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Report on Management Accounting and Its Benefits - R.L. Maynard Limited

   

Added on  2020-07-23

19 Pages5069 Words63 Views
MANAGEMENTACCOUNTING
Report on Management Accounting and Its Benefits - R.L. Maynard Limited_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explaining different systems of MA considered by accountant of R.L. Maynard Limited...1P2 Describing several methods which are taken into account for MA reporting at theworkplace of R.L. Maynard Limited...........................................................................................3TASK 2............................................................................................................................................6P3 Preparation of income statement on the basis of marginal as well as absorption costing.....6Difference between both the MA techniques which are marginal and absorption.....................7TASK 3............................................................................................................................................8P4. Explaining advantages and disadvantages of different types of planning tools underbudgetary control........................................................................................................................8TASK 4..........................................................................................................................................12P5. Different ways by which organisation can respond to financial problems by adoptingmanagement accounting system................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
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INTRODUCTIONManagement Accounting or Managerial accounting is a management tool that providesbasis to small business owners and managers for the preparation of management reports andaccounts. It helps in providing accurate band timely internal information to managers about theorganisation that in turns enable them in taking various future economic decisions along withevaluating performance of the company. Unlike financial accounting, management accounting does not provide annual reports.Instead, it provides interim reports that are for the use of internal users only and not for externalusers. However, reports of managerial accounting facilitates annual reports of business. Presentreport discusses management accounting system and its benefits to R.L. Maynard Limited. It is asmall sized company from construction industry. Different types of systems and reports that canbe used by cited firm are explained along with producing its income statement using twodifferent techniques of costing. Both the techniques treat costs differently that is also explained. Further, managementcan use different planning tools under budgetary control and so the same are discussed with theiradvantages and disadvantages. An organisation faces different financial problems in its day today activities, in order to respond to such problems, it can also use management accountingsystem and can lead to sustainable growth.
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TASK 1P1 Explaining different systems of MA considered by accountant of R.L. Maynard LimitedIntroductionMA is a method in which various plans prepared which are related to financials and afterthat executed as well as evaluated at the workplace. When a firm considered this procedure thenable to become more financially sound in the respective industry. Reason behind this is that, itsupports to prepare financial plans where adequate level of decisions can be taken easily. In thepresent business report, systems of MA are explained which applied by R.L. Maynard at theworking place. Along with this, essential needs for considering such approaches are alsopresented at here. Systems of MAIllustration 1: Systems of MA(Source: Jansen, 2011)
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