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Introduction to Management Accounting Systems

   

Added on  2021-02-20

13 Pages3518 Words197 Views
ManagementAccounting

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................4P1 Explain management accounting and give the essential requirements of different types ofmanagement accounting systems................................................................................................4P2 Explain different methods used for management accounting reporting................................6TASK 3............................................................................................................................................7P4 Explain the advantages and disadvantages of different types of planning tools used forbudgetary control........................................................................................................................7TASK 4............................................................................................................................................9P5 Compare how organisations are adapting management accounting systems to respond tofinancial problems.......................................................................................................................9CONCLUSION..............................................................................................................................11.......................................................................................................................................................11REFERENCES..............................................................................................................................12.......................................................................................................................................................12

INTRODUCTIONManagement accounting also known as cost accounting which is a chain of activities inwhich identification, measurement, analyse and communicate information to managers toachieve organisational goals and objectives in proper way. In managerial accountingencompasses major fields of accounting with motive to inform management about business andtheir operations. This report is based on TPS processing which is a London based manufacturingorganisation to give best products and services. This report is based on role and importance ofmanagement accounting with requirements of management accounting systems to operate inproper way. It also includes various kinds of methods for management accounting reporting withadvantages and disadvantages of kinds of planning tool for budgetary control. At last it includesorganisations that adapt management accounting systems to respond with financial problems. TASK 1P1 Explain management accounting and give the essential requirements of different types ofmanagement accounting systems.Management accounting is the presentation of knowledge and information related toaccounting with motive of formulation of rules and policies adopted by management to manageday to day activities in proper way (Apak and et.al ., 2012.). It delivers value to manage allfunctions related with planning, organising and directing with controlling. It plays crucial role inachieving organisational goals and objectives in proper way by planning, organising andcontrolling each and every activity in proper way. In context of TPG processing which is amanufacturing unit and give their contribution in organisational development as well asindividual development by producing products as per the consumers requirement. Principles of management accounting:Majorly two kinds of principles states in Management accounting principles that are asfollows:Principle of Causality:

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