Management Accounting Assignment - Tech (UK) Limited
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Added on 2020-09-17
Management Accounting Assignment - Tech (UK) Limited
Added on 2020-09-17
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MANAGEMENT ACCOUNTING
Table of ContentsINTRODUCTION...........................................................................................................................1Task 1...............................................................................................................................................1a) Discussing about the management accounting and the necessary need to managementaccounting system.......................................................................................................................1P2 Presenting Financial information...........................................................................................3Task 2...............................................................................................................................................4P3 Income statement on the basis Absorption costing and marginal costing.............................4TASK 3............................................................................................................................................5P4.................................................................................................................................................5(a) Different types of budget and their advantages and disadvantages.......................................5(b) Process for preparing budget.................................................................................................7c The significance of budget as tool for planning and control purposes.....................................7Task 4...............................................................................................................................................8P5. Balanced scorecard Approach...............................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONManagement accounting is the important role in the organisation which will assist inmanaging various system for day to day operation in the firm. In other words, this can help toperform each and every role to consider such as planing, organising, staffing, directing andcontrolling. The current report is based on the Tech (UK) Limited who deals in a particularcharger of the mobile handsets and various tech gadget which are used in the stores of retailsector in the United Kingdom. The issue have been arisen in the organisation regarding lack ofinformation to improve their decision making. The aim of current report is to understand aboutappropriate and essential requirement of the management accounting as well financial source ontypes managerial accounting reports and significant for the information to be presented inmanner that should be approachable. Further, various types of budget their advantages anddisadvantages as well preparation of budget procedure to find out the pricing and various costingsystem which can be utilised for the company.Task 1a) Discussing about the management accounting and the necessary need to managementaccounting system.The management accounting is the area of accounting which will evaluate and givespricing information for taking various decision as well assist in planning and controlling by theinternal management. But on the other hand financial accounting have aim is to disclose the endoutcomes of the enterprises and on a specific period it focuses in the financial situation. Theaudience of the management accounting is any top management as well lower level employees toknow data or the information will be utilised within firm or There are certain management accounting information system tools which can be used for takingdecision making by the department manager(Eldenburg 2016). Each and every manager or theprofessional who are working in the financial division for that appropriate evaluation of thefinancial accounting. It will assist in maintaining various transaction in the data which are giventhe exact outcomes. The cost accounting is more effective as well increasing profit in context ofevaluation the cost incurred in all the role of the business entity.Cost Accounting: This are the techniques which are used by the manager to takedecision in term of financial system of the organisation. The cost accounting will assistfor evaluation as well appropriate requirement of budget for accomplish different1
operation in company. Under cost accounting there are various cost considering such asjob costing, batch costing, variable, fixed, direct and indirect.Tax accounting: It is a necessary for the enterprises' development as well growth for themaking effective revenue of the organisation as well payment of organisational taxes andother charges such as conveyance, duties on different services.Budgetary:This is another techniques which is used by the manager to show anassumption of finance and cost consist for the various expenditure to achieve long termsas well short term goals(Christ and Burritt, 2017). For the organisation there are certaintypes of budget require to set such as marketing and production.Auditing: This can be most important techniques which will help to find out the errorsand suggest organisation to improve their finance performance.Cost accounting system which are important for the managerial accounting to fulfil the differentaccounting:Actual: It is a cost accounting system which is recorded on the basis of cost incurred forgoods on various factors including actual cost of material, labour and overhead.Normal: It is utilised for the valuation of production of goods with the actual materialcost, direct labour cost and production overhead cost on the basis already finding outmanufacturing overhead price. Therefore, this will help to derive the cost of goods andservices provide by the organisation.Standard costing: It is a cost accounting system under which all the inventory oforganisation is values at the standard cost and any changes in the standards is incurred asthe PPV or the purchase price variance.Inventory management system:It is another administration bookkeeping frameworkwhich keeps up the stock or stock bookkeeping framework (Fullerton, Kennedy andWidener, 2014). Assembling organizations need to embrace these frameworks to stablethe item overload to maintain a strategic distance from blackouts. This is the most basicand critical apparatus to make stock information.Job costing system:On the opposite side, another administration bookkeeping frameworkis Job costing framework. It is the best instrument of bookkeeping. This is the assemblingexpense to an individual item or clumps of items which help to recognize the itemcharacter. This framework is utilized for the most part in those assembling firms where2
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