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Management Accounting : Assignment Solution

   

Added on  2020-11-12

19 Pages5192 Words413 Views
MANAGEMENTACCOUNTING
Management Accounting : Assignment Solution_1
Management Accounting : Assignment Solution_2
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Management accounting concept and related requirements of different types of system....1D1: Critical evaluation of accounting system reporting.............................................................4M1: Benefits of management accounting system.......................................................................4P2: Various types of methods used in management accounting reports.....................................4TASK 2:...........................................................................................................................................6P3: Calculate net profit using marginal and absorption costing and explain difference betweenthese two management technique................................................................................................6M2 Various types of management accounting techniques..........................................................1D2: Critically analyse the data collected from the Income statements.......................................1TASK 3:...........................................................................................................................................1P4: Advantages and Disadvantages of various planning tools used for budgetary control........1M3 Analysis of use planning tools..............................................................................................4D3: Critical evaluation to reduce the financial issues of the company.......................................4TASK 4............................................................................................................................................4P5: Responding to financial problems by adapting management accounting systems...............4M4: Analysis of financial problems............................................................................................5CONCLUSION................................................................................................................................5
Management Accounting : Assignment Solution_3
INTRODUCTIONAccounting is the process that is undertaken by the accountants of the company for thepurpose of recording, classifying, summarising , analysing and interpreting the transactions ofthe business. Accounting also deals with preparations of the financial statements of the companysuch as statement of profit and loss account, balance sheet, and cash flow statements. This part ofaccounting is called financial accounting. In the modern era, the accounting has been dividedunder two major heads which is financial accounting and management accounting (Yeshmin, andFowzia, 2010) Management accounting is the form of accounting which is done for the internalmanagement of the company so that they can make efficient decision for the operations of thecompany. Management accounting plays an important role in the organisations like “RowlinsonKnitwear” in the modern world. This project report deals with the discussion regardingmanagerial accounting and various systems of accounting and their reporting systems. Thediscussion regarding various costing systems of accounting such as marginal and absorptioncosting has also been performed here with the practical examples. The role of budgets asplanning tool for controlling the performances and operations of company has been undertaken. TASK 1 P1: Explain management accounting and give the essential requirements of different types ofmanagement accounting systemIn modern world, management accounting plays a significant role because it provides themanagers of the company with the relevant information which assists them in formulation ofpolicies of company. Managerial accounting is the process of summarising the informationcontained in the financial statements of the company and also the other relevant information thatis contained in the footnotes of those statements. ( Nakajima, 2010)The managerial accountinginformation also includes the future economic and non-economic policies of the country that isgoing to be prevalent in the coming period. The managers of the company use these managerialreports made by the accountants and then make the policies of the company for making theobjectives and policies of the company so that the future economic condition that will beprevalent in the economy does not hinder the operations of the organisation. The significantaccounting systems are as follows: 1
Management Accounting : Assignment Solution_4

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