Management Accounting(MA ) Assignment

   

Added on  2020-06-06

17 Pages5209 Words117 Views
MANAGEMENTACCOUNTING
Management Accounting(MA ) Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1Section 1...........................................................................................................................................11. Importance of management accounting in decision making process......................................12 Different types of management accounting systems................................................................33.Critically evaluate accounting reporting:.................................................................................44.Statement of profits and loss as per absorption and marginal costing:...................................5Section 2...........................................................................................................................................7Part A..........................................................................................................................................7Part B.........................................................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONManagement accounting is the most important task for getting the sustainable successwhich are used in order to run business functions effectively. Under this report, Nero Ltd usesmanagement accounting tools so that the its functions can be made effectively. Managementaccounting also lower the costs of the product so that the firm can lower the cost of the product. Under this report, various financial problems are addressed by using various tools whichare helpful to address these problems effectively (Ward, 2012). Various budgeting tools are alsomade under this. Which are used to make the business operations effectively. Variousmanagement accounting systems are used under this, which are implemented in order to runbusiness operations smoothly. However, for implementing management accounting systems,Nero Ltd needs to recruit professional management accountant so that it can lead to gaincompetitive advantages over the other firms (Zimmerman and Yahya-Zadeh, 2011).Section 11. Importance of management accounting in decision making processManagement accounting includes set of activities by which management reports andrecords can be designed easily and effectively. It provides financial and statistical relatedinformation to the manager in an accurate and timely manner by which he becomes able to takeshort and long term related decisions (Macintosh and Quattrone, 2010). In order to get desiredresult, it identifies, measures and interpretate the data appropriately and accurately by whichorganisation can move towards the way of success. Some people have perception that financial and management accounting are same thingbut both are different from each other because management accounting provides informationwithin the premises of company while financial accounting provides data outsider people.Difference between management and financial accounting are given below- In financial accounting, annual reports or records are maintained which are given todifferent stakeholders like shareholders, suppliers, lenders, financial analyst etc. so that they canknow about the economic condition of the company. In this, balance sheet, cash flow and incomestatement are prepared by which stakeholders take decision to invest in this company or not.These documents contain information for a specific period of time and on annual basis. It is very1
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