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Management Accounting Assignment - Tuffen Mark Ltd

Added on - 08 Dec 2020

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ManagementAccounting
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1.Management accounting and different types of management accounting system............3P2.Different methods used for management accounting reporting........................................4TASK 2............................................................................................................................................5P3.Calculation of cost and preparation of income statements................................................5TASK 3............................................................................................................................................7P4.Advantages and Disadvantages of different types of planning tools used for budgetarycontrol.....................................................................................................................................7TASK 4............................................................................................................................................9P5.Adaption of management accounting system to respond to financial problems...............9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONManagement accounting is the methods to examine the costs of business and operationsto prepare internal financial accounts, reports and records that assist managers in process ofdecision making for accomplishing the organisational objectives (Bagautdinova, Kundakchyanand Malakhov, 2013). For this report the chosen organisation isTuffen Mark Ltd which is asmall family company. It deals with the sells, designs and manufactures air ventilation system inUK market. In this report, management accounting and different types of managementaccounting system. Various methods used for management accounting reporting are mentioned.Calculation of cost and preparation of income system using marginal and absorption costing.Advantages and disadvantages of various types of planning tools. Along with this managementaccounting system responds to financial problems are also mentioned in this report.TASK 1P1.Management accounting and different types of management accounting system.Management accounting is a activity of investigation, presentation and interpretation ofaccounting data gathered by using cost-accounting and financial accounting so that it helpmanagement in decision making, formulating policies and regular operations of company.Management accounting system is a confidential internal reports which assist managers to makedecisions. Assistant Management Accountant of Tuffen Mark Ltd. used management accountingsystem to prepare management accounts and reports which facilitate actual financial and non-financial data to managers in making decisions for short-term and long term. Some various typesof management accounting system that is applied by Assistant Management Accountant ofTuffen Mark Ltd. Are mentioned below:Cost accounting system:Cost accounting system is a structure which is utilised by company to compute theproduct costs to analyse the profit, valuation of inventory and control of cost (Barnabè andBusco, 2012).Essential requirement of cost accounting system to Tuffen Mark Ltd. is to usedthis system in decisions makingrelated to costs and also to identify manageable ratio or area thatneed to be develop so that cost can be controlled.Inventory management system:
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