Management Accounting Assignment : Good Clothing Ltd

Added on - 29 Apr 2021

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MANAGEMENT ACCOUNTING1
Table of ContentsIntroduction......................................................................................................................................4Management Accounting.................................................................................................................4Importance of various types of management accounting systems...................................................5Management accounting and reporting system...............................................................................7Application of management accounting system in the context of Good Clothing Ltd...................7Different methods used for management accounting reporting......................................................7Conclusion.......................................................................................................................................8Reference List..................................................................................................................................92
IntroductionThe report signifies the various aspects of management accounting systems. It also includes theevaluation of management accounting and reporting systems applied in Good Clothing Ltd. Atlast, the report concludes about the various types of management accounting methods and whichone is appropriate for Good Clothing Ltd.Management AccountingManagement accounting refer to the process in which financial information and all the resourcesrelated to financing are being provided to the managers for effective decision-making. It is alsotermed as managerial accounting (Otley, 2016). Management accounting is the functionperformed by the internal team of the company. Because of this reason, it is different from thefinancial accounting. The process includes the exchange of financial information such asfinancial reports, financial statements, etc by the finance department to the management team ofthe organization. The main purpose of management accounting is to analyze the business usingstatistical data in order to make a better and effective decision in the company.3
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