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Management Accounting and Essential Requirements : Report

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Added on  2020-09-03

Management Accounting and Essential Requirements : Report

   Added on 2020-09-03

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MANAGEMENTACCOUNTING
Management Accounting and Essential Requirements : Report_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Management accounting and essential requirements of its different types ......................1P2 Different methods used for management accounting reporting ......................................3TASK 2............................................................................................................................................5P2 Formation of income statement by using marginal and absorption costing......................5TASK 3............................................................................................................................................8P4 Different types of planning tools used in budgetary control.............................................8TASK 4 .........................................................................................................................................10P5 Organisation response towards financial problems by using management accounting. .10CONCLUSION .............................................................................................................................12REFERENCES .............................................................................................................................14
Management Accounting and Essential Requirements : Report_2
ReportFrom: Management Accounting Officer To: General ManagerSubject: To write a report to GM covering management accounting and management accountingsystem together with different costing techniques and reporting to enable the organizationimplement them.
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INTRODUCTIONManagement accounting is one of the system of accounting. It is the process ofpreparation of reports and accounts that help management to take important decisions in businessorganisation. It supports overall administration of administration of management. Managementaccounting provide organisation data that help them to make important day to day decisionsrelated to operations. The financial information provided by such accounting is of utmostimportance for an enterprise. Financial accounting usually gives annual reports whilemanagement accounting helps in producing weekly or monthly reports. It helps in variousdecisions needs to be taken by a manager time to time. Unicorn grocery is an organisation havingheadquarter in England. It is one of the cooperative grocery store. The management accountingsystem needs to be revamped with the changes done in an organisation. Unicorn grocery iscontrolled by its owners or members of firm. They generally run business with flat structure ofmanagement and with equal pay rate. Management accounting uses financial data to generateinformation for administration. It is the process of delivering information for organisational goalsand objectives. TASK 1 P1 Management accounting and essential requirements of its different types An accounting system that delivers administration useful information for effectiveoperational management is termed as management accounting. A manager has to take differentdecision as per situation. Management of financial resources is not an easy task. It is defined asaccounting done for the purpose of fulfilling various requirement of management.Administration of business organisation like Unicorn Grocery is difficult. They need to framestrategies and plans on the daily basis. This can be fulfilled with accounting done formanagement. It produces various reports that are required by internal stakeholder in theopposition of external stakeholders. The manager will have advantage of getting reports of timeperiods through accounting done for management. Administration can be served withinformation related to availability of cash, generation of output from sales of products orservices, the status of debtors and creditors can also be done with such system of accounting. Itusually produces information and reports for a week or month. Budget preparation is also helpfulthrough management accounting. There are various techniques followed in such accounting1
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