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Management Accounting Systems and Reports

   

Added on  2020-10-05

17 Pages5365 Words289 Views
Finance
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Management Accounting
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Management accounting and requirement of its systems..................................................1M1 Benefits of different management accounting systems...................................................3P2 Management accounting reporting and its types...............................................................3D1 Integration of management accounting system and its reports in organisational process5TASK 2............................................................................................................................................5P3 Different costing techniques..............................................................................................5M2: Different types of accounting tools and techniques........................................................7D2: Analysis of data collected from income statement..........................................................7TASK 3............................................................................................................................................7P4 Advantage and Disadvantages of different types of planning tools used for BudgetaryControl....................................................................................................................................7M3 Use of planning tools while forecasting and estimating budgets...................................10TASK 4..........................................................................................................................................10P5 How organisation is dealing with financial problems.....................................................10D3 Planning tools for solving financial issues.....................................................................12CONCLUSIONS............................................................................................................................13REFERENCES .............................................................................................................................14
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INTRODUCTIONManagement accounting is a process of generating reports that may provide actualinformation of business to internal stakeholder of an organisation. It help to get exact knowledgeof that how a business is operating and performing its activities (Management accounting, 2018).Managers of an organisation are liable to record information in different reports so that thisinformation may be used to analyse actual position of company. It helps in decision making andplanning for future, by estimating possible future consequences. Management of a companygenerate reports to record information of cost, inventory, activities and budgets. The companychosen for this project report is Oak Cash and Carry Ltd, it is a retail company which is based inBanbury, United Kingdom. Main objective of this report is to analyse use of managementaccounting in a business.In this project report various topics are discussed, that are management accounting, itssystems, reports, benefits, various costing techniques to calculate operating profits of thecompany, advantages and disadvantages of different planning tools that are used in budgetarycontrol and how organisation use management accounting system to resolve financial problems. TASK 1P1 Management accounting and requirement of its systemsAccounting: It is a process of recording data of financial transactions in to books. Itincludes assessing, summarising, analysing and reporting these transactions to superviseadministration, regulatory bodies and tax collection authority (Amidu, Effah and Abor, 2011). Itis a function which is followed by the organisations. There are two different types of accounting,that are as followed:Financial accounting: It refers to the formulation of financial statements such as incomestatement, balance sheet and cash flow statements. These are mainly generated for externalstakeholders like customers, suppliers, government and investors of company to analysefinancial position in the market (Carlsson-Wall, Kraus and Lind, 2015). In Oak Cash and CarryLtd financial accounting is followed to generate reports that may reflect financial status of theorganisation.Management accounting: It is a process in which managers prepare managementreports that reflects the performance of a company. These reports are generated for internal1
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