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Management Accounting in Premier choice telecom : Report

   

Added on  2020-07-22

19 Pages5292 Words53 Views
Management Accounting
Management Accounting in Premier choice telecom : Report_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Explanation of management accounting and essential requirement of various type ofmanagerial accounting................................................................................................................1P2 Different methods used for management accounting reporting.............................................3TASK 2............................................................................................................................................5P3 Preparation of income statement for calculating the marginal costing and absorptioncosting.........................................................................................................................................5TASK 3............................................................................................................................................9P4 Advantages and Disadvantages of various planning tools for budgetary control..................9P5 Use of management accounting in relation to respond to financial problems.....................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
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Management Accounting in Premier choice telecom : Report_3
INTRODUCTIONAccounting is a process which enable the decision makers to make the appropriateplanning procedure for a company as well as take appropriate decision which is beneficial for anorganisation. Management accounting is a process which is based on the short period of timethrough which managers can take appropriate decision and remove all deviations which enable insustain at market for long term (Baldvinsdottir, Mitchell and Nørreklit, 2010). Thus, managerialaccounting is helpful in implementing the plans which support a company in their long term.This is helpful in taking appropriate decisions which are beneficial for the long term purpose. Asmany small and large organisations have to apply this tool in their business so that they are goingto conduct all the operations properly. This present report is based on Premier choice telecomwhich is a one of telecommunication company in UK who lead to manage and operate businessat small level. There are several number of things of management accounting are going to bediscussed in this assignment which are related with managerial accounting reporting, types ofmanagement accounting system. Moreover, budget is also an essential part of business throughwhich operations get done in an adequate manner. As by using suitable tool, all financialproblems get resolve. TASK 1P1 Explanation of management accounting and essential requirement of various type ofmanagerial accountingManagement accounting is consider as the provision of financial data and advice to acompany which utilise by senior authority of a company for betterment and development ofbusiness. As this is a one of a helpful measure which enable management to deal with alldeviations which occur in an entity due to uncertainty in environment. This process is helpful inday to day administration of an organisation which provide support in dealing with problems andissues (Banerjee, 2010). This process is not limited to advising managers on big implementationof projects and resolve issues but formulation of strategy and monitoring of risk are also consideras the part of this. This method of accounting is completely different from the financial accounting in whichstatements get framed by using whole year information. Management accounting shows theavailability of cash, sales revenue generated etc. All these are helpful and provide a guidelines to1
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