Management Accounting Assignment | Panopticism
Added on 2021-04-24
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Running head: MANAGEMENT ACCOUNTINGManagement AccountingName of the Student: Name of the University: Author’s Note:
1MANAGEMENT ACCOUNTINGTable of ContentsAnswer to Question No 1................................................................................................................2Answer to Question No 2................................................................................................................3Answer to Question No 3................................................................................................................5Answer to Question No 4:...............................................................................................................6Normal View:..............................................................................................................................6Manufacturing Statement:.......................................................................................................6Income Statement:...................................................................................................................7Formula View:.............................................................................................................................8Manufacturing Statement:.......................................................................................................8Income Statement:...................................................................................................................9Answer to Question No 5..............................................................................................................10Answer to Question No 6:.............................................................................................................10Answer to Question No 7:.............................................................................................................11Answer to Question No 8:.............................................................................................................11Requirement a:...........................................................................................................................11Requirement b:...........................................................................................................................11Requirement c:...........................................................................................................................12Reference List................................................................................................................................14
2MANAGEMENT ACCOUNTINGAnswer to Question No 1Panopticism is a social or a communal theory named after Panopticon, which was createdby a French philosopher Michel Foucault. The panopticon addresses to an experimentallaboratory associated with power within which the behaviour can be changed or modified andpanopticon is looked upon as the sign of disciplinary society of surveillance. It is known as therole of the disciplinary process like in a prison and explains the function of the discipline as anequipment of power (Soltani et al., 2014). It is an ever visible inmate and recommends that it isan object of information and is not a topic of communication.For instance, panoptic theory has extensive ranging effects for surveillance in the digitalage and therefore it is seen that surveillance have an effective cultural allure. The rising visibledata that is made accessible to the companies and the individuals from the technologies of newmining has led to proliferation of data surveillance which can be explained as the medium ofsurveillance that looks to single out any specific kind of transaction with the help of routinealgorithmic production. In accordance to definition that is given on Panopticism, is seen that this process has akey role to play in the process of management accounting because in Panopticism leads to propermonitoring and surveillance of all the transactions that are taking place and the surveillance ofeach and every transaction details thereby keeping track of all the transactions and eliminatingthe chances of any kind of error.
3MANAGEMENT ACCOUNTINGAnswer to Question No 2The three functions of management accounting are as follows: PlanningIt is the process of constructing the long term and short term actions and plans to gain aspecific end. Management accounting is a closely connected with planning as it provides the datafor the purpose of decision making and because the entire process of budgeting is created aroundthe reports that are associated to accounting (Otley, 2016). Management accounting assists themanagers in planning by giving out reports which projects the impact of the alternative actionson the ability of a company to attain their desired objectives and goals. For instance, what are theproducts that are to be sold and at what prices? The process of management accounting creates adata that aids the managers to recognise the products that are more profitable. In the samemanner the impacts of the substitute prices and the efforts of selling can be determined easily bythe management accountant. As a section of the process of budgeting, the managementaccountants construct financial statements which are called proforma statements. OrganisingOrganising is the process of creating a business framework and allocating theresponsibilities to the employee functioning in the company for gaining the objectives and goalsof the business. The kind of organizational framework is different from one company to theother. In the process of organising departmentalization can be undertaken by creating divisionssections and branches (Fullerton et al., 2014). Organising is in need of clarity about the obligation of the managers and the authoritylines. The several departments and units are interconnected in a hierarchical manner with a
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