Management Accounting Assignment - Imda Tech (UK) Limited
Added on 2020-01-07
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Management AccountingLecturer: Khalid KarimStudent: Mircea Ionut MercioiuID STUDENT: 15538BATCH: WH 29, HND Business
Table of ContentsManagement Accounting.................................................................................................................1INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Prepare a well-researched written report on the functions of Management Accounting..32. Explain the different types of Management Accounting Systems and how it can be used byother departments to improve their reports............................................................................5TASK 2............................................................................................................................................7Absorption costing..................................................................................................................8TASK 3..........................................................................................................................................11In the senior management meeting it was discussed and agreed that department................11managers should have more involvement and take responsibility for their department.....11budgets.Despite this news was greeted with a welcome response yet managers have.......11requested for more information and training on budget preparation...................................11TASK 4..........................................................................................................................................14Imda Tech (UK) Limited has recently published their accounts for the last financial year.14showed a loss of £1.5 million. The company is evaluating ways in which the organisation14could use management accounting to respond to financial problems. The auditors in their14recent report has suggested the use of a Balance Score Card approach..............................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONManagement accounting is the system to manage and control all financial transaction of thecompany. In which evaluate and determine financial positions and their financial status. T toproper determination and evaluation there are using many techniques and methods those areprovide valuable and reliable information and data in the financial term. Management accountingis help to control risk in the business and help to take better and effective decision to developbusiness and investing into the market (Zimmerman and Yahya-Zadeh, 2011). Finance is theimportant element to selling and purchasing something from the market also it is require tomanage in the systematic manner. Imda tech Limited is the charger producing company and alsogadgets retail company in the UK. In which some financial issues and problems ton employeesso their company's head want to provide a statement in which mention all financial informationregarding company so employees can easy to take effective decision on the basis of financialavailability in the company.TASK 1P1 Prepare a well-researched written report on the functions of Management Accounting.Management accounting is the process in which mention all financial transaction in the companythat help to manage and control. Its help to take effective decision in the company. There aremany function of management accounting those are under the below: Planning: Planning is the pre planned activity in which have to decide objectives and goals of thebusiness. In which mention company's products, services, financial capability, equity fund, debtfund, employees, working systems and so more. Planning should effective in the nature that helpto take better decision by the employees and head of the company (Macintosh and Quattrone,2010).Organising: Organising means to manage and control all activities and works by using variousmethods and techniques. In which arrange all functions of the company and their employees inthe systematically so they can work easily and achieve objectives and goals of the business.Coordinating: Coordinating is the important function of management accounting in whichcoordinate each employees and build good relationship with employees and employers so theycan work in unity and easy to complete the task by using optimum resources of the company.
Controlling: In which control on on activities and employees of the company. Controllingfunction through manage in the systematic manner and optimum using of resource on maximumproduction. By this function control on wastage of resources and free time of employees.Communication: communication is the process in which transfer information and data oneperson to another person(Simons, 2013). Its help to understand views and ideas of person. If theyhave any issues and problems so easy to resolve them and provide proper satisfaction to them.Proper communication is required to create healthy environment in the company so employeescan work effectively and achieve the objective and goals of the company.(A) Difference between financial accounting and management accounting.Financial accountingManagement accountingFinancial accounting is related to thefinancial information and financialposition of the company.Management accounting is the refers tofinancial and non financial informationand data of the company.Financial accounting is related to theinternal and external information of thecompany.(Baldvinsdottir, Mitchell andNørreklit, 2010.)But management accounting is onlyrelated to the internal information of thecompany.Financial accounting is related to thepublic data in the term of finance.Management accounting related to theinternal data of the company in whichonly mention and calculate onlycompany;s related terms.In which working according to thefinancial formate.In the other hand, managementaccounting in no require any formate tocalculate financial data.Financial accounting is calculate on thebasis of yearly data of the company.Management accounting based onquarterly and half yearly data of thecompany.
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