable. The check list helped the rock band in ensuring thata thoroughness is maintained along with the inventory of supply, consistency and often timesavings when adding up the necessary records among the other things. Under the conditionscomplexity not only the check list as the help but are also required for success.
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