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TASK 11 P1 & M1 Introduction to Management Accounting INTRODUCTION

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Added on  2020-01-23

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Management Accounting INTRODUCTION 1 TASK 11 P1 & M1 Explain management accounting and give the essential requirements of different types of management accounting systems for the chosen scenario 1 P2 & D1 Explain different methods used for management accounting pricing reporting 3 TASK 25 P3, M2 & D2 Income Statements as per the techniques of barcode absorption and marginal costing 5 TASK 38 P4,M3 & D3 Advantages and disadvantages of different types of planning tools used for budgetary control for the chosen scenario

TASK 11 P1 & M1 Introduction to Management Accounting INTRODUCTION

   Added on 2020-01-23

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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 & M1 Explain management accounting and give the essential requirements of differenttypes of management accounting systems for the chosen scenario........................................1P2 & D1 Explain different methods used for management accounting reporting.................3TASK 2............................................................................................................................................5P3, M2 & D2 Income Statements as per the techniques of absorption and marginal costing5TASK 3............................................................................................................................................8P4,M3 & D3 Advantages and disadvantages of different types of planning tools used forbudgetary control for the chosen scenario..............................................................................8Analysis over the use of different planning tools and their application for preparing a budget.9TASK 4..........................................................................................................................................10P5 & M4 Compare how organisations are adapting management accounting systems torespond to financial problems and elaborate the way through which Unicorn Grocery canachieve sustainable success..................................................................................................10CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONManagement accounting is a branch of accounting which considers and combines themethod of accounting and the principles of management. Through this they can analyse theorganisational and its environmental situation in a better way which actually covers the entireprocess with various steps that deals with the overall profitability and efficiency of processwhich are carried on in an entity(Baldvinsdottir Mitchell and Nørreklit 2010). This report isbased on the case study of Unicorn Grocery which deals in sale of various grocery products. It isbasically a co-operative grocery store which deals in sale and purchase activity of daily usableproducts. Cited entity is having its headquarters at Chorlton-cum-Hardy, Manchester, England.In this report the income statements has been prepared through using the methods of absorptionand marginal costing. Further this report also presents the fact that how implementation ofmanagement accounting techniques can be helpful in sustaining the sustainable development.TASK 1P1 & M1 Explain management accounting and give the essential requirements of different typesof management accounting systems for the chosen scenarioDefinition: Management accounting is also known as a cost accounting management accountingis the process of analysis and identify information to collect data and measuring,interpretingsame related data to communicate information for to convey of an organisation. Accountingmanagement provide of financial and non financial decision to regarding information to relateplanning and performance management system. Management accounting provide financialreport an control to assist management in the implement and formulating(Bennett Schalteggerand Zvezdov 2013) . Interpreting of an entity strategies. There are two different key element ofcost accounting managerial and financial. Types of cost accounting: There are various type of cost accounting cost accounting,inventorymanagement system job sharing system price optimizing system.Cost accounting system : Cost accounting system in this system is also called a costingsystem or costing system is used to analysis profit of an organisation and to inventoryvaluation and cost control of their products(Busco and Scapens 2011). Cost accounting isthe process of collecting various alternatives to recording summarizingclassifying ,allocating evaluating alternatives course of action and control of cost toprovide the detailed information the management needs to control operation planing for1
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the future course of action. cost accounting help to preparation financial report in thisreport to use not subject rules and use only general accepted accounting principles andaccounting information is commonly used in financial accounting information to facilitiesmaking decision(Pipan and Czarniawska, 2010). There are two main accounting systemjob order,process costing in a cost accounting system to a information allocation based onthe traditional system activity based cost system.Inventory management system: Inventory to also represent to stock goods or material andsuch as term to stock and inventory, an inventory management system combines to useof software barcode scanners ,printers and mobile devices to the management ofinventory like goods consumables suppliers stock. The goal of inventory accuratelyunder stock and overstock situations(Setthasakko 2010). inventory tracing quantitiesacross locations insight able to make inventory decision. There are various types benefits and function system to involves: to create purchasesorder,create,to improve company workflow,inventory accuracy of an entity. Job creation system :In this process information about the cost associate with a specialproduct or service job . In this system to direct material,direct labours,overheads costs areincluding to improve a cost creation system. Pricing optimizing: Pricing optimising system are analysis mathematical informationprograms that calculate different price levels combine that various data and informationon costs and inventory level to prices to improve profits(Weißenberger and Angelkort,2011) .in this system analysis the value of product to buy and seller and manage allimpacting profitability to measuring pricing strategies. Difference method use in management accounting: There are different method are explained:Financial planning: the main objective of entity is hight profit to achieve by make propersound panning to considered best object achieving business objectives. financial planningto helps to utilisation resources in better way.Fund flow analysis: Thought analysis of movement of fund one period to another thefund is properly or not in a year when compared to past year. The working capital changefund are also find out this any sisDecision making accounting: The decision making accounting system is free flowcommunication within the entity is effective functioning or business. And the2
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