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LO 1 5 P1. Explaining management accounting and essential requirements

   

Added on  2020-12-10

18 Pages4484 Words236 Views
Management Accounting
LO 1 5 P1. Explaining management accounting and essential requirements_1
Table of ContentsINTRODUCTION...........................................................................................................................4MAIN BODY...................................................................................................................................5LO 1 ................................................................................................................................................5P1. Explaining management accounting and essential requirements of different types of ........5management accounting systems................................................................................................5P2. Explaining methods used for different management accounting reporting..........................6M1. Evaluate benefits of management accounting system and their application in organisation.....................................................................................................................................................7D1. Evaluate management accounting system and management accounting reportingintegrated in organization ...........................................................................................................8LO2..................................................................................................................................................8P3. Calculating cost by using appropriate techniques of cost analysis for preparing an Income .....................................................................................................................................................8Statement using Marginal and absorption costs..........................................................................8M2. Applying a range of management accounting techniques and producing appropriatefinancial reporting documents.....................................................................................................9D2. Producing financial reports that accurately apply and interpret data for a range of businessactivities....................................................................................................................................10LO3 ..............................................................................................................................................10P4. Advantages and disadvantages of different types of planning tools used for budgetary ...10control.......................................................................................................................................10M3. Use of different planning tools and their application in preparing budget........................12D3. Evaluation of planning tools to solve organizational problems.........................................12LO4................................................................................................................................................13P5. Compare how organisations are adapting management accounting systems to respond to ...................................................................................................................................................13financial problems.....................................................................................................................13
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M4 Analyzing financial problems with help of management accounting ............................14CONCLUSION .............................................................................................................................15REFERENCES .............................................................................................................................16
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INTRODUCTIONManagement Accounting is a process of evaluating, identifying and preparing managementaccounts, reports and business strategy so as to provide accurate, fair and timely informationrelated to both financial, managerial and other non-financial information necessary for decision-making (Berry, A.J., and et.al., 2016). It sometimes also helps in interpreting & communicatinginformation to the stakeholders of company for making important investment related decision.Further more, different management accounting techniques has been used by the companynamed as ABC Ltd. for controlling cost, making budgets. It has also explained that how acompany uses different management accounting tools in solving its financial problem andthereby achieve its organisational goal. Management Accounting reporting has also beenexplained which contains material information about the company's financial position, costincurred, non monetary information which helps the company in planning & formulatingbusiness strategies, preparing budgets, measuring performance, decision-making and estimatingfuture profits and cost to be incurred (Berry, A.J., and et.al., 2016).
LO 1 5 P1. Explaining management accounting and essential requirements_4

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