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Management Accounting Systems - Report

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Added on  2020-06-04

Management Accounting Systems - Report

   Added on 2020-06-04

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Management Accounting Table of Contents
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INTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1: Different types of management accounting and its essential use:........................................1P2: Different methods for management accounting reporting....................................................2M1: Benefits of management accounting:..................................................................................3D1: Critical analysis of reporting system ...................................................................................4TASK 2............................................................................................................................................4P3: Various costing methods used for calculating the net profits...............................................4M2: Evaluation of accounting techniques...................................................................................5D2: Critical evaluation of profit and loss statements.................................................................5TASK 3............................................................................................................................................6P4 Advantages and disadvantages of planning tools..................................................................6M3:Evaluation of planning tools.................................................................................................8D3:Critical analysis of financial problem...................................................................................9TASK 4............................................................................................................................................9P5: Various measures to resolve financial problems..................................................................9M4:Evaluation of financial issues.............................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
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INTRODUCTIONManagement accounting is an accounting tool which is used by the organisation in orderto gain the sustainability in an effective manner. However, this can be said that the managementaccountant uses various MA tools in order to lower the per unit cost of production so that theorganisation can attain the sustainable development and also gain the competitive advantagesover the rivals. This report is based on the Rowlinson knitwear company which is specially dealsin the retail clothing segment (Vaivio and Sirén, 2010). With the help of management accountingtools, company can use these accounting system which in order to lowering the cost of product inan effective manner. Various management accounting systems are in order to optimise theprofitability. Apart from that, various budgetary planning tools are used by the Rowlinsion forgaining the sustainability. Various management accounting systems are used for overcome theorganisation's financial constraints. The organization needs to implements and apply the accuratestrategies and management account techniques for their growth and endurance in the competitivemarket. It also gives an important data to the managers from the past for taking the importantdecisions regarding the organization policies and also makes a change in the strategies whichmakes an organization to maximize the profit margin. This report is going to assists theorganization to improves the standards of the decision-making process. The use of absorptioncosting and marginal costing methods of the costing system help the management to prepare awell and accurate financial reports which are based on the organization preferences (Luft andShields, 2010).TASK 1P1: Different types of management accounting and its essential use:Cost accounting system: This is the management accounting tool which is used by theorganisation in order to lower the per unit cost of production in an effective manner. Apart formthat the this is the modern tool for making the business objectives in an effective manner. Thishas been seen that the most effective tool for gaining the competitive advantages over the otherrivals. Rowlinsion knitwear company is the small mid sized company which deals in the retailclothing segments and its main aim is to render the product in a least effective price (Cadez andGuilding, 2012). This is the main reason that is why, the company could gain the sustainabledevelopment.1
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Job costing system: This is the system for assigning product costs to an individual goodor batches of goods. Normally, the job order costing system is implemented only at the time ofgoods produced are effectively diverse from each other. Since, there is a crucial variation in thegoods produced, job order costing system would form a job cost records for each item or joborder. This is used by the rowlinsion knitwear company at the time when the group of productsare made in a single lot. The cited company could use this tool in an effective manner.Price optimization system: This is price optimization system which is used to optimizethe the price at which customer is willing to pay at an effective manner. Price optimizationsystem is the tool which is used by the management accountant in order to gain the sustainability(Herzig and et. al. 2012). This is the tool which is used to set the price at which consumer iswilling to pay. Cited company is willing to pay to its price at an effective manner.By using thistool, company can fix its products prices in an effective manner. However, there are certain toolsthat can be used by the organisation in order to let the customers' perception about the price atwhich they are ready to buy the product in an effective manner.Inventory management system: This is the system which is used to optimise theinventory so that the available resources can be used effectively. Now, management accountantwill optimise the inventory in an effective manner (Van der Stede, 2011). This is the mosteffective manner in order to optimise the inventory in an effective manner. Inventorymanagement system is the tool which is used by the organisation in order to optimize theinventory in an effective manner. By using this management accounting system, company couldoptimise its resources an gain the sustainability in an effective manner. By using this tools,company's management accountant could optimise its inventory management tools.Now, these management accounting system are used to gain the sustainable in aneffective manner. Now, this is the responsibility of the management accountant for adheringthese tools in an effective manner.P2: Different methods for management accounting reportingThere are various management accounting reports which helps the management formaking the final strategy for the sustainable development. However, this can be said that themanagement accountant uses their tools in an effective manner. Various management accountingreports are made by each of the departments in an organisation and they submit their reports totheir concerned authorities in an effective manner. Some of them are mentioned hereunder:2
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