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Management Accountant System and Techniques : Assignment

   

Added on  2020-10-22

17 Pages5152 Words174 Views
MANAGEMENTACCOUNTANT SYSTEMAND TECHNIQUES

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and requirements of different kinds of accounting systems.....1P2 Different methods used for the purpose of management accounting reporting................3TASK 2............................................................................................................................................4P3 Techniques of cost analysis to prepare an income statement using marginal and absorptioncosts........................................................................................................................................4TASK 3............................................................................................................................................7P4 Advantages and disadvantages of various planning tools used for budgetary control......7TASK 4 .........................................................................................................................................10P5 Comparison on how organisations are adapting management accounting systems........10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONManagement accounting is a process of making managerial records as well as accountswhich aid an company in taking a proper decisions. These books and reports are used for gainingtrust of parties like as investors, creditors and many more. It will reflect a fair and true businessposition. Unicorn grocery is a co-operative store of grocery. It was founded in 1996. It was theone of biggest independent wholefood groceries in United Kingdom. They also give employmentto approx 70 employees within the workplace (Arroyo, 2012). Management accounting is usedin each companies irrespective of its scope, size or nature. This company uses their systems forpreparing a income statement. In this report, it covers the methods of management accounting,reports, techniques etc. Various significant benefits as well as roles of these approaches arediscussed in it. Process of decision making become effortless because of these systems. TASK 1P1 Management accounting and requirements of different kinds of accounting systemsManagement accounting is an main function of an company as it make severalmanagerial reports and records, these vary from other financial statements as it can be madeanytime within a period of accounting as per its needs whereas these accounts are made at theend year of accounting. It will help in knowing the business position by proper analysing ofaccounting statements at the end year of accounting period. Unicorn grocery is an co-operative business which delivers as well as produces the goodsof grocery and many others home utility products, they use the management accounting systemfor taking a effective decision making (Baldvinsdottir, Mitchell and Nørreklit, 2010). At a timeof making a managerial records which aid them in providing a better image of enterprisefunctions. Types of accounting systems and their needs:This management accounting system will aid enterprise in controlling as well organisingtheir functions by determining several costs which are included in activities. These managementaccounting system gives several guidelines which aid in leading managers to delivering andascertaining better image of enterprise activities as well as profitability. Some of major managingaccounting systems are given below: 1

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