Use of System and Reporting for Policy Making and Strategic Decisions (Doc)
Added on -2020-07-23
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Management accounting
Table of ContentsINTRODUCTION................................................................................................................................1TASK 1.................................................................................................................................................1LO1.......................................................................................................................................................1P1 & P2 Management accounting, different kind of systems..........................................................1Executive summary.................................................................................................................11.0 Management accounting...................................................................................................11.1 Distinguish between financial and management accounting............................................21.2 Management accounting systems......................................................................................21.3 Evaluate the benefits of management accounting systems...............................................31.4 Application and integration of management accounting systems in the organization......4TASK 2.................................................................................................................................................5LO2.......................................................................................................................................................5P3 Calculation of costs using appropriate costing techniques..........................................................52.0 Executive summary...........................................................................................................52.1 Standard costing and variance analysis.............................................................................52.2 Application of management accounting techniques..........................................................52.3 Analysis and interpretation of financial reports................................................................72.4 Conclusion.........................................................................................................................82.5 Recommendations.............................................................................................................8TASK 3.................................................................................................................................................9LO3 & LO4..........................................................................................................................................9P4 & P5 Critical analysis of budgetary planning tools.....................................................................9Executive summary.................................................................................................................93.0 Planning tools: Budgetary control.....................................................................................93.1 Purpose of budgeting.........................................................................................................93.2 Budgeting process.............................................................................................................93.3 Different types of budget.................................................................................................103.4 Explaining the advantage and disadvantage of different planning tools for budgetarycontrol....................................................................................................................................124.1 & 4.2 Analyse the use of different planning tools in management accounting...............135.1 Conclusion.......................................................................................................................145.2 Recommendations...........................................................................................................14
INTRODUCTIONLooking at the digitalized era, there is a significant shift in traditional managerial accountingpractices as paperwork is now replaced by computerized systems which maintain huge sort of dataand provide customized details as per the managerial requirement. Mwambi Ltd established in 2015that specialises in manufacturing of aerospace parts for Airbus Ltd and it is operating at Romford,Essex. The current research will investigate the use of important system and reporting which arerequired by the managers for policymaking and strategic decisions. In despite of this, tools forcosting calculation and budgetary planning will be analyzed. TASK 1LO1P1 & P2 Management accounting, different kind of systemsTo: Line manager, Mwambi LtdFrom: Management AccountantDate: 19th November 2017Subject: Critical evaluation of management accounting system and management accountingreporting within the business Executive summaryThe report is presenting here to clearly distinguish financial and management accounting.Moreover, important details about various new managerial accounting systems along with their keybenefits will be provided. Moreover, it presents key reports that are extremely used by managers inextracting and assessing performance of an undertaking and to make sound decisions. 1.0 Management accountingMeaning:Management accounting, as its name, is about managing all the business aspect forensuring a successful and long-run survival. Institute of Chartered Accountants of England & Walesdefined it as an accounting form that enable firm to carry out their day-to-day business in anefficient manner. Institute of Cost and Management Accountants, London stated that it is aboutapplying professional knowledge in the area of preparing accounting information to assist MwambiLtd’s managers for formation of internal planning, policies and control operations. Purpose: To make sound strategic plans and decisions for the business growth Scope: It covers key areas such as financial accounting, cost accounting and their analysis 1 | P a g e
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