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TASK 11 P1 Benefits of Management Accounting System: 1 Management Accounting Reporting: 3 Different types of reports

   

Added on  2021-02-19

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ManagementAccounting
TASK 11 P1 Benefits of Management Accounting System: 1 Management Accounting Reporting: 3 Different types of reports_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management Accounting System:....................................................................................1Management Accounting:..................................................................................................1Management accounting system:.......................................................................................2M1 Benefits of management accounting system....................................................................3P2 Management Accounting Reporting:................................................................................3Management accounting reporting:...................................................................................3Different types of reports...................................................................................................4TASK 2............................................................................................................................................5P3 Appropriate costing techniques:........................................................................................5Appropriate application of Marginal Costing.........................................................................6Appropriate application of Marginal Costing.........................................................................8M2 Application and interpretation of data:............................................................................9TASK 3............................................................................................................................................9P4 Planning tools used by budgetary control:........................................................................9Budget:...............................................................................................................................9Behavioural implications of budget:................................................................................10Common Costing Systems:.............................................................................................10External and Internal Analysis of Aston Martin:.............................................................11M3 Analysis of different planning tools for preparing and forecasting budgets:.................12TASK 4..........................................................................................................................................13P5 Adaptation of management accounting in response to financial problems.....................13Financial Problems:.........................................................................................................13Comparison of different organizations in context with financial problems:...................14Characteristics of management accountant:....................................................................14M4 Analysis of management accounting techniques in leading sustainable success:........15CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
TASK 11 P1 Benefits of Management Accounting System: 1 Management Accounting Reporting: 3 Different types of reports_2
TASK 11 P1 Benefits of Management Accounting System: 1 Management Accounting Reporting: 3 Different types of reports_3
INTRODUCTIONManagement accounting which is also known as managerial accounting is a frameworkthat is basically used by the managers to maintain and control the internal affairs of anorganization. This is utilized for filtering the internal informations of the establishment and makeit valuable for the administration so that they can make effective decisions and control over thefunctions of the firm.This report covers a detailed description about management accounting in context withthe Aston Martin Lagonda Global Holding Plc which is an independent manufacturer companyof Britain established by Lionel Martin and Robert Bamford in 1913 and manufactures luxurysport cars. It includes management accounting system and reporting, their benefits, costaccounting system and techniques, planning tools for accounting and financial governance.TASK 1P1 Management Accounting System:Management Accounting:Management accounting is a set of so many activities such as collection, classification,recording and presentation of financial and non-financial data in such a manner that internalstakeholder such as managers can utilize this information in planning, operating, managing andcontrolling the internal process of functioning in an efficient and effective manner.Origin, role and principle of management accounting:Managerial accounting was developed at the beginning of nineteenth century by thebusiness persons of large organizations who find it necessary to manage and control internaloperations in order to survive in the market. Management accounting plays a significant role incost reduction and control, profit maximization, price fixing, stock management, planning anddecision making for future operations (Jamil and others, 2015). It basically follows two majorprinciples that are principle if causality and principle of analogy.Difference between management and financial accounting:Management AccountingFinancial AccountingManagement accounting provides sufficientreports and informations to the internalFinancial accounting renders reports andinformations related to the funds which can be1
TASK 11 P1 Benefits of Management Accounting System: 1 Management Accounting Reporting: 3 Different types of reports_4

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