Management Accounting Assignment (DOCX)
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Added on 2020-01-07
Management Accounting Assignment (DOCX)
Added on 2020-01-07
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MANAGEMENTACCOUNTING
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3TASK 2............................................................................................................................................7Task3 ...............................................................................................................................................91. B) Process of budget formulation.........................................................................................11Task 4.............................................................................................................................................13Conclusion ....................................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONThis project will deal about the management with usage of the accounts and dataregarding finance to take effective decisions which can be stated as management accounting. Ithelps the organisation in the effectiveness in the business activities in order to achieve the aimsand objectives. Most of the organisations with large structures use the Management accountingsystem that helps in their management to take better decisions according to the needs of theorganisation (Zimmerman and Yahya,2011). This also includes the information regardingfinance and accounts by which a company's management and can take effective and properdecisions on the strategies of pricing and production. This report is based on the IMDA TechLimited is a company which manufactures the mobile and laptop chargers for major companies.This report also includes all the details regarding the functions of management accounting anddifferentiation of this from the financial accounting. This report is having content on thesignificance of the management accounting information to take effective decisions. Differenttypes of management systems are including in this report. Absorption costing and marginalcosting methods can be used by the IMDA on which details are given under this report. TASK 1P1. Written report on the functions of the management accounting1. Management accounting: It is a process of preparation of management reports and accountsdelivering them to the managers with proper data and information that would help them inmaking effective decisions on a regular basis organisational activities. Management accountinguses the reports which are based on reporting on a monthly and weekly basis which help thedepartmental managers in making their business activities accordingly (Macintosh andQuattrone,2010). These are the reports which consists the details and informations regarding theprofits by the sales, company orders, accounts payable and receivable, debts and raw materialand stock in hand. Management accounting is vastly different from the financial accounting system which according to the below given points:BasisManagement AccountingFinancial AccountingFocus Management accounting is havingfinancial accounting is having focus on
focus on the operational managementreports which are distributed in thecompany to make a workingaccordingly.financial reports which helps to themanagement and as well as to the leadersto analyse the performance of theorganisation and it has distributed in theorganisation and out side the organisation. EfficiencyManagement accounting reports areproviding details on the problems of themanagement and effective solutions ofthe problems to resolve them.Financial accounting system providedetails of the profits and revenues of theorganisation on a particular time period.
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