Management Accounting and Different Types of System

Management
Accounting
1

Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1 Management accounting and different types of system.........................................................3
P2 Explain different methods of management accounting report...............................................6
M1. Evaluation of benefits of various management accounting systems...................................7
TASK 2 ...........................................................................................................................................8
P3 Techniques to do the cost analysis for the formulation of income statement ......................8
M2 Management accounting techniques and financial reporting documents.............................9
TASK 3 ..........................................................................................................................................9
P4. Advantages and disadvantages of various planning tools used for budgetary control.........9
M3 Analyse the use of different planning tools and their application for preparing budgets and
forecasts.....................................................................................................................................10
TASK 4..........................................................................................................................................11
P5. Organisations adapt management accounting systems.......................................................11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15
2

3

INTRODUCTION
The accounting is referred as the recording, analysing and summarising of the data which
can evaluated in the present and which is wholly based on the past activities of the business.
The accounting thus can be considered as the most important term in managing the effectiveness
in the business as with the help of old recorded accounts and information the organisation
formulates its planning and futuristic operations of the company. Thus in managing a firm and
controlling, monitoring, recording the overall transaction in the management of the company is
termed as the management accounting. There are multiple kind of management accounting that
are devised as per the need of the organisation.. thus it can be ascertained that the management of
accounting certainly responsible for the planning, controlling, directing and recording of all the
financial as wells non financial transaction in the firm. In this project report the main elements
and types of different management accounting along with their reforms are discussed. The major
concept of relating the company with the certain type of accounting, the advantages and
disadvantages are also elaborated in the report. Further more the type of issues that a company
faces in the accounting and other procedure, their evaluation and proposing the right set of
solutions to overcome such problems are discussed .
.
TASK 1
P1 Management accounting and different types of system
Management Accounting:
The management accounting is itself a combination of two main factor and function. The
main terms in which they are devised can be ascertained as it is mainly a accounting system that
is an integral part in the business and its management which contains more operations and
activities other then the basic responsibilities of the accounting. The formulation and study of the
managerial report are also a part of the management accounting along with that it does it does
impacts on formulation of the certain planning and determining the right set of policies and
principles which can be used to attain the maximum number of profit for the firm. The
management accounting system are significantly holds dynamic kind of reforms in the company
that is used to evaluate and study of the elements in each and every department to make the
company more strong and enabling it to achieve the organisational objectives and goals in terms
4