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Management Accounting and Its Types (DOC)

   

Added on  2020-06-04

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MANAGEMENTACCOUNTING
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Table of ContentsFrom: Management account officer.................................................................................................1To: General Manager.......................................................................................................................1Subject: For improving the management operations of the Zylla company. ..................................1INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and its types:.............................................................................1P2 Diverse methods of reporting system used by the Zylla company:..................................2M1:.........................................................................................................................................3D1:..........................................................................................................................................4TASK 2............................................................................................................................................4P3 Costing methods used for profit analysis:.........................................................................4M2:.........................................................................................................................................5D2:..........................................................................................................................................5TASK 3............................................................................................................................................6P4 Advantages and disadvantage of different planning tools:...............................................6M3:.........................................................................................................................................8D4:..........................................................................................................................................8P5 Management accounting to respond financial problems:..................................................9CONCLUSION ............................................................................................................................10REFERENCES..............................................................................................................................12
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From: Management account officerTo: General ManagerSubject: For improving the management operations of the Zylla company. INTRODUCTIONManagement accounting is the tool which is used by each firm in order to improve theperformance in an effective manner. With the help of management accounting, Zylla companycan gain the sustainable development. Under this report, various management accounting tool isdefined their advantages for getting the firm development are used. But for gaining thesustainability, firm makes certain management accounting reports. In this assignment, absorptionand marginal costing methods are used by the firm in order to optimise the profits of the firm.With the help of budgetary tools, company could perform better (Figge and Hahn, 2013). Thereare certain tools that can be used by the Zylla company in order to assess the work so effectively.However, this can be said that the company needs to make certain tools that can be used by thefirm so that this can gain the sustainable development.TASK 1P1 Management accounting and its types:Management accounting is the process which is used by the firm for making managementaccounting reports that could helps the firm for making business decisions effectively. This is theprocess of assessing, interpreting and demonstrating of accounting information gathered bytaking help of financial accounting system (Management Accounting, 2017). There are certaintools that can be used by the firm so that the business can be used by the firm in order to assessthe performance of the firm. With the help of management accounting tool, Zylla company caneffectively use the available resources within the firm. There are some management accounting tools which are explained hereunder:Cost accounting system: Cost accounting system is the major tool which are used by thefirm on order to renders the cost efficiency in the firm. However, this is the most effective toolwhich are used by the firm in order to lower the per unit cost of production. By using this,company can eliminate the cost. This is also known as the lean accounting system which is usedby the firm in order to improve the performance. This helps the firm to eliminate the cost1
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effectively. Cost accounting system is the best way to make the cost of production so that theycould effectively eliminate the wastage cost. Job costing system: This is the collection of costs of materials, labour and the overheadcosts for a particular job. Such approach is an effective tool which is used for tracking theparticular costs to the individual jobs and assessing them to oversee if the costs could be limitedin a later jobs. Job costing is implemented to gather costs at a small unit level. This is theprocedure of assigning the costs spends to incur to a particular job when the business is coveredwith. Inventory management system: This is the management system which is used by thefirm to keeps track of its stuff (Zimmerman and Yahya-Zadeh, 2011). This is the tool which canbe used by the firm in order to manage the inventory and also helps the firm to effectivelymanage the available resources. By using this system, inventory is optimum used and no wastageof money occurred.Price optimisation system: This is an effective tool that can be used by the firm in orderto optimize the price of the product. However, for determining the price is a crucial tool, andprice optimisation is the best way to determine the exact price of the firm. This is used by theZylla company for determining the price at which customer is willing to purchase the productand firm can get utmost benefits for the firm.These are the tools which can helps the firm to gain the sustainable development.P2 Diverse methods of reporting system used by the Zylla company:There are various methods of reporting system that can be used by Zylla company inorder enhance the profitability and growth. They needs to have the great organised reportingsystems so that each business transaction can be recorded transparently. However, managementaccounting systems are used by taking help of the financial statements of the firm. MA toolsdoes also assist the firm to gain the profitability by minimising the wastage costs. Themanagement of Zylla company can take the decisions so effectively only by taking help ofmanagement accounting reporting tools. The performance of the firm can be assessed soeffectively so that the business could lower the wastage of the firm. Management of the firm canaccumulate the data from financial and non- financial sources for making the reports which areuseful for making strategies for the firm so that the firm can get the competitive advantage soeffectively. This is crucial for the firm to maintain reports so that any mistakes and any fraud can2
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