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Introduction to Management Accounting - Assignment

   

Added on  2020-11-12

16 Pages4431 Words79 Views
ManagementAccounting

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Types of management accounting systems and its essential needs........................................1P2: Types of management accounting reports and its importance to management.....................4TASK 2............................................................................................................................................5P3. Calculate costs by using appropriate techniques...................................................................5TASK 3............................................................................................................................................7P4 Advantages and disadvantages of different types of planning tools for budgetary control. . .7P5. Compare how organisations are adapting management accounting systems to respond tofinancial problems.....................................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONManagement Accounting is the term which is used by the organisations in order to makethe business more viable and effective so that the management could gain the pre-set targets inthe business. Now, this can be rightly said that the management accountant will make anefficient strategy in order to implement various management accounting tools in the business. Inthis report, ever Joy company has been taken which specially deals in entertainment sector.Various management accounting techniques along with diverse reports are mentioned hereunder.Moreover, net profits is calculated by using marginal and absorption costing techniques. Alongwith this, various planning tools are used by Ever Joy for budgetary control (Windolph andMoeller, 2012). Diverse techniques are used for resolving various financial issues which wouldultimately assist for gaining the sustainability.TASK 1P1 Types of management accounting systems and its essential needs Definitions of management accounting According to the institute of management accountants (IMA): It is a profession whichis created with decision making process, implementation of policies, preparation of accountingreports etc. to achieve organisational goals and profitability to the firm.Institute of certified management accountants (CMA) defines, Managementaccounting with the help of differentiated skills and knowledge. It assists management tocreating financial reports which makes stability in the financial position for the firm at marketplace.Meaning: It refers to the management of financial data which help manager to bringuseful information for the purpose of formulating an effective plans and policies in order toachieving competitive advantage in market.Difference between management and financial accounting:BasisManagement accountingFinancial accountingMeaning It defines the preparation ofeffective plans which will be helpfulin gaining growth and success forthe firm. It is a profession which isIt is based on financial reports of organisation.In this method balance sheets, profit and loss,cash flow statements are included. It gives theactual report of firm's financial condition to1

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