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Management Accounting Lmda Tech Ltd

   

Added on  2020-06-04

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MANAGEMENTACCOUNTING
Management Accounting Lmda Tech Ltd_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Preparation of report over management accounting functions.............................................1P2: Management accounting types which are used in an organisation ......................................3M1: Benefits of accounting system ............................................................................................4D1: Critical analysis of accounting systems and reporting.........................................................4TASK 2............................................................................................................................................4P3: Various costing methods use by Imda Tech .......................................................................4M2: Analysis of fiscal reporting.................................................................................................8D2: Data analysis of financial performances of a company.......................................................8TASK 3............................................................................................................................................8P4: Preparation of budget............................................................................................................8M3: Evaluation of planning and its application........................................................................10D3: Analysis of financial problems...........................................................................................10TASK 4..........................................................................................................................................11P5: Balance score card use as an important tool to solve financial issues................................11M4 Analysis of the problems....................................................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONManagement accounting is an utmost important aspects of any business concern those aredealing with the large number of financial transactions. It is mostly related with collecting,recording and summarised of the financial data those are performed during the year. In anorganisation the investors take their valuable decision after making analysis of financialstatements of the cited company (Burritt, Schaltegger and Zvezdov, 2011). Under this projectreport, there are various tasks in been covered which are related with management account andits functions. It importance in making effective decision. There are different types of accountingsystems which are used in recording of transactions are discussed under this project. Or, analysedthe net profit by using various costing methods for Imda Tech Ltd. Use of budgets and itsadvantages in preparing plan are also elaborated with its process and related price strategies.Financial problems which are arise in an organisation explain and how to overcome it byapplying various tools and techniques are mentioned in this report.TASK 1P1: Preparation of report over management accounting functionsIn an organization, accounting is considered to be effective tool to manage and evaluatecosts and various financial and non – financial transactions. It set a base for managers to takevaluable decisions in order to achieve its aims and objectives those are targeted by the citedcompany's. Generally, such accounting reports are prepared at the end of financial year. It consistof income statements and balance sheet. Both finance and accounting are crucial aspects for abusiness entity, but serves various objectives (Albu and Albu, 2012). Management accounting ismainly concern with operational reports, those are apportioned within a cited company's. While,financial accounting is comply with different accounting standards which are set in order toframe a plan. TopicFinancial accountingManagement accountingPurposeThe main objectives of financialaccounting is to prepare cyclic reportsto shareholder and other externalparties. On the other hand managementaccounting describe informations tothe top authority to make plan andcontrol various responses. Time aspectsIt is based on past activities ofThe total emphasis is delivered current1
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financial data. Historical prospectivesare need to be considered.year positions. But, for future target.Subject concernIt mainly targets on the wholeorganisation.It is based on a particular areas that isneeds improvement.AuditingUnder this system, it is necessary forexternal parties (Hoque, 2011).It is not compulsory to audit. Asdecisions are wholly made by topauthority.RequirementIt must follow GAAP and a orderformat.There is no need to follow anyprescribed format.Measurement In financial accounting, only cashtransactions are recorded.It consist of non-monetary activitiessuch as competition and changes in thecost of money.ScopeIt has narrow.It has board scope.Importance of management accounting: It provide quantitate message regarding economicalsituations those are associated with factors which are present in an accounting system. Theimportance of this is not only for the management concern but also for other external parties tocome up with various effective (Macintosh and Quattrone, 2010). Some importance areexplained as under:Related cost analysis: It is mostly used by the company to estimated what should be soldand how an organisation sell it. The costs analysis is used to identified total costs which areincurred during that process.ABC Costing: It is said to be that tools which a manager identifies various activities inan organization and assigns the cost of every activities. It is based on that cost of productiondone by the company through its available resources.Buying techniques: Some of the decision are primary use of managerial accounting datawhich is used in production process.Utilizing the data: It provide a positive ideas to the company regarding how to increasesmall scale business.2
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