Role of Management Accounting in Internal Business Management

MANAGEMENT
ACCOUNTING

EXECUTIVE SUMMARY
The project report summarises about role of MA in internal business management. For
this purpose, different types of accounting systems are explained. As well as report abstracts
about various cost methods and planning tools. In the end of report, importance of MA is
explained in detail in order to solve the financial issues.

Table of Contents

INTRODUCTION
Management accounting (MA) can be identified as a kinds of accounting that is related to
procedure of preparing inner reports and needed data is gathered from different sources
(Tucker and Parker, 2015). Main purpose of this accounting is to contribute to managers in
order to manage various aspects of a corporation. The project report is based on a company
that is GSQ limited and involves in production industry. The report consists information
regards to different types of management accounting system (MAS), reports, preparation of
financial reports and planning tool. In end of report, importance of MAS is mentioned to
solve financial problems.
MAIN BODY
TASK 1
Introduction to MA:
What is MA and its definition
The MA is an accounting process which is related to identifying, recording and
summarising financial and non-financial information to produce inner report. These prepared
report helps to managers to take corrective actions in context of corporations.
Definition:
As per CIMA,” The MA is systematic procedure of finding, analysing, modifying and
communicating information which is implemented by managerial aspects for better control (De
Loo, Cooper and Manochin, 2015).
What is MAS?
The MAS is described as those accounting system for proper management that are linked
to the mechanism of assessing and reviewing business activities. There are different kinds of
systems that relate effectively to the management dimensions of organizations.