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Research Report on Management Accounting, Costing and Budgeting : ABC Company

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Added on  2020-06-05

Research Report on Management Accounting, Costing and Budgeting : ABC Company

   Added on 2020-06-05

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MANAGEMENT ACCOUNTING,COSTING AND BUDGETING
Research Report on Management Accounting, Costing and Budgeting : ABC Company_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.2 Use of costing methods....................................................................................................21.3 Calculation of closing stock.............................................................................................31.4 Analysis cost data by adopting appropriate method.........................................................5TASK 2............................................................................................................................................62.1 Preparation and analysing routine cost.............................................................................62.2 Identification of potential improvements for a company by adopting performanceindicators................................................................................................................................72.3 Suggestion for improvements to minimize, improves values and quality to the firm......7TASK 3............................................................................................................................................83.1 Purpose and nature of budgeting process.........................................................................83.2 Types of budgeting methods............................................................................................93.3 Preparation of budgets......................................................................................................93.4 Prepare cash budget........................................................................................................11TASK 4..........................................................................................................................................124.1 Calculation of variances.................................................................................................124.2 Prepare an operating statement.......................................................................................134.3 Recommendation............................................................................................................14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
Research Report on Management Accounting, Costing and Budgeting : ABC Company_2
Index of TablesTable 1: FIFO METHOD.................................................................................................................3Table 2: LIFO..................................................................................................................................4Table 3: AVCO................................................................................................................................4Table 4: sales budget........................................................................................................................9Table 5: Production budget..............................................................................................................9Table 6: Material usage budget........................................................................................................9Table 7: Material purchase budget.................................................................................................10Table 8: Plastic usage budget.........................................................................................................10Table 9: Plastic purchase budget....................................................................................................10Table 10: Material usage variance.................................................................................................11Table 11: Labour variance.............................................................................................................11Table 12: Labour idle time variance..............................................................................................12Table 13: Variable overhead variance...........................................................................................12Table 14: Fixed overhead variance................................................................................................12
Research Report on Management Accounting, Costing and Budgeting : ABC Company_3
INTRODUCTIONManagement accounting is an application which involves financial and non-financialinformation that are used by managers to carried out its business operation in effective way. Italso helps the organisation to formulating of policies, preparing an effective decisions and itcontrolling business activities. The main purpose of these accounting is to assess risk, allocationof resources and preparation of financial statements. The present research report in the contextof ABC Company under which there will be an analysis of cost data within an organisation,propose methods to minimizing expenses and improves value to a firm. Further, there will bepreparation of budgets, forecasting and monitoring performance of a business. TASK 11.1 Classification of costCost are classified into different types that is highly depends upon their nature andparticular purpose. It has been categorised in terms of behaviour, function and nature that hasbeen described as follows:-By Behaviour1
Research Report on Management Accounting, Costing and Budgeting : ABC Company_4

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