Management Accounting and Reporting in Waitrose

MANAGEMENT
ACCOUNTING

Table of Contents
REPORT..........................................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Management accounting and essential requirement of management accounting.............1
P2 Different methods used for management accounting reporting........................................4
TASK 2............................................................................................................................................5
P3 Cost calculation using appropriate technique for preparing income statement................5
TASK 3............................................................................................................................................8
P4 Advantages and disadvantages of various planning tools used for budgetary control......8
TASK 4..........................................................................................................................................10
P5 Use of management accounting to respond to various financial problems.....................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

REPORT
From: Management Accounting Officer
To: General Manager
Subject: To write a report to GM covering management accounting and management accounting
system together with different costing techniques and reporting to enable the organization
implement them.
INTRODUCTION
Accounting is a useful term which assist an enterprise; therefore, they can maintain their
financial records in an adequate way. Entire data which is associated with accounts need to
include in organisation's statements (Burritt, Schaltegger and Zvezdov, 2011). Basically,
financial statements are connected with long time duration. Instead of this, if firm wants to take
judgement for short period of time then they can utilize managerial accounting aspect. As per
this, it is like a procedure and contains all data as well as information which is connected with
daily activities. With the assistance of management accounting, an employer of company can
easily take appropriate decision which caters growth and success to them. The present report is
based with Waitrose which is one of the leading supermarkets in United Kingdom. In this
assignment, there is a description about many forms of reporting system. This report
incorporates, understandability of administration bookkeeping idea and diverse strategies which
are utilized to empower an association to set up these announcement. Alongside this, there are
different arranging instruments and systems can likewise utilized by an association so they can
manage money related issues in a powerful way. Many pros and cons are also determined here
which are necessary to give response related to financial issues.
TASK 1
P1 Management accounting and essential requirement of management accounting
Management accounting is an adequate procedure which gives data and along with this
information to entire administration; therefore, they can take appropriate judgement internally
(Dillard2014). It is required for manager to concentrate on those info which are related with
statistical and financial as it will aid them to take decision for firm either for long or short period
of time. This will also helpful to take judgement for regular activities. It provides support to
1