Management Accounting on Austin Company Assignment
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Added on 2020-01-07
Management Accounting on Austin Company Assignment
Added on 2020-01-07
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MANAGEMENTACCOUNTING
Table of ContentsINTRODUCTION ...................................................................................................................................................2TASK 1 ....................................................................................................................................................................3P1 Management accounting and its type.......................................................................................................3P2 Methods used for management accounting..............................................................................................4M1.................................................................................................................................................................6D1..................................................................................................................................................................6TASK 2.....................................................................................................................................................................7P3 Applying marginal and absorption costs for cost analysis and income statement..................................7M2...............................................................................................................................................................10D2................................................................................................................................................................10TASK 3 ..................................................................................................................................................................11P4 Types of planning tool and there advantages and disadvantages..........................................................11M3 ..............................................................................................................................................................12D3................................................................................................................................................................12M4...............................................................................................................................................................14CONCLUSION......................................................................................................................................................14REFERENCES.......................................................................................................................................................15
INTRODUCTION Management accounting preparing and providing timely financial information tomake day to day decision related to the business management (Kaplan and Atkinson, 2015).This system reports includes the detailed of accounts of the organization availability of cashon hand, recent sales revenue, receivables and current state of the business accounts payables.This system f accounting are deployed to provide the information that the businessmanagement use in the better decision making and the goal is the capture the valuable datathat can be used in the manage and control of business operation and function. This reportbased on Austin fresher company is consultancy company they give to advice, support anddeliver the services according to the customer demand. It is technical recruitmentorganization that relate the engineering, it and life science field. This report contain includesthe management accounting methods that help in identifying, analysing and recording thefinancial information can be used in the business entity. By using this information or datathey can do proper planning, make decision, and control on the all transaction of organisationTASK 1 P1 . Management accounting and its type.This accounting system manage the all data related to the all business activity can bedone in a manner. Management accounting involves the various types of methods as well asconcepts which using by the Austin Fraser and on the basis of that they can do the effectiveplanning and take the decision in a effective way. The company employees have a propercontrol on the all activities by the evaluation as well as interpretation of performance. Thismanagement accounting system provide the data by doing manage and take the right decisionwhich assist in achieving the goals and objectives. Accounting system in a company are comprised of manual or systematic records ofthe all financial transaction for the manages and recording, categorizing, and analysing fortimely manage the information (Macintosh and Quattrone, 2010). When the companyselecting the accounting system according the needs and capabilities of the organization.There are different categories of this system and features are given below. Managerial accounting system- The purpose of this system managers withinformation to planning, controlling and managing the operations of the organization. Its
provide the information to the management needed to make the right and important decisionrelated to the business (Ward, 2012). This system includes the cost accounting system recordthe actual involved in the delivering a products and services, comparing the standard andplanned cost and analysing the variance. Inventory accounting system- This system are used in the planning and tracking theinventory related to the business activities. This type system is a bar code tracking and eachinventory item are tagged by the different bar codes. This bar code system used to track andaccounts for the each item are moved around in the company. Industry-specific accounting system- Accounting system involves application of theindustry specific. Its also includes the retail accounting system for example, has differentrequirement of the different businesses in the market, The company sales are capture at thepoint sales are using the computer based point of sale cash registered. This system makeproperly report on the all transaction of the company. Not for profit accounting system- This type accounting system has own specific ofreporting requirements for the business. For example, company funds must be tracked thedonation for the specific purpose. There are several accounting systems which are related to the accounts of the businessentity activates. When the Austin Fraser using the system according the situation that canhelp tot he employees become more successful to reducing the extra cost on the activities.Traditional accounting allocates the indirect cost of the organization and they are serviceproviders on the basis of the volume which involves the number of the customers. Transferthe pricing is a part of the accounting system which represent the price of the products andservices (Zimmerman and Yahya-Zadeh, 2011). This pricing is a type of price by which thecompany can make division so that they can do appropriate transaction of the services.Accounting is a principle based as well as simplified management accounting approachwhich helps in increasing the managers so that they make the right decision to analysis thedata and information. These all system of the management accounting to help in themanaging, analysing and controlling the accounts of the business. P2 Methods used for management accounting.This analysis are use in small scale business. It helps Austin Fraser owner andaccount officer to monitor the business performance and prepared accounting periods are
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