Report on Management Accounting of TECH IMDA Ltd

Added on - 03 Jun 2020

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ManagementAccounting
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Different types of management accounting and its effectiveness....................................1P2: Different types of reporting systems................................................................................3M1: Benefits of using accounting system..............................................................................4D1: Critical evaluation of reporting system...........................................................................4TASK 3............................................................................................................................................5P3: Various types of costing methods use for calculating net profit......................................5M2: Use of various techniques...............................................................................................9D2: Interpretation of data for the business activities..............................................................9TASK 3............................................................................................................................................9P4: Advantage and disadvantage of using planning tools in budget......................................9M3: Utilisation and analysis of planning tools.....................................................................11D3: Critical analysis to overcomes financial issues.............................................................11TASK 4..........................................................................................................................................11P5: Balance scorecard and their effective use to resolve financial issues............................11M4: Evaluation of different financial problems...................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONIn recent time, different types of business organisation are using effective managementaccounting systems that can assists in recoding financial transaction in their respectivestatements. The primary aims of doing so is to attain maximum profit by utilising resources inmore effective manner. By the help of this management can attain their long and short term goalsin more quick time. As mentioned in the case about TECH IMDA Ltd which is dealingelectronic mobile and charges so they need to manage their everyday transaction through usingvarious system (Gates, Nicolas and Walker, 2012).Those are being discussed under this report. Such as accounting and reporting systems.Other than this, certain costing methods are also being illustrated to determine net profitability ofthe company. Further, these reports analyse various planning tools use in budget preparation andthose financial issues those are affecting profitability of an organisation. It also covers someeffective measures that can assists in resolving those financial issues that are present in anorganisationTASK 1P1: Different types of management accounting and its effectivenessThis seems to be determine that every part of department that are working for the purpose ofincrease maximum gain in short span of time. In order to reach at that position, they are usingvarious aspects which are related with management accounting. It has been seen thatmanagement of every business organisation is always in search of identifying all those effectiveways those are essential for enhancing productivity of “Tech Imda Ltd”. Although this happensto be important functions of every small and large business organisation in order to makeeffective plan, organise and analyse their future needs and wants. While, accounting is asystematic detail process of summarising, recording and evaluating various transactions those areessential for the generating maximum earning during the time (Suomala and Lyly-Yrjänäinen,2012).Management accounting is said to be crucial profession that included partnering ineffective decision making, devising planning and deliver expertise in proper financial reporting.This is utmost techniques of evaluating overall business costs and operations to make properaccounting of reports, records and assist managers to take important decision in near future. This1
will prove to attain future aims and objectives. It is use for the purpose of expanding theirfinancial and statistical data in order to bring positive light on every single stage of activities thatare commencing by Tech Imda Ltd.Management accountingFinancial accountingIn this, the total attention of getting towardsvarious parts of business organisation that arepresent in various combination of certainaspects.Under this accounting the whole enterprises areworking as a whole toward maximisingperformance of Tech Ltd.They are mostly associated with future plansand rules that can assists company to controltheir extra losses.Financial accounts are mostly associated withhistorical and standard data of Tech Ltd.It concludes total focus on increasing overallvalue to external parts those are responsible formaking their capital investments in theirprojects.It relies on universal confidence which wouldcreate validity and goals for future target thatare being set by an organisation.This is mainly considered quality ofinformation that are being analyse for furtherdecision making in the company.The managers or accountant make sure thatevery data much be properly inserted in theirrespective statements so that valuableoutcomes can be generate during the time.Types of management accounting systemThere are various types of accounting systems that would be vital for the company tomanage and control their everyday financial transactions in more effective and efficient manner.Some of them are discuss underneath:Cost accounting system:Such kind of accounting system will be more essential for locating andanalyse their overall total costs and expenses that are going to be incur during the time ofproduction. Managers need to make control of all these costs those are either directly orindirectly make impacts on the overall performance of an organisation. Few costs those areapplied during manufacturing of products are normal, standard and actual costs (AlMaryani andSadik, 2012).Inventory management system:It has been observed that Tech Ltd is working anddealing in electronic products for this purpose they require a system that can record their overallproduction detail of raw materials. By the help of this, managers can easily make analysis of allthose costs are helpful in keeping their overall bills, record of invoice other warehouses.2
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