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Report on Management Accounting Structure for Business

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Added on  2020-06-06

Report on Management Accounting Structure for Business

   Added on 2020-06-06

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MANAGEMENTACCOUNTING
Report on Management Accounting Structure for Business_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and essential requirements........................................................1P2 Management accounting methods.....................................................................................3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
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INTRODUCTIONManagement accounting reports are necessary for the firm in order to evaluate theiroverall performance in different categories of the business such as operational. The report willcover the management accounting structure and the essential requirements and usefulness as amarketing tool for the business. Management accounting reports regarding different businessactivities such as inventory, cost and product management will be discussed in this assignment.Moreover, the major difference between management accounting and financial accounting willbe covered.TASK 1P1 Management accounting and essential requirementsManagement accounting is important for Small White Elephant (SWE) in order tomake financial reports within the firm which will help to make decisions regarding financialactivities. It helps to evaluate the cost of operational activities and prepare financial information.This will help business to have better planning and controlling over operational and firmactivities and lead towards achieving desired goals and objectives.MANAGEMENT ACCOUNTING PRINCIPLESDesigning and compiling: Designing and compiling refers to making reports, accountinginformation, statements and other evidences of past and future data should be welldesigned and compiled by the firm in order to meet the business objectives and goalseffectively (Archives, 2018). Management accounting will help to design this data andpresent relevant information.Control over source accounting: The best control over the business resources and costsincludes the performance of employees, information regarding raw materials andutilisation of different resources within the firm such as maintenance, repairing,machineries and vehicles etc. this will be done in the form of qualitative and quantitativeapproach or information effectively.Integration: Integration refers to the collection of all useful information and dataregarding the management is integrated which will help to be used at maximum and atthe same time as well. It can be said that accounting services are provided at a lower cost.Resources utilisation: SWE should ensure that the available resources in the firm shouldbe used effectively towards the operational activities. Management accounting will help1
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