Management Accounting for Cost and Control - Desklib

Running head: MANAGEMENT ACCOUNTING FOR COST AND CONTROL
Management Accounting for Cost and Control
Name of the Student
Name of the University
Name of the Author
Course ID

1MANAGEMENT ACCOUNTING FOR COST AND CONTROL
Table of Contents
Answer to question 1:.................................................................................................................2
Answer to question 2:.................................................................................................................2
Answer to question 3:.................................................................................................................3
Answer to question 4:.................................................................................................................4
Answer to question 5:.................................................................................................................7
Answer to 5 A:...........................................................................................................................7
Answer to question B.................................................................................................................8
Answer to question 6:.................................................................................................................8
Answer to question 7:.................................................................................................................8
Answer to question 8:.................................................................................................................9
Answer to requirement A:..........................................................................................................9
Answer to requirement B:..........................................................................................................9
Answer to requirement C:........................................................................................................10
Answer to question 9:...............................................................................................................11
Answer to question 10:.............................................................................................................13
Reference List:.........................................................................................................................15

2MANAGEMENT ACCOUNTING FOR COST AND CONTROL
Answer to question 1:
French philosopher named Michel Foucault developed a social theory that was known
as the Panopticism. The definition of the term Panopticon is referred as the tentative
laboratory theory of power which takes into the consideration the behaviour of an individual
(Rickman & Bowker, 2015). According to the French philosopher the theory of Panopticism
is regarded as the mark disciplinary society of surveillance.
In the age of rising technology the example of Panopticon theory is viewed as the
process of surveillance that comprises of appeal to the culture. The expansion was presented
to the organization and the individuals from the tools of data mining (Fiddler, 2017). This has
given rise to the expansion of surveillance data that can address the medium of surveillance
in reflecting the distant businesses sources by considering the algorithmic production.
Panopticism as the tool of management accounting provides assistance in maintaining
the record of all the transactions along with the necessary business figures derived from the
activities. Therefore, Panopticism helps in locating the mistakes and error with the help of
correct measures for modifying the accounting process and making sure that authenticity is
maintained.
Answer to question 2:
Management accounting has certain noteworthy functions which are as follows;
Planning: An important function of management accounting is planning. This refers to
making short term and long term business plans with the objective of attaining particular
business goals (Wild, 2015). A budget under the planning process reflects that how a business
is about obtain fund and how the funds will be used over the period of time. The functions of
planning is related with the management accounting since it helps in rendering required
information in the decision making process.

3MANAGEMENT ACCOUNTING FOR COST AND CONTROL
Controlling: Another functions of management accounting is controlling that which
implements monitors, measures, assess and modifies original results to assure that the
business firms make their goals and plan to achieve this goals. Under this functions reports
are generated that are associated to performance (Salako & Yusuf, 2016). These reports
forms the basis for taking necessary actions to implement control on operations.
Decision making: A noteworthy functions of management accounting is the process of
selecting best available alternatives for business. An inherent functions of management
accounting is decision making and a manager would not be able to make any decisions
without making plan and controlling functions.
Answer to question 3:
Checklist is viewed as the important tool that helps in listing all the necessary things
which a person is required to take into the account or information an individual would like to
take account off or make sure that they don’t miss out anything. As per the statement of Van
Helen Rock band the checklist comprised of all the necessary things to consider. The rock
band views checklist as the noteworthy instrument of applying control (Wiffen, 2016). The
rock band views checklist as the controlling instrument since it assist in assuring that each
and every person that are indulged in the activity are capable of understanding the goals and
adhering with the required procedure.
As per the statement made by the rock band checklist helps in serving as the
advantageous tool since the rock band has considered checklist as the highly portable tool to
carry. The checklist enable the members of rock band to administer the consistency of supply
such as inventories. Additionally checklist helps in saving time for the rock band by taking
account of necessary records among the other required things. Therefore, for the rock band