Management Accounting Assignment: IMDA Tech Ltd
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Added on 2020-06-06
Management Accounting Assignment: IMDA Tech Ltd
Added on 2020-06-06
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Table of ContentsFROM: MANAGEMENT ACCOUNTING OFFICER..................................................................1TO,...................................................................................................................................................1GENERAL MANAGER..................................................................................................................1IMDA tech limited...........................................................................................................................1SUB: MANAGEMENT ACCOUNTING SYSTEM .....................................................................1INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Management accounting system and essential requirements of its different types..............1P2 Methods of management accounting reporting......................................................................3D1 Critical analysis of reporting system.....................................................................................5TASK 2............................................................................................................................................5P3 Few costing methods considered in management accounting...............................................5D2 Critical analyse of income statements...................................................................................8TASK 3............................................................................................................................................9P4 Advantages and disadvantages of different type of planning tools.......................................9TASK 4..........................................................................................................................................11P5 Enterprises are adapting management accounting systems to respond financial problems.11M1 Advantages of management accounting systems and its applications...............................12M2 Application of various techniques of management accounting..........................................12M3 Use of various tools of planning.........................................................................................12D3 Planning tools for accounting respond to solve financial issues.........................................13M4 management accounting leads to sustainable success of organisation...............................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
FROM: MANAGEMENT ACCOUNTING OFFICERTO,GENERAL MANAGERIMDA tech limitedSUB: MANAGEMENT ACCOUNTING SYSTEM INTRODUCTIONManagement refers to managing business operations and activities in a way thatenterprise can achieve its set objectives and goals. Management accounting is a provision ofvarious financial and non financial data which help managers in take effective decisions. This isone of the most essential part of every business enterprise whether it is small, medium or large.One of the main feature of this concept is that it help managers in achieve set goals andobjectives and contribute more in growth of company. This tool help managers in collectinformation related with financial situation of firm which help enterprise in take effectivedecisions related with various activities such as planning, organising, directing and controlling.Different type of financial reports are made in an enterprise in order to record daily financialtransaction of company. IMDA tech limited a retail firm who produce mobile charges and othertechnical gadgets is taken under this report for study. Different type of management accountingsystem and various methods which an enterprise can use for reporting is all detailed in this.Further, different planning tools with their advantages and advantages is given in this report.Along with this, adaption of various system of management accounting by different enterprisesto solve financial problems is also given. TASK 1P1. Management accounting system and essential requirements of its different typesIf an organisation desire to gain benefits in business and commercial industry it is not ahard process if there is appropriate sources available (Albelda, 2011). Decades back, theorganisation used to work on the monetary and financial activities focusing over solution throughthe help of them, but with increasing business activities, the new issues and problems emergedsuch as glocalisation, high competition, governments etc. Management accounting render acompany many perks in the sales increments and decision making process regard of investments.1
The financial accounting is majorly utilised for stakeholder which company successfullyaccomplished objectives. There are various distinct between the financial and managerialaccounts which is mentioned here: Financial AccountingManagement AccountingThe major aim is to convey the work orperformance from organisation to thestakeholder.It is made by managers of the firm so that theycan analyse different kinds of data and makeright decisions. For building various process, the GAAPprinciples are applied.There are popular knowledge and principleswhich a company make for the development anaccomplishments. In financial accounting, only quantitative datais utilised. In managerial accounting, both quantitative andqualitative data is used. This sections cover entire organisationaldepartmental. Those specific elements which is linked withthe profitability is undertaken in this process. The information and data is accurate andshould be complete. Few times, the information is presented in thefigures. The small business companies majorly face the issues related to the finance and fundingwhich is why the IMDA Tech Ltd. is focusing over the various system of accounting andmanagement for availing in various business areas (Otley and Emmanuel, 2013). Here are someof them: Optimisation of Price: Products cost in main elements which relay on the productionprocess. This framework play a wide role in decision of pricing products of company best forcompany as well as consumer. Buyer prefer lower rates and good quality whereas less sales leadenterprise toward loss. The only option left is selling low values of products but it rendercompany for short and long term targets loss. System of Cots Accounting: Importance of costing is emerged ion the last few deceasedas the many companies like IMDA Tech Ltd. have earned competitive edge benefits throughworking on various techniques for avoiding production cost (Bennett, Schaltegger and Zvezdov,2013). The administration system of according is able to increase the benefits throughrecognising and removing the resource wastages, This can also deliver information linked withprofitability through 2
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