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Management Accounting INTRODUCTION 1 TASK 11 P1. Management accounting.1 P2. Methods of preparation accounting reports 3 M2 Applications

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Cost calculation with distinct costing techniques 5 M2 Applications of management accounting techniques7 D2 Data Interpretation.7 TASK 37 P4 Pros and shortcomings of planning tools that are utilised for budgetary control 7 M3 Planning tools usages as well as applicability for constructing and predicting budgets 9 TASK 49 P5. 11 CONCLUSION 12 REFERENCES 13 INTRODUCTION Management accounting is a procedure of gathering,analysing, supervising activities of company and functions are utilised through managers for the decision-making process

Management Accounting INTRODUCTION 1 TASK 11 P1. Management accounting.1 P2. Methods of preparation accounting reports 3 M2 Applications

   Added on 2021-02-20

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Management Accounting INTRODUCTION 1 TASK 11 P1. Management accounting.1 P2. Methods of preparation accounting reports 3 M2 Applications_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Management accounting..................................................................................................1P2. Methods for preparing accounting reports.......................................................................3M1. Benefits of systems with their applicability....................................................................4D1. Evaluation of accounting systems as well as accounting reporting that are integrated withorganisational processes.........................................................................................................5TASK 2............................................................................................................................................5P3. Cost calculation with distinct costing techniques............................................................5M2 Applications of management accounting techniques.......................................................7D2 Data Interpretation............................................................................................................7TASK 3............................................................................................................................................7P4 Pros and shortcomings of planning tools that are utilised for budgetary control..............7M3 Planning tools usages as well as applicability for constructing and predicting budgets.9TASK 4............................................................................................................................................9P5. Comparison between organisation in the ways they adapt accounting systems forresolving financial issues. ......................................................................................................9M4. analysis of ways problems are responded through accounting to attain success..........11D3. Ways planning tools are used to resolve problems such that business success is leaded.11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
Management Accounting INTRODUCTION 1 TASK 11 P1. Management accounting.1 P2. Methods of preparation accounting reports 3 M2 Applications_2
INTRODUCTIONManagement accounting is a procedure of gathering, analysing, supervising activities ofcompany and functions are utilised through managers for the decision-making process (Beattie,2014). It is applied by every organisation in order to smoothly run their functional andoperational activities. Through the reports get all detailed information that will help for decisionmaking and further invest for generate profit.Current time, the atmosphere of the companyimpact on the culture and they tries to monitor performance of business that price-based data. Itis supplied by traditional financial accounting data from historical general ledger systems. Goodmanagement accounting consists of different systems that will use by business to understandoperational activities effectively and consist of several techniques like marginal costing &absorption costing. To understand the concept of management accounting selected organisation Oshodi plc,which is UK based production company and specialise into JOJO fruit juice brackets. Differenttopics are going to cover in the report such as different management accounting systems andreports, calculation of cost by using marginal and absorption costing method. Along with,advantages and disadvantages of planning tools and how it is utilised for budgetary control.Additionally, the management accounting system responds to financial problems and applicationmanagement tools.TASK 1P1. Management accounting.Management accounting is a procedure of creating reports and accounts which presentsreliable and well-timed financial and statistical information needed by director to take decisions.As per the management reports analysing the performance of company then take prepareeffective strategy to enhance performance. Oshodi Plc apply it on routine basis to measure actualperformance of company. Management accounting systems: It defines asorganise study of accountinginformation that is used by an organization to measure and evaluate the performance to managebusiness activities. It is applied by the manager to deal with information that comes out from thecompany such as creditors and stakeholders. To smoothly run business activities Oshodi plcapplied different types of management accounting systems. 1
Management Accounting INTRODUCTION 1 TASK 11 P1. Management accounting.1 P2. Methods of preparation accounting reports 3 M2 Applications_3
Cost Accounting system – This type of system applied by the manager of Oshodi Plc inorder to determine how an organization is doing and allows managers make decision on the basisof cost of the company. The approach of cost accounting system applied every type off businesswhether it is manufacturing or trading goods or whether it is delivering services. To understandof this system, it is essential to analysis the differences between fixed costs and variable costs(BenDavid-Hadar, 2015). It is mainly designed for manufacturers to record the flow of stockscontinually direct the several phases of manufacturing. Inventory management system - An inventory management system is a instrument fortracking products around the value chain of an enterprise. It simplifies the entire range from thepositioning of orders with seller to the shipment to client, tracking the overall product path. Thissystem mainly designed for production companies due to track production activities and knowabout material utilisation. Oshodi Plc applied this system to arrange inventories, commodity andwork in process goods in suitable way. The purpose of this system to track record of material andtiming from starting to finished goods. To calculate inventory apply three methods such as LIFO,FIFO and AVCO. LIFO (Last in first out) – The particular method states that which was purchasedrecently that is used firstly for production activities. FIFO (First in first out) – This method defined that company sale product first whichwas purchased firstly or consumed during production. AVCO (Average cost) – According to this method company sell out their products andservices on average cost. The selected company applied FIFO method due to maintain inventory effective mannerand reduce wastages. Price optimization system - As its name suggests, it is primarily used to set optimal ratesfor all trade good that produced by the organization. It is also known as mathematical analysisthat are applied by organizations to analysis the reviews of different types of customers fordifferent products and services. Prices are very delicate variables that promote customers to buythese products and services. It has an important organizational necessity to fix prices for goodsand services that assist to attract clients. The manager of Oshodi plc set the price of JOJO fruitjuice by using this system which assess customers and help to meet with objectives like profitmaximization. 2
Management Accounting INTRODUCTION 1 TASK 11 P1. Management accounting.1 P2. Methods of preparation accounting reports 3 M2 Applications_4

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