(solved) Management Accounting Report
Added on 2020-09-17
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Management Accounting
ReportFrom: Management Accounting OfficerTo: General ManagerSubject: To write a report to GM involving management accounting and its different systemtogether with various costing techniques and reporting to enable the company to execute it.
Table of ContentsINTRODUCTION...........................................................................................................................2TASK 1............................................................................................................................................2P1. Different management accounting systems and their essential requirements..................2P2. Different methods which can be taken into account for management accounting reporting3TASK 2............................................................................................................................................5P3. Key differences between income statement developed through marginal and absorptioncosting.....................................................................................................................................5TASK 3............................................................................................................................................6P4. Advantages and disadvantages of planning tools used in budgetary control...................6TASK 4............................................................................................................................................9P5. Ways for responding to financial problems.....................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................111
INTRODUCTIONIt has been analysed that every day, there are number of challenges which are faced byorganisation and due to these they have to adopt new and different approaches of accounts.Management accounting can be defined as the process of developing different financial and non-financial documents which help managers in making right decisions. This report will behighlighting different requirements of various kinds of management accounting and for thissame, Zylla Company will be chosen which a multinational company with reference to which allconcepts will be explained. It also briefs about various methods of reporting along withadvantages and disadvantages of planning tools which are used in budgetary control. This coversthe major part of assignment and there will an income statement framed by using marginal andabsorption costing methods as well. Also, ways to overcome various problems faced byorganisation by using different management techniques are highlighted as well. TASK 1P1. Different management accounting systems and their essential requirementsOrganisations whose business is expanded all over the world in different countries cannotmuch rely on old techniques of financial accounting. With the variation in business environment,the needs of managerial accounts is rising and the reason behind this is that it emphasises ondeveloping future plans and policies of organisation. Its various systems are used for theinterpretation of financial data. When an enterprise initiates their business, they come up withvarious problems which firm has to deal with and acts as a barrier in achieving more profits. Thetools which are part of current modern accounting has objectives of framing strategies which canresolve the troubles of organisation. In earlier scenario, finance area was restricted to taxation, costing, etc. But, in the currentera, they have to look at the factors like plans of rivals and trends in industry, etc. Throughreducing the process cost the profits margins can be increased. It is an important part ofmanagement accounting and is an internal process. The other way to increase profits is to hikesales of products and services. For this, it is required that there should be large investmentdecision thus knowing the areas where investment can be done or where it is difficult to do.Thus, it can be said that for such decisions managerial accounting is required. Following are some of the management accounting systems:2
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