Table of contents •Introduction •Management accounting and different system •Management accounting reporting and types •Benefits of management accounting systems •Integration of management accounting and its reporting •Conclusion •References
Introduction In business term, the field of accounting that is related with gathering,reporting,summarizingandevaluatingimportant informationintointernalreportsofcompanythatsupper management team to make effective decision. There are various system and reports that are beneficial in making and presenting detailed information about different task and activities of company.
Management accounting and different system In accounting term, process of formulating managerial reports on regular basis that support manager of UCK furniture to make meaningful decision for increasing the overall profit- makingisknownasManagementaccounting.Thereare different system of MA that are discussed underneath: Cost accounting system Price optimisation system Inventory management system Job costing:
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Management accounting reporting and types Managementaccountingreportareconsidertobecrucial document that reflect the actual and authentic picture about the overall performance of company. Performance report: Job cost report : Inventory report: Account receivable report:
Benefits of management accounting systems Form the above discussion it is critically evaluated that MA systemsarecrucialthataremainlyusedtogivesessential framework provide to execute important task of company. Cost and job costing systems are primarily implemented to ascertain the total costs involved in specific jobs and different production and other activities of company.
Integration of management accounting and its reporting Organizations are also required to plan administrative records and analyses together with financial statements, as they represent the company's qualitative picture. With the aid of management reporting, such reports are compiled and their programs assist with different activities and divisions like product distribution, inventory management, expense ascertainment etc.
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Conclusion In the end of presentation it is founded that MA is crucial method of preparing different reports by implementing various system to reach the desired results. Various systems are effective in controlling and managing important activity of companies to increase profitability and productivity.
References A. Hammad, S., Jusoh, R. and Ghozali, I., 2013. Decentralization, perceived environmental uncertainty, managerial performance and management accounting system information in Egyptian hospitals. International Journal of Accounting and Information Management, 21(4). pp.314-330. Abdel-Kader, M. G. ed., 2011. Review of management accounting research. Springer.