Management Accounting: Types, Reports, and Integration
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This presentation provides an overview of management accounting, including the types of management accounting systems, the importance of management accounting reports, and the integration of these systems and reporting in UCK Furniture Ltd.
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Management Accounting Part 1
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Table of content •Introduction •Types of various management accounting system •Several types of reporting system •Benefits of using accounting system •Integration among reporting and accounting system •Conclusion •References
Introduction Management Accounting is the way in which accountant implements various provisions of accounting related information for making better decisions in an effective manner. However, this can be rightly said that management accountants are now using diverse kinds of tools for gaining competitive advantage over the rivals.
Different types of management accounting system •It refers to the interpretation, analysis, identification and presentation of accountinginformation’swhichhasbeenobtainedwiththehelpof financial accounting and cost accounting. •Management accounting can be described as ' a value adding continuous improvement process of planning, designing, measuring and operating both non-financial information system.
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Continue… •Cost accounting system: A cost accounting system is a framework used by firms to estimatethecostofproductsforprofitabilityanalysis, inventory valuation and cost control. As it will be useful for UCK Furniture Ltd to know which products are profitable fortheorganizationsandwhichonearenotthrough estimating accurate cost.
Different types of management accounting systems •The different types of management accounting systems and their role in integration with different organizational process related to UCK Furniture Ltd are discussed. As here are their essential requirements as below: Job costing system: •As job costing is a system, with the help of this manufacturing cost is assigned to an individual product or batches of products.
Different management accounting reports Management accounting reports are essential to convey and store data in the form of facts and figures. In order to study a problem in organization it is important to maintain records and review it on certain issues with its advantages and disadvantages. Accounting reports are in written statement and it enable management to take future decision and helps in controlling.
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Continue.. Cost Accounting Report:UCK Furniture believes in maintaining cost accounts as it guides and provide them many new techniques of costing that is used in planning and making decision. Cost-accounting enables to gather information for management and financial accounting.
Continue.. Budget report:UCK Furniture use to maintain budget reports so that they can make planning to invest their money according to time, function and flexibility. Account receivable reports:UCK Furniture is concerned with their account receivables reports as this reports helps them to know about the sales of products in credit. In this reports, ordinary sale of goods is prepared whose payment is still in due and they need to receive payment in the form of promissory note later.
Importance of the management accounting systems and its application To ensure accurate right information is presented:With the help of this accounting reports it is easy to gather correct and accurate information regarding to costing, finance and investment. All the necessary accounting facts and information are easily reported to management. To aid in decision making:Accounting report enables management to take appropriate actions in context to costing and making future investments.
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Integration of management accounting systems and reporting Management accounting systems are the main tools which could be used by the organization for managing the accounting related operational work. Although, it is rightly said that by using these systems, company could attain its pre-set targets and also able to make reports on the basis of them.
Conclusion From the above mentioned presentation, this can rightly be saidthatmanagementofUCKFurnitureusesvarious management accounting systems along with their respective reports in order to optimizes its operational work. Diverse benefits are mentioned along with their application in its operation.
References •Hilton, R. W. and Platt, D. E., 2013.Managerial accounting: creating value in a dynamic business environment. McGraw-Hill Education. •MF SALTAJI, I.S.S.A.M., 2013. CORPORATE GOVERNANCE RELATION WITH ACCOUTNING STANDARDS.Internal Auditing & Risk Management. 8(3). •Muralidharan, R., 2013. What do the Numbers Impact? A Study of How Cost Accoutning Influences Employee Satisfaction
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