Cover content •Introduction •Management accounting and types of system •Method of management accounting reporting •Benefits of management accounting systems •Management accounting system and its integration within the organisation •Conclusion •References
Introduction Management accounting is essentially applicable in every organisation whichprovidedsufficientsupportthroughprovidingrelevant information about financial and non-financial transaction occurred on dailybasis.Theprojectcoverstheexplanationofmanagement accountingandreportingsystemsalongwiththeirbenefitsand drawbacks.
Management accounting and types of system Management accosting is widely used in business and organisation subject to imaginable and organisation the departments of organisation. This is considered as a concept of managerial accounting because this is basically used to demonstrate and define the various accounting equations.
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Method of management accounting reporting. Account reporting is that which particularly help UCK furnitures to make a proper decision and this manipulate the firm to earn higher productivity and even more profits can also be attained.
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Benefits of management accounting systems There are various management accounting systems which provided sufficient reliable information to the management of company in order to make an effective and profitable decision.
Managementaccountingsystemandits integration within the organisation Integrationofmanagementaccountingsystemandmanagement accounting reporting. •Budgeting Reports •Job Cost reports •Account receivable reports •Inventory and management reports •Performance reports
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Conclusion It has been concluded from the above project report that adopting various management accounting and reporting systems brings lots of benefits to UCK furniture as it helps managers of different department to formulate an effective plans and policies regarding achieving desired goals and objectives.
References Chiwamit, P., Modell, S. and Yang, C. L., 2014. The societal relevance of management accounting innovations: economic value added and institutional work in the fields of Chinese and Thai state- ownedenterprises.AccountingandBusinessResearch.44(2). pp.144-180. Albu, N. and Albu, C. N., 2012. Factors associated with the adoption anduseofmanagementaccountingtechniquesindeveloping countries:ThecaseofRomania.JournalofInternational Financial Management & Accounting. 23(3). pp.245-276.
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