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Various types of management accounting systems

   

Added on  2021-02-19

19 Pages3727 Words323 Views
ManagementAccounting

ContentsINTRODUCTION...........................................................................................................................4TASK 1 ...........................................................................................................................................4P1 Management accounting system and their essential requirement..........................................4P2 Type of management accounting reports and its importance to management.......................6M1 Various type of system and their benefits ...........................................................................8D1 Management accounting systems reports integrated in organisational processes.................8TASK 2............................................................................................................................................8P3 Cost analysis techniques to prepare income statement to calculate cost. .............................8M2 Range of management accounting techniques....................................................................13D2 Financial reports that accurately apply and interpret data...................................................13TASK 3..........................................................................................................................................13P4 Advantage and disadvantage of various types of planning tool..........................................13M3 Evaluation planning tool for preparing and forecasting budgets........................................15TASK 4..........................................................................................................................................15P5 Adaptation of management accounting system to respond financial problems...................15M4 Management accounting system lead to long term sustainable success.............................17D3 Planning tool to avoid financial problem............................................................................17CONCLUSION .............................................................................................................................17REFERENCES..............................................................................................................................19

INTRODUCTIONManagement accounting is also termed as a cost accounting termed as an managerial accounting.With the help of this procedure organisation can effectively able to evaluate their cost andoperations that will further guide them to prepare organisation internal financial report(Anderson and Sedatole, 2013). This, further aid manager to effectively perform their decision-making process in order to effectively accomplish goals and objectives in best possible manner.In addition with this, management accounting also aid organisation to conduct their processwhich is related to planning, organising, staffing, directing and controlling. Present report hasbeen conducted on The Berkeley Partnership. Company was founded in the year 1990 andperform their operations as an Independent management consultancy and have different types ofClient Company. In this report Essentra Packaging is been selected, which is manufacturingcompany that use to produce tear tapes, labels, seals etc. In this report formative discussion hasbeen made on concept of management accounting along with their requirement within anorganisation. In addition with this report include cost suitable techniques with the help of whichorganisation can effectively able to perform their decisions. Along with this, report includemerits and demerits of taking use of planning tools with the help of which financial issues can beovercome. TASK 1 P1 Management accounting system and their essential requirementManagement accounting system is linked with the process of collection, evaluation andpresentation of non-monetary and monetary information’s and data and showcase them to endusers as per the accordance with requirement. It is essential that management accounting systemmust have following characteristic that support in better decision making. With the help ofmanagement accounting Essentra Packaging can effectively able to attain their desirable set ofobjectives. Some of these are as follows: Reliability: All the information that is provided through different system must be reliableso that essential decisions are made for future improvement. Up to date: It is the main role of manager to ensure that various system of managementaccounting musty holds every information on the same date and accurate time so that actualperformance can be identified. 4

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