Management Accounting of Zylla company - Project Report
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Added on 2020-07-23
Management Accounting of Zylla company - Project Report
Added on 2020-07-23
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31. Different types of management accounting and its essential need..........................................32. Different methods of reporting system used in Zylla company..............................................4M1: Advantages of using Management system..........................................................................5D1: Critically analyse reporting system......................................................................................6TASK 2............................................................................................................................................63. Costing methods used for profit analysis................................................................................6M2: Management accounting techniques use ............................................................................7D2: Evaluation of income statements.........................................................................................8TASK 3............................................................................................................................................84: Planning tools advantages and disadvantage in budgetary control.........................................8M3: Planning tools analysis......................................................................................................10D3: Different tools used to resolve financial problems............................................................10TASK 4..........................................................................................................................................105. Use of Management accounting in solving financial issues.................................................10M4: Assessment of financial problems.....................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONManagement accounting is an important aspect of an organisation. It is used tosummarise, record and evaluated various financial transaction that are done by company duringtheir day to day operations. The purpose of management accounting is to utilise companyresources in order to attain its long term objectives. This project report consists of informationabout Zylla company which is large organisation (Ahmad and Kamilah, 2013). It covers variousaccounting system and reporting that are used by company in order to manage and control theirbusiness performance. Certain costing methods are used which can help in determining profit forthe company. It also present analyses of planning tool that can be helpful for budgetary controlprocess. At, the end comparison with other other company is done to identify effective measureto solve financial issues. Overall, project explain usefulness of using management accounting forthe further expansion of business.TASK 11. Different types of management accounting and its essential needManagement accounting is a term that consists of various information associated with thefinancial data of any organisation. As, a management accountant of Zylla company for more than10 years. They have appointed to revamp company financial system so that effective results canbe achieved. Zylla Ltd is undergone to a various series of changes with their old accountingsystem. MA play an effective role in providing right direction to the company so that morepositive outcomes can be attain. Critical decision can be made on the basis revelation ofperformance report. It can be noticed that nature and size of accounting system is to be of highquality which will help them to reach at their set goals. It consists of various accounting information that is related with financial reporting suchas costing, analyses of inventory and so on. The results can be more accurate and reliable if theyare using correct system in right manner (Bodie, 2013). Every inappropriate data can affectprofitability and growth of the company that need to be control by using necessary steps. Thereare various accounting system which can help in controlling financial records and transaction.Some of them are:Cost accounting system: It is framework used by Zylla company in accordance todetermine total cost which are incur during production of product and services. The main
purpose of using thus system is to analyse profit volume ratio, cost control and other cost relatedactivities. At the time of manufacturing, manager's are use certain costing such as Normal,standard and actual costing.Price optimisation: It is an effective tool used in statistical planning. It is related withcrucial information regarding price that changes at each units produce. Price optimisation isbased on pricing that explain correct price for a product (Caglio and Ditillo, 2012). It is used bycompany to set best price, identify the profitability outcomes and increase chances of gettinggoal in quick time.Inventory management system: It is known as an effective aspects of Zylla companybecause inventory controlling is one of the biggest challenge for manager. They are usingvarious method such as ABC costing and EOQ to manage their stocks. It is mostly associate withmanufacturing process as large amount of orders are received and delivered at one time.Job costing system: It is that accounting system which is used to determine each lot sizeof a product produce during the year. It consists of product date, identification number of lot andmany more. It is related as that point where products develop by company's are relativelydifferent from one another. 2. Different methods of reporting system used in Zylla companyAs, this company changes its business operation for the purpose of increasingprofitability and growth. They require a well organise reporting system which can record its eachan every transaction done by company during that time. It is prepared by taking support guidancefrom various statements such as profit and loss statements or balance sheet. It can also help themto use their resources in effective manner so that minimum wastage can be done. Themanagement can take future decision on the basis of report prepared by the accountant. Theperformance and appraisal evaluation can be done through collecting necessary data provided inreports. The data collected for the purpose of preparing reports are gathered from financial aswell as non-financial sources (DRURY, 2013). After collecting information they are firstlyanalyse by using appropriate tools and techniques prior posting it to the books of accounts. It isimportant to do so because chance of mistake and fraud can be controlled. Data should becollected from various department that are working for the common objectives. In accordance toget more accurate results managers required to prepare various financial report by takinginformation from every departments. The future investment is based on these reporting on which
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