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Management Accounting Tools Doc

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Added on  2020-10-22

Management Accounting Tools Doc

   Added on 2020-10-22

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MANAGEMENTACCOUNTING
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and essential requirement of different types of accountingsystems...................................................................................................................................1P2 Different methods used for management accounting reporting........................................2M1 Benefits of management accounting system and its application in organisation.............3D1 Management accounting system and its reporting integration with organisational process.4TASK 2............................................................................................................................................4P3 Calculate costs using appropriate techniques of cost analysis..........................................4M2 Different types of accounting techniques to produce financial reporting documents.....8D2 Financial report that accurately apply and interpret data for a range of business activities..8TASK 3............................................................................................................................................9P4 Advantage and disadvantages of different types of planning tools used for budgetarycontrol.....................................................................................................................................9M3 Applications of planning tools for preparing and forecasting budgets with its uses.....10TASK 4..........................................................................................................................................11P5 Adapting management accounting systems to respond to financial problems................11M4 Management accounting lead organisation for sustainable success and financial problems..............................................................................................................................................12D3 Planning tools for accounting respond appropriately to resolve financial problems.....13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
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INTRODUCTIONManagement accounting is a procedure of preparing the accounts as well as reports whichgive the timely and accurate statistical or financial information needed through managers tomake the short term and day- to- day decisions. It helps in analyse operations and business costsin order to make internal financial report, account and records to assess process of decisionmaking of manager for attaining the business objectives. It is presentation of the accountinginformation to prepare the effective policies and adopted through management and also help itsdaily activities. Management accounting helps management of an organisation to perform allfunctions consisting planning, staffing, organization, directing and also controlling. (Arroyo,2012). This present report is based on Williams Performance Tenders. It is a boat manufacturerbusiness firm in Berinsfield. Under this given report will be discussed about managementaccounting and its various kinds of management accounting systems. Benefits and limitations ofdifferent kind of planning tool for the budgetary control will be discussed in mention assignment.Planning tools which company used to solve the financial issues and lead business to sustainablesuccess will be given this report. TASK 1P1 Management accounting and essential requirement of different types of accounting systemsManagement accounting refers to analysis, presentation, analysis, interpretation anddetermination of accounting information that has been obtained through cost accounting and alsofinancial accounting. It helps the manager of company to prepare policies, conduct daily basisoperations and process of decision making of company. It is profession that consists thepartnering in devising planning, providing expertise, better decision making and alsoperformance management system in financial reporting and also control to help management indevelop and execution of strategy of company (Bodie, 2013). With the help of use managementaccounting, Williams Performance Tenders can enhance its productivity along witheffectiveness. Thus, these are different management accounting system which are describedbelow: Inventory management system: This system is related with management andsupervision of non-capitalized assets and stock of organisation. Williams Performance Tendersprovide boat to people, for which manager require to have sufficient material. For this, they1
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