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Management Accounting Report of Bizdaq

   

Added on  2020-07-22

17 Pages5260 Words35 Views
ManagementAccounting

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1. Meaning of management accounting and types of management accounting .......................1P2 Various methods used for management accounting reporting...............................................3TASK 2............................................................................................................................................5P3 Costs using appropriate techniques .......................................................................................5TASK 3............................................................................................................................................7P4 Limitation and benefits of planning tools .............................................................................7TASK 4..........................................................................................................................................10P5 Compare how business organization are choosing management accounting systems.........10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................13.......................................................................................................................................................14

INTRODUCTION Management accounting also known as cost and managerial accounting, it is an effectiveactivity of evaluating business operations and cost. In order to prepare internal financial record,account and report that aid managers in decision making process and accomplishing businessobjectives. In simple words, management accounting involves giving and preparing timelystatistical and financial data to company administrators so that they can create short-term or day-to-day decisions (Zimmerman and Yahya-Zadeh, 2011). It is the best process of measurement,analysis, accumulation, identification, communication and preparation of financial data used byadministration to control, evaluate and plan within the enterprise as well as assure proper use oraccountability for its resources. This assignment is based on Bizdaq, it is a small scale anddeveloped in 2015. There are 50 employees are work together for accomplishment ofpredetermined objectives. Annual sale of the organisation is £100,000, in order to increaseturnover they should provide proper information to the customers. This report determined aboutdifferent types of management accounting and its importance in the business. Advantages anddisadvantage of planning tool which is also shown in this study. There are various system ofmanagement accounting used by the company to increase their performance and profitability, itis also described in this report. TASK 1P1. Meaning of management accounting and types of management accounting Management accounting is the best term that followed to determine accountingtechniques, systems and methods which linked with specific ability and knowledge, supportadministration in its task or work of increasing profits and decreasing losses (Managementaccounting, 2017). It is blending with each other into a cost accountancy, coherent whole,financial accounting and entire aspects prospects of financial management (Ward, 2012). It is thebest system of presentation and collection of accurate economic data relating to the company forcontrolling, planning and decision making. It is very essential and important part of the companyto maintain their daily basis record and achieve maximum profits. Bizdaq is a small business inUnited Kingdom, they provide different essential information or data to the clients. They offersmonthly subscription services to its users and owner can deal their concern for a charge as littleas £500. 1

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