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Management Accounting - Harrods Ltd

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Added on  2020-01-07

Management Accounting - Harrods Ltd

   Added on 2020-01-07

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MANAGEMENTACCOUNTING
Management Accounting - Harrods Ltd_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1) Management accounting and its systems' essential requirement..........................................1P2) Management accounting reports...........................................................................................3TASK 2............................................................................................................................................5P3) Costing and differences between marginal and absorption costing.....................................5TASK 3............................................................................................................................................9P4) Critical evaluation on budgetary control systems.................................................................9P5) Appropriate management accounting systems...................................................................12CONCLUSION..............................................................................................................................12REFERENCE.................................................................................................................................14
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ILLUSTRATION INDEXIllustration 1: Income statement through marginal costing method................................................6Illustration 2: Income statement through absorption costing method..............................................7
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INTRODUCTIONManagement accounting is multidisciplinary approach that is treated as decision makingtool for managing overall business operations. It includes entire accounting systems as financial,cost, corporate, inventory and performance therefore growth of organization is possible throughusing management accounting tools. The present report is based on understanding different kindsof planning procedure components to operate business activities of Harrods' Ltd. It is small scaleretail sector organization of UK that provides groceries and food items. Therefore, different toolsand techniques for expansion of organization as well increasing its efficiency can be described.However, costing as method for price determination of products is to expressed. Including this,positive and negative aspects of budgetary control system can be presented through thisassignment. Moreover, several financial statements and their analysis role for management ofbusiness operations. Along with this, significance of management accounting for enlargement ofsmall size organization and its quality services can be expressed through this report.TASK 1P1) Management accounting and its systems' essential requirementManagement accounting is system process for making decisions for effectiveness oforganization and improving quality services of entity. It includes several factors as costing,budgeting, financial and non-monetary performance tools and so on. Therefore, various elementsfor forecasting and decision making is obtained by which company's performance can beenhanced effectively. In addition to this, it is helpful for building up relationship amongemployees of the entity (Dellavigna and Pollet, 2013). However, several tools components foranalyzing actual performance and further preparing strategies to improve quality services ofgoods and services is presented by management accounting approach. In this process, inventoryget managed efficiently as well remains able for increasing essential for making decisions relatedto business operations. Apart from this, costing is done through this process that is useful fordifferent aspects as production and distribution of products. In this regard, various managementaccounting systems for better performance of entity. Therefore, process tools for managing allbusiness operations are performed that is valuable for development of small scale enterprise andincreasing strength for business and competitive strategies to face competition and sustaininggood position in market. Including this, analyzing customer demand and preparing planningprocedure for proper management and fulfilling their requirements. In accordance to this,1
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