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Management Accounting reports for Excite Entertainment Ltd Assignment

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Added on  2021-02-22

Management Accounting reports for Excite Entertainment Ltd Assignment

   Added on 2021-02-22

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Management Accounting report
for Excite Entertainment Ltd
Management Accounting reports for Excite Entertainment Ltd Assignment_1
Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Management Accounting and its different type of systems:..................................................3
P2 Different methods for management accounting reporting......................................................5
M1................................................................................................................................................5
D1................................................................................................................................................6
TASK 2............................................................................................................................................6
P3 & M2 Costs using appropriate techniques of cost analysis to prepare an income statement
using marginal and absorption costs:...........................................................................................6
D2................................................................................................................................................8
TASK 3............................................................................................................................................8
M3..............................................................................................................................................10
TASK 4..........................................................................................................................................10
P5...............................................................................................................................................10
b) Organisations adapt management accounting systems.........................................................10
Compare how organisations are adapting management accounting systems to respond to
financial problems.....................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
Management Accounting reports for Excite Entertainment Ltd Assignment_2
Management Accounting reports for Excite Entertainment Ltd Assignment_3
INTRODUCTION
Management accounting is considered as an important function which is mainly used to
analyse the company’s data, for maximising profitability of business operations. This would help
in preparing the management reports which can be used to make short-term to manage
operational activities efficiently (Lavia López and Hiebl, 2014). An assignment is made to
analyse the importance of management accounting system in a company, by differentiating this
concept with financial accounting. For this purpose, Excite Entertainment Ltd is chosen that
deals in event industry of UK. In order to carry out various operations like budget planning,
responding towards financial crises and more, how this company can use management
accounting system is being discussed under the present report. For this purpose, various types of
reporting, planning tools with benefits and limitation are also analysed by comparing the
business strategy of chosen company with one of its competitor.
TASK 1
P1 Management Accounting and its different type of systems:
Management accounting refers to a process of preparing reports to provide statistical
information to a company, in order to take appropriate decisions of business on regular basis. It
helps a firm in making future plans by preparing managerial information, which includes entire
company’s data related to financial and non-financial activities (Leitner, 2013). Excite
Entertainment Ltd. deals in event management business, whose major activities includes
promotion of concerts and festivals at particular locations, in creative manner. To apply the
concept of management accounting in increasing profitability ratio and estimating different costs
required for completing a project, it becomes highly essential for this company what is main
difference between financial and management accounting, as explained beneath :-
Difference between management and financial accounting
Basis of comparison Management accounting Financial accounting
Objectives Provide entire information
of company to set goals,
mission and plan activities.
Disclose the end result or
financial state of a company on
a particular date.
Audience It is used by managers and
other authorities to take
Financial information is mainly
used by stakeholders, investors
Management Accounting reports for Excite Entertainment Ltd Assignment_4

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