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Management Accounting Osholdi PLC Assignment
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Added on 2021-02-22
Management Accounting Osholdi PLC Assignment
Added on 2021-02-22
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MANAGEMENTACCOUNTING
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1............................................................................................................................................1P2............................................................................................................................................3M1...........................................................................................................................................4D1...........................................................................................................................................5TASK 2............................................................................................................................................5P3............................................................................................................................................5M2...........................................................................................................................................8TASK 3............................................................................................................................................8P4............................................................................................................................................8M3.........................................................................................................................................10TASK 4..........................................................................................................................................10P5..........................................................................................................................................10M4.........................................................................................................................................12D3.........................................................................................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONThe management accounting notion is linked to the procedures and structures that arepursued by the business to ensure that their inner operations work smoothly. Thus, it consists ofthe procedure that identifies, measure, determination, interprets and express importantinformation in respect to business operations to the managers across all levels (Mitter and Hiebl,2017). This assists them to tackle informed decisions and assist companies to achieve theirobjectives in specified time frame. It is defined as cost accounting that will assist to determinethe expenses of a company of advance supporting of development of financial depicting theworking of the organisation inner departments. The aim of the report to assist perception into how the management accounting system andtechniques contribute towards the successful and smooth activity of an organisation. As per the,Osholdi PLC has been selected to complete this report. It is a manufacturing company which isdealing into JOJO fruit juice across all age bracket. The report consists of different types ofmanagement accounting systems, reports that can help to smoothly run of business operations.Apply costing method to prepare income statements through Absorption and marginal costing.Additionally, the particular report defines the merits and demerits of different planning tools thatare applying for budgetary control. There are identified different financial problems and sort outthrough such systems to respond to financial problems. TASK 1P1Management Accounting – The particular technique is applied by managers in abusiness to present and perform financial information through reports in front of highermanagement. About Osholdi plc manager through this financial information make day to daydecisions. Management accounting system – This system is applied by management accountant togather financial information regarding actual working capability of the various sections of anorganisation (Brierley and Gwilliam, 2017). The different types of systems which are mainlygenerated by the accountant of an organisation. In Osholdin PLC top management applies it forthe reason of developing strategies decision so that planned goals could be accomplished. 1
Different management accounting system – There are several types of managementaccounting system which is applied by manager of Osholdi Plc. There are discussed varioustypes of management accounting system:Inventory Management system – It is applied by business ventures to trace the record 0ofinventories to know how much material utilize into manufacturing process. Osholdi Plc isutilised by managers in determining that a company has enough amount of items that are goingto sell out to the customers (Golyagina and Valuckas, 2016). There are company applyingdifferent types of system which is mainly uses for inventory management system and it isdepending on the business which system prefer as per the requirement - FIFO – This method is applied by an organisation when they received earlier and firstused it. LIFO – According to this method newly acquire inventory that is utilised by the companyto operate marketing operations. AVCO – Due to applying this method for inventory management, the company usesgoods on average cost based on commodities activities. From the above mentioned all inventory management methods, a manager of Osholdi plc usemethod of FIFO for conduct selling activities. It is important for business entities due to help toarrange goods suitability. Price Optimisation System – It is crucial systems of management accounting due toprovide help of managers to fixed price structure for all the products that are sold clients. InOsholdi plc, manager utilises as a reason for setting the best appropriate price for every portionso that extended duration of business aims like maximization into sales and profit. The essentialrequirement of this system to implement efficiently and get reviews from different types ofcustomers for their various kinds of products (Tan, 2016). Cost accounting System – This system is focused on the manufacturing companies forthe reason when conformity to path evidence of production cost. Another companies will beutilised for to analysis the cost of business. In Oshodi Plc apply the particular system to maintainelaborate content related to all the expenditure which are faced by company during to sale outvarious types of commodities to clients. It is fundamentally important for business due toproviding it administrator for evaluating effective value of goods that will help to set right pricefor products. 2
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