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Management Accounting in Sollatek

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Added on  2020-10-04

Management Accounting in Sollatek

   Added on 2020-10-04

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Management Accounting
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Discussion about management accounting and its essential requirement........................1P2: Different types of accounting reporting methods.............................................................3M1: Various crucial benefits of using management accounting system................................5D1: Critical evaluation of various reporting method and accounting system integration......5TASK 2............................................................................................................................................6P3: Different types of costing methods used for calculating net profit..................................6M2: Different types of accounting tools and techniques........................................................8D2: Analysis of data collected from income statement..........................................................8TASK 3............................................................................................................................................8P4: Merits and demerit of using planning tools used in budgetary control............................8M3: Analysis of various planning tool and its application for forecasting..........................10D3: Evaluation of planning tools for responding to financial issues....................................10TASK 4..........................................................................................................................................10P5: Comparison with other organisation to overcome financial issues................................10M4: Analysis of planning tools to deal with financial issues...............................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
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INTRODUCTIONIn present scenario, it has been determining that most of the organisation are looking forsuitable accounting system that can provided valuable ways to record necessary financialtransactions. One of the major aspect of using management accounting is to record, summariseand communicate various data into their respective format. It will assist “Sollatek (UK)company” to manage their overall business transaction in effective manner. The primaryobjective of using appropriate accounting system is to attain future aims and objectives that areset by the company. This project module aims to provide specific information about varioustypes of management accounting system as well as reporting method useful for an organisation.Apart from this, different types of costing methods those are taken into account for thecalculation of net profit. Use of merit and demerit of planning tools used in budgetary controlprocess. Comparison with other organisation is done to examine, how management accountingsystem helpful for resolving financial problems (Ward, 2012). TASK 1P1: Discussion about management accounting and its essential requirement Nowadays, it has been analysing that manager of “Sollatek (UK)” is always in search ofcollecting essential data that are helpful them to organise their resources effectively.Management accounting is one of the effective presentation of financial data in such as manneras to provide company necessary direction to operate their business. Management use thesesystems form effective policy that is taken into account for organising everyday function andoperation those are undertaken by the company. It consists of various accounting methods,system and tools that coupled with particular knowledge and ability, assessment of managementactivity. This will help them to increase maximum profit by proper utilisation of resources. Thestatistical analysis of all statements must be done in a manner that will be crucial assistance toadministration in future planning and operations (Granlund, 2011). Accounting is valuableinformation system that is concern with some kind of process that identify, measure and evaluatethe economic data of an organisation to their managers that needed data for effective decisionmaking. It deals with proper analysis of all transactions that are done within an organisation ishaving specific outcomes that can leads to attain maximum outcomes in coming period of time.1
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