Management Accounting of Organisation : Report

Added on - 21 Jul 2020

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Management accounting
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Several accounting systems and their essential requirements...........................................1P2 Making reports by using different methods......................................................................2M1...........................................................................................................................................4D1...........................................................................................................................................4TASK 2............................................................................................................................................4P3 Using the various methods of costing to calculate cost....................................................4M2...........................................................................................................................................7D2...........................................................................................................................................8TASK 3............................................................................................................................................8P4 Using different planning tools for budgetary control........................................................8M3...........................................................................................................................................9P5 Solving of problems by using tools.................................................................................10M4.........................................................................................................................................11D3.........................................................................................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONIn business various objectives are there which are set by the organisation and are to beattained so that success can be ensured (Macintosh and Quattrone, 2010). For this severalprocesses will be undertaken such as identification, interpretation, measurement and analysationof the data which will be collected and for this the process which will be used is known asmanagement accounting. There will be lot of information which will be collected with the helpof various tools that will be used and it will be providing management with the support indecision making process. In the below mentioned report which is made in context with Unicorngrocery, there will be many aspects which will be discussed and that will be including differentsystems, costing methods and manner in which budgetary control takes place. The properunderstanding of all these will be gained below.TASK 1P1 Several accounting systems and their essential requirements.In an organisation there is the need of various systems and it will be because requirementof information for the decisions making process will be fulfilled by it only. This will be helpfulin the achievement of different targets that are preset by the company. Managers will be the onewho are responsible for formation of decisions and for that they will be considering the datawhich is obtained in respect of static and financial aspects (Ward, 2012). Only internalmanagement will be allowed to use this information and will not be available for any outsideparty. There are many such areas in which it can be considered. The main systems which areinvolved in it are described below:1.Inventory management system:In an organisation there will be need to manageinventory in proper manner so that the functioning will be carried out effectively. For thiscontrol will have to be established by which the level at which stock shall be maintainedis identified. This system will be used and it will be able to know the quantity of stock tobe ordered by which the optimum volume will be maintained. The main problem which isfaced by company in respect of inventory is of shortage and that will be resolved with thehelp of it. The cost of this will be controlled and for this it shall be ensured that no idealstock shall be lying with the business. The information in respect of it will be acquired1
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