Assignment Management Accounting(MA)
18 Pages5233 Words44 Views
Added on 2020-06-05
Assignment Management Accounting(MA)
Added on 2020-06-05
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MANAGEMENTACCOUNTING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and different types of management accounting systems..........1P2 Different methods use for reporting of management accounting......................................4M1...........................................................................................................................................6D1...........................................................................................................................................6TASK 2............................................................................................................................................7P3 Income statement of marginal and absorption costing along with differences.................7M2...........................................................................................................................................9D2.........................................................................................................................................10TASK 3..........................................................................................................................................10P4 Advantages and disadvantages of different planning tools used for budgetary control.10M3.........................................................................................................................................12TASK 4..........................................................................................................................................12P5 Adaptation of management accounting techniques to overcome the financial crisis.....12M4.........................................................................................................................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
INTRODUCTIONFor achievement of an effective and favourable internal strength in accordance withbusiness operations and economic situation, it is essential for organisation to manage allcommercial transaction. By using various techniques of management accounting companieswill get benefits in achievement of adequate control and monitoring over the usage of effectivefinancial tasks. Management accounting is process used for development, monitoring andmanagement of companies financial statements (Hilton, and Platt, 2013). Present report is basedon analysis of Unicorn retail store which is small business enterprise in UK having less than 50employees at workplace. Various accounting systems, budgeting and important techniques ofreporting have been discussed that assist Unicorn retail store in analysis of business strength andkey areas which are required to be improved. Further, income statement on the basis ofmarginal absorption costing methods are also calculated by using company's financial data. Inaddition to this, advantage and disadvantages of different kinds of budgets which are prepared byorganisation have been discussed which can be used by management for budgetary control.TASK 1P1 Management accounting and different types of management accounting systems.From: Management accounting officerTo: General manager of Unicorn retail storeSubject: management accounting systems Introduction:This report is made to provide information that Unicorn retail enterprise is continuouslygetting a positive and favourable earning in market. Strong brand image has been achieved byorganisation in retail industry due to high quality and moderate prices of products. In order toimprove the operational and financial performance of business enterprise, there is requirementto use some specific techniques for controlling the cost and needs to improve the budgetarysystems as well as increasing efficiency of staff at workplace (Ward, 2012). Managementaccounting is the process which can be used for preparation and formulation of financial1
reports which provide accurate and timely financial and statistical business informationrequired by managers in order to make day to day and short terms decisions. This provision ofaccounting information need to be used for informing better inform management before theyalways decide matters within business enterprise. Which helps them in controlling andmanaging performance of controlling functions. Some important management accountingsystems are mentioned below:Cost accounting: It is considered as process can be used to record, classify, analyse, summarizeand allocating costs associated with a process and then developing various important courses.This system will provide support to Unicorn store in monitoring requirement of cost andfinancial resources (Wickramasinghe and Alawattage, 2012). It involves various importantcosting methods like activity based method of costing which clearly determines the expensesmade by company for production of single unit of product. Expenses will involve salary ,compensation, rewards and other labour cost. It also determines cost of raw material andimportant dealing with suppliers etc which are key operational units that needs huge cost.2Illustration 1: Management accounting systems(Source: Atkinson and et.al,. 2001)
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