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Management Accounting - Imda Tech (UK)

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Added on  2020-01-07

Management Accounting - Imda Tech (UK)

   Added on 2020-01-07

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Management Accounting
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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3(A). (i). Definition of management accounting and difference between management andfinancial accounting.....................................................................................................................3(A). (ii). Importance of management accounting information as a decision making tool for thedepartmental managers................................................................................................................5b. Explaining different types of management accounting system for improving the businessactivities and functions................................................................................................................6TASK 2............................................................................................................................................8Preparing income statements for Imda Tech (UK) Limited company........................................8TASK 3..........................................................................................................................................10A) Various kinds of budgets along with their merits and demerits...........................................10B) Process and steps for prepare budget....................................................................................12C) Various types of pricing strategies.......................................................................................13TASK 4..........................................................................................................................................14a. Assessing the use of balance scorecard in responding financial problems and developmentof strategic framework...............................................................................................................14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
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INTRODUCTIONManagement accounting is highly concerned with the preparation of daily reports aboutthe financial performance and positions that aid in effective decision making. Tools andtechniques of management accounting places more emphasis on the internal management andcontrol. Moreover, reports clearly furnishes information regarding the extent to which businessunit has made optimum use of inventory, cash etc. Hence, by getting deeper insight about theinternal business performance business unit can develop framework for the near future. Thepresent report is based on Imda Tech which offers charger and other electronic gazettes to thecustomers through the means of retail outlet established in UK. In this, report will present theextent to which financial and management accounting differs from each other. Besides this, itwill also shed light on the different types of budgeting system which in turn facilitates optimumuse of financial resources. It will also develop understanding about the concept of marginal andabsorption costing, accounting as well as inventory management system.TASK 1(A). (i). Definition of management accounting and difference between management and financialaccountingAs per the scenario, Imda Tech Limited is a British organization who is engaging in themerchandising of special chargers for the cell phones and other gadgets for the UK based retailoutlets. Currently, it is suffering several financial difficulties due to lack of availability offinancial information to the decision-makers for devising suitable managerial policies andrationalized decisions for the growth. Management accounting is an important branch which is regarded as the process ofutilizing financial data, business reports, accounts and others that provide reliable, accurate andupdated statistical information to the managers for making excellent decisions for reachinggrowth (Goddard and Simm, 2017). In Imda Tech Limited, there are number of departmentsworking into the organization like purchase, production, sales, marketing and others, everydivisional manager is accountable to handle their departmental functioning by formulatingappropriate plans, strategies and qualitative decisions which ensure smooth functioning of day-
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