(PDF) Management Accounting | Assignment

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ManagementAccounting
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1...................................................................................................................................1Distinct types of management accounting systems..................................................................1Benefits of various management accounting system...................................................................3Management accounting reporting & management accounting system's...................................3Methods used for management accounting reporting..................................................................4TASK 2...........................................................................................................................................5Suitable techniques of costs analysis..........................................................................................5Application of management accounting techniques....................................................................6Interpretation of data for a range of business activities...............................................................7TASK 3..........................................................................................................................................7Planning tools which are used in budgetary control..................................................................7Uses of different planing tools.....................................................................................................9TASK 4.........................................................................................................................................10Management accounting system to respond the financial problems.......................................10Planning tools for accounting to respond to solving financial problems...................................11Management accounting can lead organisations to sustainable success....................................11CONCLUSION..............................................................................................................................11APPENDIX...................................................................................................................................12REFERENCES.............................................................................................................................13
INTRODUCTIONManagement accounting is the process of making management reports & accounts toinvestigate the cost of business operations. The financial statements which are prepare undermanagement accounting are helpful for the manager to take better decisions in context to thegrowth of organisation. It is an internal process of a corporation to analysing, identifying,interpreting & communicating information to manager in order to achieve predefined targets.The rules and principles which are associated with management accounting can be followed forthe purpose of systematic work. To better understand this concept Aston Martin has been chosenwhich is a manufacturer of luxury sports cars and it established in United Kingdom. There arevarious topics are covered in this report such as: distinct types of management accountingsystem, methods for management accounting reporting, to prepare income statement usingmarginal and absorption costing. Apart from this, report also discuss about advantage &disadvantage of various planning tools in context to budgetary control and managementaccounting system in order to resolve financial issues.TASK 1Distinct types of management accounting systemsManagement accounting involves financial & accounting tasks in order to operate thebusiness operations according to the need of firm (Zhao and Yuan, 2016).This internal processis conducted by accountants which involves: sales, auditing, spending and budgets. With the helpof this tool better decisions can be taken which support the growth of Aston Martin. There arevarious types of management accounting systems which are as mention below:Cost accounting system:This system provides a framework to enterprise anticipate costof its products for profitability analysis, stock valuation and cost control. To analyse theappropriate cost of sports cars is important for Aston Martin so that better decisions can be takenby the company to determine which products are profitable or which are not. It is also beneficialto anticipate the value of closing stock, finished goods and work in progress in order to preparefinancial report. With the help of this system managers of Aston Martin identifies the cost, timeand all related expenses. This system helps the managers to check the total cost which is incurredby a company and find outs ways in which it can reduce its cost by enchaining the overall1
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