Management Accounting in Astra Zeneca : Case Study
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Added on 2020-01-23
Management Accounting in Astra Zeneca : Case Study
Added on 2020-01-23
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MANAGEMENTACCOUNTING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Management accounting and types of management accounting system...........................3P.2 Explain different methods used for management accounting reporting:........................5TASK.2 ...........................................................................................................................................7P.3 Computation of net benefit utilizing marginal costing and absorption costing systems: 7TASK.3..........................................................................................................................................11P.4 Similarities and dissimilarities of different types of planning tools used for budgetarycontrol:..................................................................................................................................11TASK.4..........................................................................................................................................12P.5 Management accounting systems to respond to financial problems:.............................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONManagement accounting is an process in which the preparing of an management reportsand the accounting are been done according to the managers of the organisation which wouldmake the then help in knowing the accounting of the organisation which would make them toknow about it which would help them to process further(What is Budgetary control?. 2017). Themanagement accounting is been generated in an month or in an weekly reports for theorganisation for the people such as the department managers and the chief executives. It providesthe help to the people which has to make proper day to activities so that they would make anproper decisions in the day to day activities. Astra Zeneca is a manufacturer company which ismultinational pharmaceutical and the biopharmaceutical firm, they produces medicines fordifferent kinds of diseases such has cancer, respiratory, inflammation, gastric and many more.This report will also help the manager to effectively apply the decision of the different operationof the organisation as well as it will try to enhance the efficiency of the techniques used so as tominimize the cost and maximising the profits. By the help of an management accounting thedifferent kind of an issues can be identified which is related to the budget. TASK 1P1 Management accounting and types of management accounting system.Management accounting is an report and and the accounting which gives the accuratefinancial and the statistical informations which is required to the managers so that they wouldmake the day to day operations which is have to make the in the organisation and to make theshort term decisions in the organisation. In management accounting it provided the monthly orthe weekly reports to the organisation and to those are their internal audiences some of them arelike department managers or the chief executives(marginal cost. 2017). This an report whichshows the amount of an cash which is available with the organisation, and it sales revenue whichare generated, and the amount of the orders which are in their hands, and the transactions of theaccount payable and the account receivable, and many more. It helps to know about the wastagewhich is occurring in the organisation so that they would know what to do in that and how tosolve it.
Management accounting system Management accounting is an important part of the organisation which carry out theoperating activities done in the firm. This would act as the guide to the managers for all thestages of the operations and their functions of the organisation. It make the increasing of theeffectiveness and the betterment of the organisation. And it makes improvement of theperformance and the skills of the employees which are working over their so that they wouldmake the proper use of it in making the organisation achieve its task in an proper manner.Management accounting system use to focus on the cost of the induce in an products orthe services of an organisation(Cost-Volume Profit Analysis. 2017). It is an procedure fromwhich the organisation use to make the collection and the storing of an accounting data is beenseen so the decisions which are been taken by the top level management of an organisation. It isan importance part of an organisation as that may help the managers to manage all the financialand the accounting systems and all the transaction of an organisation. Type of managementaccounting system are:- Cost accounting system- This system is used in firm so they can calculate products costso that they can be able to analyse profitably. To do the forecasting of cost of acommodity is quit hard, to calculate the profitably of a products is important to be knowna firm but for this Astra Zeneca firm have to choose correct techniques and shouldforecastles the cost properly.Traditional accounting systems- Traditional accounting is an system which helps thebusiness to make the track all the cost which is been related and induced in an operationof the organisation with the help of an job or the process costing of the methodology.And it helps them to make sure about the cost which is been involved in the inventorycost, labour cost, etc. Job costing system- It is a method by which cost of any products can be determined, thiscontain specific techniques by which cost is been identified.Batch costing techniques- It is a system which is kind of a particular order of costing,this system is related to job costing. The batches which is over their haves the sameidentical units but them also all individual batch is different.Inventory management- For all kinds of business inventory is the most essential part init and this system use to manages the inventory of organisation, this management would
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