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Management Accounting Assignment - Imda Tech company

   

Added on  2020-09-08

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ManagementAccounting
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Management accounting and difference between management accounting and financialaccounting...............................................................................................................................11.2 Different types of Management accounting systems and the way to improve the reports3TASK 2 ...........................................................................................................................................5Calculation of Absorb and marginal costing:.........................................................................5TASK 3 ...........................................................................................................................................7Budget and its categories........................................................................................................7The process of budgeting........................................................................................................9Pricing strategy.......................................................................................................................9TASK 4..........................................................................................................................................10Balance scorecard:................................................................................................................10Financial governance:...........................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONManagement accounting is a process by which manager can make effective decisionrelated to the planning, performance of employees etc. It includes complete records of all theinformation which are prepared by the manager in a report so that they can analyse the actualposition of a company (Zimmerman and Yahya-Zadeh, 2011). Imda Tech company is taken inthe report.. By comparing financial accounting and management accounting company canidentify the uses of reporting in day-to-day transactions. It also presents the importance ofinformation which is important as a decision-making tool. Furthermore, it also describes thevarious kind of costing system and by calculating the value through absorption and marginalcosting company can analyse its income. At last, with the use of balance scorecard firm alsoevaluate the actual level of performance and identify the problems which is faced by thecompany.TASK 11.1 Management accounting and difference between management accounting and financialaccountingManagement accountingManagement accounting is the key concept for the business or the organization tomanage the funds and to develop and implement the strategic plan for the further progress.Management of the business or organization use this Management accounting to get moreefficiency and understand the bigger images of the business current position that helps to makethe decision making for the future progress of the business. Management accounting is notdescribing only the financial terms while it also shows and analyse the non-financial terms. Onthe business, Management accounting helps to do effective strategic planning, understanding thebusiness internal and external capacity to meet the market demand, to do the performancemanagement and to implement the strategic plan to reach the success for the business accordingto its mission and vision.Management accounting systems makes clear and effective involvement of the managerswith the accounting roles that they can understand the business capacity that helps to make themthe effective decision for the future progress. So, the Management accounting is the process of1
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the combination of identifying the issues and measuring these with the depth analysis of theseissues and interpreting on the business field to get the communicating information.Difference between Management accounting and financial accounting:There is traditional thinking that the financial accounting and the managerial accountingis almost the same but in real sense, there are lots of difference present among these two subjectand these are-Management accountingFinancial AccountingManagement accounting is the combinationof the decision making, planning andcontrolling the business activities (Ward,2012).It describes the statement relates with thefinancial activities of the businessManagement accounting basically use forthe internal user of the organizationThis is the paper that use to representorganization position and capacity to theexternal usersThere are no mandatory rules to do theManagement accountingThe main objective of the financialmanagement is to describe the financialinformationTo do the Management accounting bothfinancial and non-financial information useto represent the dataIt describes the whole business Management accounting describes theplanning, decision making, controlling etc.The process of the financial accounting is thecollecting, measuring, storing, analysing,reporting and managing the process.The output of the Management accountingdescribes as the special reports, productcosts, customer costs, budgets, performancereportsThe output of the financial accountingdescribes as the balance sheet, incomestatement, cash flow statement etc. Importance of management accounting information as a decision making tools:Determining the aim: Management accounting provides right information to thedepartment manager so that they can determine the goals and objectives of Imda Tech company.2
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