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Management Accounting and System - Doc

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Added on  2020-10-22

Management Accounting and System - Doc

   Added on 2020-10-22

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Management Accounting
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Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1 ...................................................................................................................................1PART A.......................................................................................................................................1PART B ......................................................................................................................................4ANNEX (A) Q2. .........................................................................................................................4ANNEX (B).................................................................................................................................5ACTIVITY 2 ...................................................................................................................................6PART (A).....................................................................................................................................6ANNEX C ...................................................................................................................................9PART (B)...................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCE ................................................................................................................................13
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INTRODUCTIONManagement accounting is the combination of management reports and accounts that isused to provide appropriate and accurate financial information in order to make profits. Themanager of the organisation identify, collects and records the monetary transaction by managingthe accounting information and maintain profits. Moreover, management accounting is the widerterm to understand which helps to make effective business decision by managing properaccounts and information (Abdelmoneim Mohamed and Jones, 2014). The L&B haulage is acivil engineering contractors limited industry which was formed thirty years ago, it providesdifferent types of services such as recycle and waste management project, engineering contractsetc. Basically, it deals with construction project and follows management accounting. This reportwill emphasis on different topics such as management accounting and its system, planning toolsthat is used to control the budget and role of management accounting report to sole the financialproblems. ACTIVITY 1 PART AManagement accounting system and its requirements Management accounting system are essential in all organisation because it helpbusinesses to run speedily by providing financial information on internal operations. Formanaging the system manager need to have specific information on fixed processes to controlover the cost and make sound decision. The L&B haulage is civil engineering organisation thatfollows management accounting system in order to make correct business decisions. Moreover,by following management accounting system it manage accounts properly that increaseprofitability (Armitage, Webb and Glynn, 2016). Herein, the essential requirement ofmanagement accounting system is discussed below-Inventory management system: This system is very important in all organisation that isused to keep proper records of inventory and manage it accordingly. It is mainly used inmanufacturing industry to track the goods and services and entire the supply chain business. Themanager of L&B haulage are using this system to track stock with the help of engage supplychain or business operations. It used to cover from production to retailing, warehousing, storingto shipping that increase profit margin.1
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