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P1 Management Accounting Assignment

   

Added on  2020-12-09

16 Pages5100 Words461 Views
MANAGEMENT ACCOUNTING

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and essential requirement of different type of managementaccounting system.......................................................................................................................1P2 Diverse methods used for management accounting reporting...............................................3M1 Benefits of management accounting.....................................................................................5D1 Evaluate how management accounting is system is integrated with accounting reporting. .6TASK 2............................................................................................................................................6P3 Evaluation of cost using appropriate techniques of cost analysis to prepare incomestatement.....................................................................................................................................6M2 Range of management accounting techniques and prepare accurate financial report..........8D2 Financial reports which are applied and interpret data and activities...................................8TASK 3............................................................................................................................................8P4 Advantages and disadvantages of various type of planning tools used in budgeting control8M3 use of various kind of planning tools and application for making and forecasting budgets9D3 How planning tools for accounting respond appropriately solve financial issues andproblems....................................................................................................................................10TASK 4..........................................................................................................................................10P5 How associations are implementing management accounting system to respond financialproblems....................................................................................................................................10M4 How responding financial problems lead an organisation towards sustainable success ...11CONLUSION................................................................................................................................11REFERENCES..............................................................................................................................13

INTRODUCTIONAccounting process which is undertaken by associations and organisations to manage andcontrol the operations and functions are considered as a management accounting. As perchanging business requirements and needs the concept of management accounting also has beenchanged in organisational context (Lavia, López and Hiebl, 2014). Management accounting isalso known as managerial accounting. This remain the part of internal control and managementthat is the reason this is used at managerial level. Management accounting assist theorganisational structure not only inner way but also on external way. Being a part ofmanagement decisions and decision making process management accounting contains largeshare in operational management in organisation.This report defined the concept of management accounting and also highlight theessential requirement of management accounting system in organisational context. Managementaccounting reporting methods also elaborated in this report to manage the managementaccounting reports. Cost accounting methods related to evaluate the profit also defined in thiscontext. Planning tools which are used to assist the budgetary control process also defined in thiscontext. Modes are found in which organisations are adapting management accounting system torespond financial problems. Zyalla company is taken organisation to elaborate the concept ofmanagement accounting.TASK 1P1 Management accounting and essential requirement of different type of managementaccounting systemManagement accountingManagement accounting is considered as an assumption, process, concept of managingthe operations and management subject to record the information which are related tomanagement and senior management level. There is a particular formate and structure is made interms of managing the financial resources and the operating the financial resources for betterexecution management accounting is adopted by organisation. This contains overall process ofevaluation of business problems, analysing the management issues, critical measurement ofbusiness strategies and plans (Kotas, 2014). With the help of management accounting systemmanagers be able to summarise the information and details in single format so that business1

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