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TASK 11 P1 Introduction to Management Accounting

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3 D1 Evaluate how managerial accounting system is linked with management reporting system.5 TASK 25 P3 Calculate cost by using appropriate methods and prepare a income statement using marginal and absorption cost.5 M3 Explain different types of accounting tool and techniques. 10 TASK 410 P5 Compare how organisation adopt management accounting system in order to respond with financial problems. 11 CONCLUSION 11 REFERENCES 13 INTRODUCTION Management accounting is undertaken in the organisation because it provide accurate and timely financial and statistical information

TASK 11 P1 Introduction to Management Accounting

   Added on 2020-12-10

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Management Accounting
TASK 11 P1 Introduction to Management Accounting_1
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Define management accounting and its different types.........................................................1M1 Analyse the benefits of management accounting system within organisation context........3P2 Illustrate different methods present in management accounting report......................................................................................................................................................3D1 Evaluate how managerial accounting system is linked with management reporting system. .....................................................................................................................................................5TASK 2 ...........................................................................................................................................5P3 Calculate cost by using appropriate methods and prepare a income statement usingmarginal and absorption cost......................................................................................................5M3 Explain different types of accounting tool and techniques...................................................8D3 Produce financial report and interpret data for a range of business activities.......................8TASK 3............................................................................................................................................8P4 Evaluate the pros and cons of different types of planning tools apply for budgetary control......................................................................................................................................................8M3 Present the different planning tools and their application in forecasting..........................10D3 Evaluation of planning tool response towards the solution of the financial problems.......10TASK 4 .........................................................................................................................................10P5 Compare how organisation adopt management accounting system in order to respond withfinancial problems.....................................................................................................................10M4 Explain how management accounting can lead business to sustainable success fromfinancial problems.....................................................................................................................11CONCLUSION .............................................................................................................................11REFERENCES .............................................................................................................................13
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INTRODUCTION Management accounting is undertaken in the organisation because it provide accurate andtimely financial and statistical information which was required by managers to carry out theirday to day activities and taking decisions. Landmark brickwork limited is a private constructioncompany which is incorporated on 2002. It is the UK leading specialist, in brick and astonework contractor. Organization registered office is located in Staines, United kingdom . Itwas a small enterprise who employed 11 individual approx. the company built all types ofconstruction from housing to high rise apartment ,large commercial to stone work.In this report there is discussion of the different types of management accounting. Alongwith this, it also present different methods of management accounting report. Further it providesa income statement on the ground of absorption and marginal costing. Moreover,it illustratevarious types of planning tools used for budgetary control for analyzing the firm performanceappraisal. Lastly, there is comparison with another organisation which tell how managementsystem support in resolving the financial problems (Kapić, 2014).TASK 1P1 Define management accounting and its different types.Management accounting : It is also known as managerial accounting or cost accounting.It provide financial and statistical data to the authority of the business so that they can carry dayto day activities easily. It was done by the managers to get the information of various things inthe organisation before taking decision regarding any matter (Granlund, 2011). It present weeklyor monthly reports to a organisation top authority such as department manager and chiefexecutive officer other than financial accounting which is made for external stakeholders. By thehelp of the management accounting Landmark brickwork authority able to know the correct stateof their business and the steps through which they are able to reach the desired position.Different types of management accounting is described below with their requirements in theorganisation.Job costing system : Job costing is the activity which is undertaken in the organisation toestimate the overall cost of raw material ,labour and overhead related to particular task. Thismethod is beneficial in driving cost in the case of construction a building , producing a smallbatches of products. In Landmark brickwork, job costing is best when goods and services are
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produced in separate batches on the receipt of order from customer and product specification. Bythe help of this report respective organization able to estimate the end result which inform aboutthe profitability of the project. Construction company used job costing in their working in orderto control the raw material, labor, and equipment cost of the each project (JOSHI and et. al.,2011). When firm's product is not identical than job costing is best because it divide overhead,direct material and direct labor cost which help in knowing actual value of the product andservices with other expenses.2
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