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Management Accounting Assignment - Zylla company

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Added on  2020-10-05

Management Accounting Assignment - Zylla company

   Added on 2020-10-05

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Management Accounting
Management Accounting Assignment - Zylla company_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Concept of management accounting and its essential requirement.................................1P2: Different methods of management accounting reporting.................................................3M1: Benefits of using management accounting system.........................................................5D1: Critical evaluation of reporting and accounting system..................................................6TASK 2............................................................................................................................................6P3: Various costing methods used for calculating net profits................................................6M2: Different accounting techniques.....................................................................................8D2: Critical evaluation of income statements........................................................................8TASK 3............................................................................................................................................8P4 Advantage and disadvantage of various types of planning tools......................................8M3 Application of planning tool..........................................................................................10D3 Evaluation of financial issue...........................................................................................10TASK 4..........................................................................................................................................10P5 comparing way show organisations are adapting management accounting system .......10M4: Analysis of financial issues...........................................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONManagement accounting is one of the effective systems that can assist an organisation torecord, summarise various financial transaction that are done within the department. The primarymotive of accountant and finance managers to collect various necessary information out ofdifferent sources so that availability of funds can be meet as per the requirement of the company.It is done with the aim to attain short-term and long-term goals and objectives of an organisation.There are various crucial aspects which would be useful in attaining maximum return in nearfuture time. This project module aims at providing necessary information about various types ofaccounting systems those are helpful tools for the department in record of necessary transaction.Apart for this, different types of accounting reporting method are taken into account forevaluating its benefits to the Zylla company. Likewise, different types of costing methods arebeing used to calculate net profit. Merit and demerit of using several planning tools those areuseful for budgetary control. Lastly, comparison with other organisation is done to examine howmanagement system can resolve financial issues those are arises in an organisation (Caglio, andDitillo, 2012).TASK 1P1: Concept of management accounting and its essential requirementFROM: Management Accounting OfficerTo,General manager of Zylla companySub: Management Accounting System In every business organisation, it has been found that manager is working effectively withthe department to record necessary information in effective manner. Nowadays, most of thecompanies are operating with the aim to get maximum earning through selling various productsthose are produced within an organisation. The motive behind using accounting system is to getmore reliable outcomes in near future. This would be helpful for “Zylla company” to makeplanning for their next coming project, if they are having sufficient amount of capital with them.The provision related with financial information and make advice to a company for using anecessary information of an organisation and development of each sector. It seems to be utmostimportant reports that accounts used to provide reliable and timely preparation of statistical1
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information those are needed by manager to make day to day expenses so the future decisionmaking can be done (Albu and Albu, 2012).Definition: Management accounting is known as effective profession that consists ofpartnering in effective administration decision making, future planning and effectiveperformance management system to control various implications those are associated with thedepartment. It is often taken into account in wider sense, unlike accounting that is exclusivelyrelated with providing the financial data on the basis of accomplishing business transactions ineffective manner. It is crucial aspect of management accounting that assist administration toprovide relevant and reliable data from different sources. The activity of management accountingconsists of compiling accounting information to the department for basing their decision onreliable ways in near future.Importance of management accounting: It has been observed that the use of accounting can be done to controlled or reduce allwastage that are arises in the department.The role of management is to aim for reducing minimum cost of production and similar time canincrease efficiency of employee and staffs.Various tools and techniques those are related with accounting can have future validityand reliability in better administration of the company’s resources (Alleyne and Weekes-Marshall, 2011).Types of management accounting system: There are various types of accountingsystem which would be helpful for the department in attaining maximum revenue for thecompany. some of them are mentioned underneath:Cost accounting system: It is said to be application of costing principals or techniqueswhich will be related with ascertainment of profitability as well as overall presentation of datawith the aim of effective decision making. It is important brand of accounting that is helpful forZylla company in using minimum cost while producing various product and services within anorganisation. The main objective of cost accounting is said to be effectively utilise variousresources of the department in order to attain maximum revenue within a short span of time.There are various types of costing systems those are taken into consideration such as, Normal,Standard and Actual costing.2
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