Management Accounting - Azio
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Added on 2020-01-07
Management Accounting - Azio
Added on 2020-01-07
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Management Accounting
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1 Concept of management accounting and essential requirements of management accountingsystem..........................................................................................................................................4P2 Different methods for the management accounting reporting which can be used by Azio...6M1...............................................................................................................................................7D1................................................................................................................................................8TASK 2............................................................................................................................................8P3 & M2 Calculation of cost using different tools and techniques.............................................8D2..............................................................................................................................................11TASK 3..........................................................................................................................................12P4 Different planning tools which are included in budgetary control and its advantages anddisadvantages............................................................................................................................12M3.............................................................................................................................................13P6 How organisation should adapt the management accounting system which assist inresponding to the financial problems........................................................................................13M4.............................................................................................................................................14D3..............................................................................................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONManagerial accounting processes which helps in attaining the economic informationwhich is to be used by the supervising to make the appropriate and relevant decisions.Management accounting put a greater focus on the cost accounting, financial planning as well asmanagement issues. Along with this employees of the business entity have to fulfil theresponsibility (Baldvinsdottir, Mitchell and Nørreklit, 2010). Management accounting helps thestaff members to do best planning as well as organising by collecting the information related tothe finance and operations of a business. Managerial accounting having the different functionswhich includes the marginal analysis, break even analysis, target costing, inventory valuation etc.They have to warn the managers for the impending issues as well as they have to put their properattention so that they can gain the opportunities so that they can earn maximum profits (Cost-Volume Profit Analysis, 2017). They have to record the appropriate data so that workers can doaccounting transactions in a good manner which helps in attaining the goals and objectives. Themain objective of management accounting is that this assist the supervising and also aid inmaking the quality decision so that they can control the business activities in a effective manner.The present report is focused on Azio which is manufacturer or producer of keyboards, mice etc.along with the mobile accessories in the style of gaming and vision (Marginal cost, 2017). In thebelow assignment, discussion based upon the concept of management accounting and thedifferent system of management accounting. Along with this determination of absorption andmarginal costing. TASK 1P1 Concept of management accounting and essential requirements of management accountingsystemManagement accounting is a combination of accounting, finance as well asadministration with the leading edge technique so that they become the successful business.Management accounting is a profession which involves the partnering in the managementdecision making, devise the planning so that they can manage their performance. Along with thisthey have to take advice from the experts so that they can manage the data in the financialreporting and they have to do proper control in the formulation and implementation of thestrategy of Azio which the employees are following (Bennett, Schaltegger and Zvezdov, 2013).
Management accounting have to do best designing and they are intended which is used by themanagers within the organisation and they are intended to use for shareholders, creditors as wellas public regulators. It also helps in monitoring the spending along with the financial control andalso have to conduct the business audits. Along with this management accounting having aimpact on the competitive advantage. Management accounting includes the different systemswhich helps the employees of Azio in attaining the targets as well as goals and objectives (Whatis Budgetary control?, 2017). Different systemDescriptionCost accounting systemThe employees of Azio have to adopt the system so that theycan manage the cost of the product while producing theproducts and services as it aid in increasing productivity as wellas performance of the company in the market. Cost accountingsystem is divided into two parts that is job order costing and theprocess costing (Busco and Scapens, 2011). This also helps indoing the appropriate measurement and the improvement ofefficiency and fixation of prices. It provides the detailinformation for the cost data that needs the management tocontrol its current operations along with the plans for the future.Job costing systemIt is a form of specific order which helps in analysing andidentifying the cost which are associated while completing theorder so that they can record them in a proper manner. Itincludes the cost of material, labour along with the overheadswhich is used to manage the job. It is used in the different typeof business where the merchandise should be produce in aunique nature for each individual consumer. Inventory management systemIt is a part of the management accounting system as it helps inmanaging as well as analysing the inventory of Azio. Itcombines the different use of desktop software, printer as wellas barcode scanner which assist in supervising the inventory(Christ and Burritt, 2013). The staff members of Azio have touse the proper and appropriate technology so that they can
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