Report on Management Accounting - Lmda Tech
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Added on 2020-06-05
Report on Management Accounting - Lmda Tech
Added on 2020-06-05
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MANAGEMENTACCOUNTING
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P.1 Functions of management accounting:.............................................................................1P2 Management accounting systems and its kinds:...............................................................3M1...........................................................................................................................................3D1 ..........................................................................................................................................4TASK 2............................................................................................................................................4P3 Marginal and absorption costing for making income statement:......................................4M2...........................................................................................................................................7D2...........................................................................................................................................7TASK 3............................................................................................................................................7P4 Merits and demerits of the various budgets......................................................................7M3...........................................................................................................................................9D3...........................................................................................................................................9P5 Balance score card.............................................................................................................9M4.........................................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTION Management accounting is a mandatory tool which is used in the business for attainingtheir pre-set objectives. Now, this has been seen that the management accounting becomes themost imperative tool for making the business sustainable and prosperous (Baldvinsdottir,Mitchell and Nørreklit, 2010). For applying the management accounting practices, the talentedstaff is required in order to assess the business in a great manner. Under this report, Imda techcompany would emphasis all the factors which are carried out and through which developed beattained. Management accounting helps the business to communicate across the department inan efficient manner. MA is the combination of accounting, finance and management with thefirm skills and tools which are need to add real value to any firm. Management Accountantsimplement information of all types which covers financial and non financial information thatwould help out the firm to gain the competitive advantages. TASK 1P.1 Functions of management accounting:The enhancement of the value of the firm is the ultimate objective and this could be attainwith the help of implication of management accounting practices within the cited organisation.For attaining the pre-set objectives of the firm, there are various methods which can be used. Allthe policies which are framed in order to attain the pre set objectives, complies in such a way sothat the optimum outcome could be generated (Banerjee, 2010). MA reports helps the various key managers to frame the policies in an effective manner.MA helps the business to analyse the various reports, to frame strategies for making businesssustainable, to control risk in order to attain the manage risk, to frame planning andcommunication in order to attain management objectives. BASISFINANCIALACCOUNTINGMANAGEMENTACCOUNTINGDefinition FA is the systematic recordingof finance related transactionswhich are connected to thefirm. This additionally coverssummarizing, examine andIt is the tool which coversfinancial and non financialinformation which helps forachieving pre set goals andobjectives. 1
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