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Management Accounting Assignment- Toyota Ltd

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Added on  2020-06-04

Management Accounting Assignment- Toyota Ltd

   Added on 2020-06-04

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MANAGEMENTACCOUNTING
Management Accounting Assignment- Toyota Ltd_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11) ROLE OF MANAGEMENT ACCOUNTANT FOR PLANNING AND CONTROLLINGBUSINESS ACTIVITIES OF TOYOTA (300)..............................................................................12) COST CLASSIFICATION AND BEHAVIOUR (650)..............................................................2Reasons behind cost classification on the basis of their.............................................................23) SEVERAL BUDGETS FOR TOYOTA ....................................................................................5Sales budget................................................................................................................................5Production budget.......................................................................................................................5Direct material budget.................................................................................................................5Direct labour budget....................................................................................................................5Variable overhead budget...........................................................................................................6Importance of preparing and identified budgets.........................................................................64) SIGNIFICANCE OF VARIANCE ANALYSIS.........................................................................6CONCLUSION................................................................................................................................6REFERENCE...................................................................................................................................8APPENDIX......................................................................................................................................9
Management Accounting Assignment- Toyota Ltd_2
INDEX OF TABLESTable 1: Direct material cost card....................................................................................................4Table 2: Labour cost card................................................................................................................4Table 3: Variable overhead cost card...............................................................................................4Table 4: Sales budget for Toyota Ltd..............................................................................................9Table 5: Production budget for Toyota Ltd.....................................................................................9Table 6: Direct material budget for Toyota Ltd...............................................................................9Table 7: Direct labour budget for Toyota Ltd................................................................................10Table 8: Direct variable overhead budget for Toyota Ltd.............................................................10
Management Accounting Assignment- Toyota Ltd_3
INTRODUCTIONManagement accounting is multidisciplinary approach which is helpful for decisionmaking and preparing strategies for creating further innovations in business operations. Itincludes costing and budgeting for decision making and forecasting for implementations. Thepresent report is based on understanding ways to cost control for production of goods andservices as well increasing profitability for Toyota Ltd working in manufacturing industry. It isone of the well kn own entity of UK which provides varieties of cars and vehicle equipment tomillion customers globally. In this regard, role of management accountant for decision makingregarding business operations for entity is to be described (Management Accounting, 2016).However, cost classifications and characteristics can express through this assignment. Moreover,different budget as estimation for incurring expenses including sales, purchase, material andoverhead is to introduced. In order to this, importance of variance analysis for effectiveness ofToyota can identify. Thus, students are able to understand several tools and aspects ofmanagement accounting through this report for decision making related to business operationsfor entity deeply.1) ROLE OF MANAGEMENT ACCOUNTANT FOR PLANNING ANDCONTROLLING BUSINESS ACTIVITIES OF TOYOTA (300)ToCEOTOYOTA Ltd As per the case scenario, it is recognised that Toyota is planning to cost effectivenessand increasing its profitability. For this purpose, management accountant of the entity playscrucial role in relation to planning and controlling over business activities (Akyol, Tuncel andBayhan, 2015). However, contribution of management accountant for organisation'seffectiveness can describe below:Stewardship accounting: Management accountant of Toyota prepares and maintainsfinancial transactions of the entity. In this regard, actual economic position oforganisation is presented in a systematic manner. However, different businessoperations including sales, purchases, overhead and other transactions are maintained1
Management Accounting Assignment- Toyota Ltd_4

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