logo

Management Accounting Assignment: Zylla Company

   

Added on  2020-06-04

13 Pages3723 Words33 Views
MANAGEMENTACCOUNTING

Table of ContentsINTRODUCTION...........................................................................................................................1P1 Different types of management accounting and its essential needs:.................................1P2 Different methods of reporting system used in Zylla company.......................................2M1...........................................................................................................................................3D1...........................................................................................................................................4P3 Calculate cost using appropriate tools:..............................................................................4M2...........................................................................................................................................5D2...........................................................................................................................................5P4 Advantages and disadvantages of various planning tools:................................................6M3...........................................................................................................................................7D3...........................................................................................................................................8P5: Use of management accounting in reducing financial problems....................................8M4...........................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONManagement accounting is the tool which is used by each firm's in order to attain thesustainability. There are certain tools which are used by the firm in order to attain the objectivesin order to gain the sustainable advantage in an effective manner (Ahmad and Kamilah, 2013).Under this, the manager of the firm uses various tools that could be used for smooth running ofoperations. Management accounting officers used various management accounting tools that canbe used by the firm for gaining the sustainable development. The company needs to assures thatthe management accounting tools are used in an effective manner so that the manager canachieve its pre-set targets so effectively. P1 Different types of management accounting and its essential needs:Management accounting provides the information which associated with the financialdata given to the mangers of company so, they take the effective decisions regarding theoperation of company. As management accountant of Zyalla company for more than 10 years, managementaccounting information provides them platform to use this information for proper planning of thestrategies and plans which helps the company to increase their performance. The management ofcompany use this information to know about the actual performance of different departments andcompared with the standards which re made by company (Caglio and Ditillo, 2012). This helpsthe management of company to know about the deviations in their actual performance andprovide the solutions to improve them. Information provide by management accounting helps tomake critical decision on the basis of revelation of performance report. It can be noticed that thenature and size of accounting system improves the quality of the performance of differentdepartments and reach the goals of company effectively. The information provide by themincudes information related to costing, inventory, finance etc. If the manager of company usesthis information in right sense then the results would be more accurate and reliable (DRURY,2013). Wrong interpretation of the information by the management of company effects theprofitability and growth of company. So, there is need to be separate department which takescare of the information. There are different type of accounting system is used by company tocontrol financial records and transactions. These different types of accounting system aredescribed below:1

Cost accounting system: This system is used by cited company to determine the totalcost which incur by the company during production of the product and services. Thishelps the management of company to evaluate the profit volume ratio, cost control andother cost related matters. Different costing methods are used by the management ofcompany during the manufacture of their products like normal, standard and actualcosting.Price optimisation: It is important in statistical planning. This provides the crucialinformation about change in price at each unit produce. This helps the management ofconman to determine the correct price of their product (Herzig and et. al., 2012). It helpsin fixing the correct price of the product which increases the profitability and help toachieve the targets in stipulated time.Inventory management system: This system helps the management of company tocontrol the inventory. Inventory management ids the biggest challenge faced by Zyallacompany. So, to properly manage this company uses ABC costing and EOQ to managetheir stocks. This problem arises with the company which manufacture large number ofproducts.Job costing system: This helps the management of company to determine the each lotsize of product produce during the year. This provide the opportunity to company toproduce the products as per the resources available to them.P2 Different methods of reporting system used in Zylla companyThe management of company is going to change its transactions to increase theprofitability and growth of company (Kotas, 2014). For this purpose the management ofcompany is requires to adopt organised reporting system which record every transaction. Thisreporting system is prepared by the support of various statements like profit and loss account andbalance sheet. It provides the important information which enables the management of companyfor optimum utilisation of resources by minimise the wastage. Different reports prepared byaccountant of company is used by company to take effective decisions. These reporting systemcontributes in effective appraisal of the performance of employees and find out the deviations bycompare with standards (Renz, 2016). This helps the management of company to provide thesolutions and improve the overall performance of company to achieve organisational targets. Financial and non financial resources are available to company to collect data from there2

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Report on Management Operations of the 4Com Plc
|16
|5267
|109

Management Accounting System - Unicorn Grocery
|15
|3247
|35

Management Accounting Assignment - Zylla
|12
|3800
|111

Management Accounting and Essential Requirements
|14
|3856
|91

Management Accounting "Zylla"
|17
|4534
|55

Management Accounting INTRODUCTION 1: Essential Needs of Different Kinds of Management Accounting Systems
|15
|4226
|170