Management Accounting Assignment - Tech UK

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Added on 2020-09-08

Management Accounting Assignment - Tech UK

Added on 2020-09-08

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Management Accounting

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Management accounting and essential requirements of management accounting systems..1M1 Benefits of management accounting with its applicability..............................................2P2. Different types of managerial accounting reports and their importance..........................2TASK 2............................................................................................................................................3P3 Calculation of cost and preparation of income statement.................................................3M2 Appropriate financial reporting on the basis of profit.....................................................6TASK 3............................................................................................................................................6P4 Different kind of budgets and their advantages and disadvantages..................................6M3 Use of different planning tools and their application for forecasting budget and planning.8TASK 4............................................................................................................................................8P5 Use of management accounting to respond financial problem.........................................8M4 Analysis of financial problems which should be resolve by applying relevant concept.9CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................11

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INTRODUCTIONAccounting determine as major process in business unit where each and everyinformation required to prepare and maintain properly. Management accounting depicts as aprocess of maintain financial records of a company so that they could be utilise whenever suchaspects required to analyse (Burritt, Schaltegger and Zvezdov, 2011). This project is based onTech, UK whom prepare special chargers of phones and other gadgets for retail outlet. For thisconsideration, this report will going to include about the difference between managementaccounting and financial accounting system. Along with this, it will also define about the use ofmanagement accounting system as a decision making tool. Although, such information need tobe presented in a definite manner so that better and appropriate judgement lead to carried down.Although, it will also discuss about budgets and their advantages and disadvantages and its workas major planning and control purpose. All these sections will going to discuss in this report tosenior management of Tech UK. TASK 1P1. Management accounting and essential requirements of management accounting systemsManagement accounting:Various activities and consideration lead to get done by using management accountingreport system for making appropriate records of each and every conciliation (Dillard, 2014). Thissystem facilitate in improving decision making process of stakeholders by inspecting the dataproperly. This accounting tool enable in controlling the risk measure which support and promotein made appropriate plan. Thus, chances of low risk and high gain suppose to become possible intenure for better growth and development.Thus, it define about the important information about each and every function properly sothat better and feasible working options could be derive in order to reflect positive outcome.Thus, performance of all three major functions of an organisation become possible throughutilising management accounting system: Strategic management: This aspect enable the accountant to manage and organisediverse range of activities properly at senior level so that suitable strategies lead to craftin better and effective manner. Performance management: The another aspect is performance management whereauthority need to work towards in improving employees performance. Hence, chances of1

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determine suitable judgement with less risk become possible as well as each and everyemployee lead to utilise their skills in define manner.Risk management: Various risk factor need to assess by manager properly withappropriate information of each and every division (DRURY, 2013). This will contributein minimise the risk factor which further enable in control of it. There are some differences amongst management and financial accounting which arestated as beneath:Management accountingFinancial accountingThis will concentrate on future as well as pastdata so that an appropriate planning will bedone as this assists in judgement makingprocedure.This will focus on past information ofenterprise.Organisation will describe time horizon.This will be completed for fiscal year.It will assist to prepare plan, control and inaddition judgement making.It helps to cater chance to superior of firm sothat he will record financial data and willinform others regarding financial position ofbusiness.This will comprise non financial and financialdata which will assist to examine employeesperformance.It includes financial factors of enterprise whichaid to prepare budget for each department.2

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