Management Accounting Assignment | Management Accounting System
Added on -2020-06-06
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Management Accounting
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Define management accounting and different type of management accounting system.......1P2 Explain various methods used for management accounting report.......................................3M 1 Benefits of management accounting system and their application .....................................4D1 Evaluate management accounting systems and reporting within organisational process ...4TASK 2............................................................................................................................................4P3 Calculate costs using techniques of cost analysis to prepare an income statement...............4M 2 Range of management accounting techniques and produce financial report .....................8D 2 Planning tools for accounting in respond to solving financial problems lead to success ...8TASK 3............................................................................................................................................8P4 Explain the pros and cons of various kinds of planning tools used for budgetary control ...8M 3 Examine use of various planning tools and their prepared application for budget ..........10TASK 4..........................................................................................................................................10P5 Organisations adopting management accounting system to respond financial problems....10M 4 Respond to financial problem, accounting can lead organisation to success ...................12CONCLUSION .............................................................................................................................12.......................................................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONIn the enterprises there are various objectives which is set by the organization and theyhave to be attain all of them in order to meet the goals and target. There are several procedurewhich will be interpreted such as measurement, identification, analysation of respective data,interpretation and many more. There are more structured data which will be gathered with thesupport of several tools (Macintosh and Quattrone, 2010). So through that they can use and helpto the management in the process of decision making. This assignment is going to presentvarious system, costing approaches and budgetary control along with appropriate understanding. TASK 1P1 Define management accounting and different type of management accounting systemBasically, management accounting is one of the important system it includes taxationaccounting, financial, managerial and internal auditing of company (Management accounting,2017). This method can be used for identifying and collecting actual and reliable informationabout organisation. It helps to take corrective and appropriate decision in the context ofenterprise. Management accounting has several objectives, which can explain such as: It helps in interpretation of financial information and dataIt aids in controlling and managing performance of organisationIt can be used for solving strategic business problems in effective and efficient manner. Additionally, different type of management accounting system can be used for identifyissues and gathering actual information such as follows: Job costing: A job costing system can be known as a process of collecting informationabout costs within specific job task and production (Baldvinsdottir, Mitchell andNørreklit, 2010). Additionally, gathered data can be used to submit cost information tocustomers while preparing a contract. This system can be accumulate different type ofinformations such as follows: 1.Direct material2.Direct labour 3.Overhead costsCost accounting system: This system can also known as product costing system it can beused by every organisation to estimate and identify cost and charges of products and1
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