(MA )Management Accounting Assignment
Added on -2020-06-06
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Management Accounting
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1 ................................................................................................................................................1P1. Essential requirements of management accounting system ............................................1LO 2 ................................................................................................................................................3P2. Methods of management accounting reporting ...............................................................3LO2..................................................................................................................................................5P.3 Comparison between the marginal and absorption costing .............................................5LO3..................................................................................................................................................8P4 Advantages and disadvantages of planning tool...............................................................8LO4................................................................................................................................................10P5 How company is opting the management accounting system.........................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13.......................................................................................................................................................14
INTRODUCTIONEach organization wants to increase the scale of their operations and want to enter in newmarket so that they can increase profits. They have to achieve their goals and targets withinstipulated period of time (Yalcin, 2012). Management accounting is the process which reducesthe cost of operations and increases the sales through various financial and non-financial data.Report describes about the Taj stores which provide retail items such as fresh foods andvegetables. Project discusses about the understanding of management accounting information.Assignment discusses about the different types of management accounts and use of planningtools in engagement accounting. Report describes the methods in which company can use themanagement accounting to response to financial problems. LO 1 P1. Essential requirements of management accounting system An organization have two objectives to increase the profits and to reduce the cost. So,organization has to create various plans and policies for running the business and for competingwith different external factors such as economic and technological. These problems do not getcovered in financial problems. Management accounting is the process which helps manager intaking relevant decisions not only related with the finance department but also with othersections such as human resource and marketing. It focuses on the internal factors foraccomplishing the long term objectives and for proper management of cash needed in thebusiness for daily operations. Through use of this information, management can create reportswhich help manager in taking correct decisions. Taj UK can send the relevant data from onedepartment to another so that relevant decisions can be taken. There are various types ofmanagement accounting systems. They are:MANAGEMENT ACCOUNTING SYSTEM Inventory managementsystem Price optimizationJob costing system Cost accountingsystem Inventory management system – Companies can use various new software to properlymanage the stock to earn huge profits. Taj UK can use various processes and methods touse the inventory. Through proper inventory management, it reduces the ordering and1
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