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Management Accounting in Unicorn Grocery

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Added on  2020-09-17

Management Accounting in Unicorn Grocery

   Added on 2020-09-17

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Management Accounting
Management Accounting in Unicorn Grocery_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and essential requirement of management accounting..................1P2 Different methods used for management accounting reporting.............................................3TASK 2............................................................................................................................................5P3 Cost calculation using appropriate technique for preparing income statement.....................5TASK 3............................................................................................................................................7P4 Advantages and Disadvantages of various planning tools used for budgetary control.........7P5 Use of management accounting to respond to various financial problems...........................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12.......................................................................................................................................................12
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INTRODUCTIONManagerial accounting are the provision of financial information and suggestion to acompany for use in the organisation and its evolution. This process get done through managers ofan entity by interpreting, analysing and communicating the information to top authority. In suchrelation, senior management take conduct adequate steps which are beneficial for long termexistence. On the basis of such information, all problems get resolve which aid in conductingoperations properly. A major purpose of this assignment is to make the understandability ofmanagement accounting more easy to an organisation who want to employ them. Thisassignment is based on Unicorn grocery who used to deal in daily products and want to resolveall problems which might arise in their business. Managers and leaders of a company have tomake a proper report for the use of management accounting and its various type of reportingsystem 1. As these are beneficial in taking appropriate decision and measure all deviations anddifferences. Along with this budgetary control is helpful term in business consent for utilising theresources properly. There are several number of advantages and disadvantages are find out whichenable the Grocery management to respond to financial problems. TASK 1P1 Management accounting and essential requirement of management accountingIn accounting terminology, an essential thing which provide support in taking decisionfor short term basis is management accounting. According to this concept, many small firmsdealing in operations on regular basis as many problems get arise in such situation. Managementaccounting leads to combine the management, accounting and finance of a company together sothat an appropriate decision can derive 2. In management accounting several number of topicshave to include the manufacturing product cost which is really required for external financialstatement. This concept is completely based on cost factors in which various cost related topicsare identified: product vs period cost, job order costing, process costing, allocation ofmanufacturing and many more.1Baldvinsdottir, Gudrun, Falconer Mitchell, and Hanne Nørreklit. "Issues in therelationship between theory and practice in management accounting." ManagementAccounting Research 21. no. 2 (2010): 79-82.2Cinquini, Lino, and Andrea Tenucci. "Strategic management accounting and businessstrategy: a loose coupling?." Journal of Accounting & organizational change 6. no. 2(2010): 228-259.1
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