P1 Management Accounting & its Different Types of System

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MANAGEMENTACCOUNTING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Management Accounting and its different types...............................................................3P2 Different Method used for management accounting report..............................................5M1...........................................................................................................................................7D1...........................................................................................................................................7TASK 2............................................................................................................................................7P3 Calculation of cost with absorption and marginal costing method...................................7M2...........................................................................................................................................9D2...........................................................................................................................................9TASK 3............................................................................................................................................9P4 Benefits and limitation of planning tools..........................................................................9M3.........................................................................................................................................11D3.........................................................................................................................................12TASK 4..........................................................................................................................................12P5 Different measures which help in resolving the financial problems...............................12M4........................................................................................................................................12CONCLUSION.............................................................................................................................13REFERENCES..............................................................................................................................14
From:Management Accounting.To:Director of FinanceSubject:Management Accounting information which is very much neededINTRODUCTIONIn every sector, management accounting is that which is required to be prepared with theuse of statistical data for making an proper decision and strategies in firm by the managingdirectors and also has to made day to day transaction in better way and also lead to managerialtransaction too (Vasile and Man, 2012). Basically, the entity are those who uses the advancedtechnology in great manner which do help in developing the solutions for revamping in businessin effective way too. Split and sort of finance in different department can also have an reductionof wastages in better way as well. The report is based on AnswerLabs, which is a small companyand provide fitness training to millions of people.Report will discuss about, various management accounting system which is required infirm and will also be explained. It is such which will include the several method of managementaccounting. Basically, report will also talk about advantages and disadvantages of different typeof planning tools which is considered as help in budgetary control and it also leads withcontribution of accounting system with problems occur in finance department and be solved inproper way.TASK 1P1 Management Accounting and its different types.Management Accounting:Management Accounting is such which do help inpreparation of the P&L Account, Balance Sheet and Cash Flow Structure Etc. even these all areprepared with the help of different costing method in better way. Therefore, having an properaccount can also help in having an proper information and data that can be helped in having anvarious activities of firm. Basically, all these type of scenario does help Answer Lab to gatherinformation related to their position in market, so that they can produce an better strategies anddecision that will be eventually make firm to have an proper working in great way. Moreover,management accounting is such which do provide an information to the entity as sales,inventory, cash and also raw materials as well etc (Albelda, 2011). Even though this kind of
scenario does help in having an financial and non-financial data and also needs to convert theday to day task and activities in great manner. Normally, main aspect i.e. managementaccounting is such which do help in having an revamp position for various thing likeperformance, budget and having an position in market although they can expand there businessactivities too in perfect way (Van der Stede, 2011). Hence, it is such which do help in three areasenterprises and they are as:Strategic management:It is particular that area which do include the strategy which isrequired and also leads to have an different factors which is merely associated withdifferent functions in great way. Basically, financial and non-financial data andinformation is that which also leads to have an preparation of different budget and havingan standard for finding out some of the issues that arise out of it.Risk management:In this scenario, information and data is such which do mainly helpin having an identification of different thing also manages risk in great way and leads asassociation with the different functions of firm in great way. For instance, inventorymanagement is like which do help in analysing the stock and also help in havingcontinuous resources, and it is be like according to demand and having an level ofproduction too (Arroyo, 2012).Performance management:Management Accounting, is also having an information andhaving an contribution which do help in appraising of performance of employees in betterway and even they do also attain the solution in perfect way as well. Basically, it alsohelp in developing the skills and the abilities as well that has different task with therefunctions too.Even though, some of those management accounting system that is prepared by the AnswerLabfor having an proper working in organization and some of those are as:Managerial Accounting:Moreover, it is such which do help managers in makingdecisions that is related to various activities in firm. This generally helps in producing an plan,control also manages some of the major important decisions as well that do make have anrevamping with operation department that lastly contribute in the achievement of having andesired outcome too (Vasile and Man, 2012).Cost accounting system:It is such which does help in controlling the different costwhich do occur and incur on performance with the different functions of the firm. Basically, it is
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