(DOCS) Introduction to Management Accounting

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Added on 2020-11-23

(DOCS) Introduction to Management Accounting

Added on 2020-11-23

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MANAGEMENTACCOUNTING

Table of ContentsINTRODUCTION...........................................................................................................................1TASK2.............................................................................................................................................1P4 Advantage and disadvantage of different planning tools used in budgetary control..............1M3 Use of different planning tools in preparing and forecasting budgets..................................4P5 Management accounting system in relation to solve financial problem.................................4M4 Use of management accounting system to respond the financial problem to achievesustainable success.......................................................................................................................6D3 Evaluation of planning tools to solve the financial issues to get sustainable success...........6CONCLUSION................................................................................................................................7REFRENCES...................................................................................................................................9Books and journals.......................................................................................................................9

(DOCS) Introduction to Management Accounting_2

(DOCS) Introduction to Management Accounting_3

INTRODUCTIONManagement accounting is a kind of accounting system which consist many informationsthat are helpful for managers in making internal decisions(Ward, 2012). In addition, this accounting system includes various accounting reports which helps organisations in performanceevaluation and controlling. To understand about the management accounting system's mean and its uses Morrisons company is selected which was founded in 1899. Its headquarter is in Bradford UK. This company offers various groceries and food products.This project report includes the detailed information about the different planning tools with their advantage and disadvantage. In addition, report tells about the way in which different organisations apply management accounting system to respond the financial problems.TASK2P4 Advantage and disadvantage of different planning tools used in budgetary control..Budgetary control- Budgetary control is a kind of system which is related to the settingof financial and performance goals and comparing the actual performance with thosegoals(DRURY, 2013). It helps the managers in analysing the organisational performance as wellas employees performance. Apart from it, this controlling system provides a framework formaking future policies and plans to achieve goals, objectives. With the use of budgetary controlsystem, an organisation can make efficient utilisation of financial and human resources.Morrisons company use this controlling system to measure the actual performance. They usedifferent tools of budgetary controlling system which are followings:Budgets- These are the estimation of income and expenses of a particular time period.Now these days budgets are used by families, companies and governments etc. It is important toknow that basically budgets are made for one year. The basis of budget preparation are the pastfinancial activities which helps in accurate estimation. The selected company prepares budgetsfor coordinating the all activities in an effective way.Advantages-It helps in determining the areas in which funds are required.These helps in controlling the income and expenditures of companies by accurateestimation.1

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(DOCS) Introduction to Management Accounting