Management Accounting and Advantages
18 Pages4654 Words326 Views
Added on 2020-11-12
Management Accounting and Advantages
Added on 2020-11-12
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MANAGEMENTACCOUNTING
Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1PART (A).....................................................................................................................................1PART(B)......................................................................................................................................5ACTIVITY 2....................................................................................................................................8PART (A).....................................................................................................................................8PART(B)....................................................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONManagement accounting is a type of accounting system that is related to the monitoring, analysing and interpreting the financial data for taking internal decisions(Kaplan and Atkinson, 2015). Eventually, this accounting system is very important for the organisations because it contains all needed financial data and information that can become basis for future planning and policies. As well as it consists both type of information, including monetary and non monetary. This accounting system is a wide term that includes various kind of other accounting systems. Herein, the project report various types of management accounting and their advantages are discussed. Apart from it, project report highlights on the different method of budgetary control and role of management accounting techniques in solving the financial issues. To understand in detail about the management accounting, an engineering company is selected that is O'Keefe construction limited. This company is located in the London UK and deals in providing construction services, ground work services etc. ACTIVITY 1.PART (A)Management accounting and essential requirement of different accounting method.Management accounting system may be defined as a kind of accounting system that isrelated to the providing the needed information to the managers for decision making. Though ,management accounting system is very important but it is not a compulsory part and it is notprepared as per the accounting rules, concepts. As the time passing, the organisations are usingthis accounting approach widely because it consists various kind of approach and techniques thathave own importance. In broad sense, the management accounting includes different types ofaccounting systems which are being used by the companies. Herein, the context of O'Keefeconstruction limited company, they applies a wide range of accounting systems which arerequired for their various civil engineering projects. Some of them are mentioned as below:Inventory management system- Inventory management system is a type of accountingsystem which is involved in the accurate management of raw material and finishedproducts(Ward, 2012). Basically, inventory management system keeps an extra sight of eye onthe movement of raw material and finished goods in entire supply chain system. Apart from it,1
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