Management Accounting: Monthly Control Report and Analysis of Amana's Performance in 2020

Management Accounting

Contents
INTRODUCTION.......................................................................................................................................3
TASK..........................................................................................................................................................3
Monthly control report.............................................................................................................................3
Amana’s performance during the year 2020............................................................................................5
Recommendations to areas for improvement...........................................................................................6
PART B.......................................................................................................................................................7
Provide an analysis of Mr. Amana’s decision to go online and advise to set up online business.............7
CONCLUSION.........................................................................................................................................10
REFERENCES..........................................................................................................................................11

INTRODUCTION
“The process of identifying, measuring, accumulating, analyzing, preparing, interpreting
and communicating information used among administration to organize, try to assess, and
regulation in just an organisation, as well as to facilitate effective use of something responsibility
for its reserves,” according to Management Accounting. The production of accounting results for
non-management parties such like stakeholders, bondholders, federal bodies, and taxpayers” is
included in management accounting (Amadi and Ejiogu, 2021). Management is tasked with the
primary responsibility of creating, executing, and controlling an organization's operational
activities. It is continuously in need of accounting data with which to make decisions. This study
was based on Amana Ltd, an English company that sells gifts to visitors. When the Covid-19
epidemic broke out in England recently, the government was forced to impose restrictions on
movement and transportation, which had a severe impact on the tourism industry. The actual and
original budget calculations, as well as the company's current performance, are included in this
report. Additionally, provide relevant recommendations for suitable development.
TASK
Monthly control report
A monthly statement is a summary that project leaders must provide one week since the
end of the month can provide status update on initiatives. Unless they provide extra papers, such
as graphical form to show the progress of the company's efforts, a monthly report is usually one
or two pages long. Payroll expenditures, electricity and other building overhead costs, monthly
income, and any variations in spending from month to month are all included in quarterly
budgeting statements. As per the money managers at the Principles of Accounting website,
budget reports are critical papers for an increase in government expenditure. A company owner
requires continual access to financial reporting data in order to acquire the knowledge and skills
or respond to present difficulties (Elgibaly, 2020) (Lyudmyla, 2021). To get the most out of a
monthly, quarterly, or annual budget report, the business owner must first grasp the relevance of
each report individually.