Prime Furniture Limited: Effective Management Accounting Practices

This presentation provides an overview of management accounting practices at Prime Furniture Limited, a UK-based company. It highlights the significance of accounting information in achieving long-term goals and strategies. The presentation discusses financial reporting as a crucial tool for collecting, analyzing, and assessing sensitive files, enabling the company to operate methodically and expand in the market. It also explores budgetary control strategies, including cost variance analysis, to identify and address discrepancies between anticipated and actual costs. The analysis emphasizes the importance of effective bookkeeping for Prime Furniture Limited, contributing to increased revenue and long-term growth. The presentation references academic work supporting the importance of management accounting and performance measurement systems.

MANAGEMENT ACCOUNTING
Title

Introduction
P1
P2
Conclusion
References
TABLE OF CONTENT

 Accounting information is among the most significant and critical aspects
because it assists a company in achieving long-term goals and strategies
that are essential for the business to retain customers for a longer amount of
time than its competition in the same sector. In this powerpoint
presentation, a company called Prime Furniture Limited is used, which has
its headquarters in the United Kingdom and has been in the sector for a
long time. This power point presentation provides various kinds relating to
managerial accounting and the elements that affect the organisation in both
an explicit and implicit manner.
INTRODUCTION

 Financial reporting is among the most significant tools since
it aids in the discovery, collecting, analyzing, and assessment of
sensitive files so that the business may operate in a methodical and
consistent way, allowing it to expand and succeed in the market.
Because the above-mentioned firm, Prime Furniture Ltd., operates on
a global level, it is far more critical for it to administer its finances in
a reliable and realistic fashion so that it could be useful to the firm.
P1

The following are some of the strategies linked to budgetary control which are discussed in this
section-
 Cost variance- The difference or divergence between both the anticipated and real is studied
and reviewed in this element such that the cause could be determined and appropriate
corrective actions could be implemented to help the firm described above improve in the
immediate future. There's many various ways covered, but perhaps the most successful stuff
are addressed in depth underneath in the perspective of Prime Furniture Ltd-
P2

From the foregoing, it could be concluded that effective
bookkeeping is one of the most crucial components for any
corporation, particularly Prime Furniture Limited, and the company
did an admirable job in the field, that has proven to be quite
advantageous in the long run by increasing the potential revenue and,
as a result, its expansion.
CONCLUSION

 Askarany, D. and Yazdifar, H., 2017. Management accounting and
the shortcomings of current performance measurement systems.
Askarany D, Yazdifar H (2017) Management Accounting and the
Shortcomings of Current Performance Measurement Systems. Int J
Account Res, 5, p.146.
REFERENCES