Management Accounting for Cost & Control (DOC)

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Management Accounting for cost & control
1By student name ProfessorUniversityDate: 30 August 2017.1 | P a g e
2ContentsQuestion no 1..............................................................................2Question no 2..............................................................................2Question no 3..............................................................................2Question no 4..............................................................................4Question no 5..............................................................................6Question no 6..............................................................................7Question no 7..............................................................................8Question no 8..............................................................................9Question no 9...........................................................................13Question no 10...........................................................................15Refrences....................................................................................172 | P a g e
3Question 1Business reports are helpful for the functioning of the organisation and help the managers intaking important decisions. It provides a snapshot of the overall economic position of the organisation.These reports can be prepared yearly, monthly or on special demand of the mangers as and when theyrequired. Utmost precision must be ascertained while the formulation of these reports as per the needsof the organisational and the managers If the managers are not happy with the reports than they canvein ask for expert guidance. These reports must be made with utmost accuracy and precision, becausethe overall functioning of the company is dependent on it. The managers take important decisionskeeping in mind the investors and the stakeholders. The various types of organisational reports consistof the income statement, the financial statements, the cost sheet and the overall budgets that areprepared by the company. These few statements are prepared in several organsiations and are helpfulto the managers of the company. [ CITATION Ann17 \l 1033 ].Question 2Control functions are an important aspect of management, if the management installs propercontrols than the organisation will function smoothly the employees will do their duty properly. It isimportant that proper control functions must be installed and properly updated with regard to theneeds of the organisation. The managers while formulation of these functions must see that propersegregation of work is there, proper duties are assigned and the employees are implementing the same.Panopticism is a theory that was stated by a French philosopher that states that people function betterwhen they know they are placed under surveillance. If the same is applied in case of an organisation, ifthe employees of the company know that they are under constant surveillance and authorities arewatching them they will function better. This will reduce the overall chances of manipulation of accountsand malfunctioning. In this way, the control functions that are implemented by the management arehelpful for the organisation.[ CITATION Hop17 \l 1033 ].Question 3The main four process of product costing that has been identified in the text are –Product costing in financial accounting is something, which helps in ascertaining what is theeffect on the finances of the cost of the product. It can be used in the calculation of the closingstock of good, other valuation measure3 | P a g e

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