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Managing Management Accounting Systems

   

Added on  2020-07-23

20 Pages4798 Words287 Views
MANAGEMENT ACCOUNTING

ReportFrom: Management Accounting Officer To: General ManagerSubject: To write a report to GM covering management accounting reporting and its varioussystems together with various cost accounting techniques and planning tools. Theirimplementation can assist in attaining organisational objectivities.

Table of ContentsINTRODUCTION ..........................................................................................................................1LO1 Demonstrate an understanding of management accounting systems......................................2P1 Explain management accounting and give the essential requirements of different types ofmanagement accounting systems to the chosen scenario giving examples............................2P2 Explain different methods used for management accounting reporting that can also be usedfor the chosen scenario...........................................................................................................5LO 2 Apply a range of management accounting techniques...........................................................7P3 Difference between income statement made through marginal and absorption costing...7LO 3 Explain the use of planning tools used in management accounting....................................11P4 Explain the advantages and disadvantages of different types of planning tools that can beused for budgetary control for the chosen scenario. ............................................................11LO 4 Compare ways in which organisations could use management accounting to respond tofinancial problems..........................................................................................................................13P5 Use of management accounting system for resolving financial problems......................13CONCLUSION ...........................................................................................................................15REFERENCES..............................................................................................................................162

INTRODUCTION The process of making managerial report and analysing various kind of data ,that ispresent in the company, is knows management accounting. It is basically use for both long andshort term decision making (Ahmad and Mohamed Zabri, 2012). Earlier enterprises could solvemost of their problems by concentrating on their financial performance but now they considerdifferent elements like competition in the market, globalisation etc., in order to cope up withvarious type of troubles. Management accounting help in forecasting the future, it playsignificant role in making judgement relating to buying or selling. By using its tools, managercan determine the rate of return on any investment. Unicorn grocery is a small firm who isoperating in retail industry. They have a store in Manchester. This project will talk about variouskind management accounting systems like Job costing, price optimisation etc. Some methods ofreporting will also become part of this assignment. Reports shows the past performance andcurrent position of a company. In this file, net profit will be calculation by making incomestatement. Both, marginal and absorption costing will be used for ascertain this figure. Theadvantages and demerits of the planning tools will be explained under this project. 1

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