logo

Management Accounting Systems: Doc

   

Added on  2021-02-20

16 Pages2555 Words52 Views
Managing Accounting
Management Accounting Systems: Doc_1
Table of ContentsINTRODUCTION...........................................................................................................................1P1.Management accounting and its different types of management accounting system:...........1P2.Different method used for management accounting reporting:.............................................2P3.Preparation of income statement using absorption and marginal costing:............................3P4.Advantages and disadvantages of planning tools used in budgetary control:.......................7P5. Adoption of management accounting system:....................................................................10CONCLUSION..............................................................................................................................10.......................................................................................................................................................10REFERENCES..............................................................................................................................11
Management Accounting Systems: Doc_2
Management Accounting Systems: Doc_3
INTRODUCTIONIn traditional business model, an organization only prepared financial accounts whichwere beneficial and useful only for external stakeholders of an organization but in today'seconomy, it has been realised that an accounting system is also necessary for internal users andthe method which is invented for this purpose is called Management Accounting. Managementaccounting is a process that assist internal stakeholders specially managers in planning,implementing, controlling and decision making (Bloomfield, 2015).For better understanding of managerial accounting a business firm has been chosen whichis Vispring Plc which is involved in manufacturing of beds and furnitures in Plymouth, Englandsince 1901 founded by James Marshall. This report covers explanations of managementaccounting, different types of management accounting systems and their benefits, variousmethods used in management accounting and their uses within selected organizationalcontext,calculation of different costs, advantages and disadvantages of planning tools inbudgetary control and various ways for adopting management accounting systems to respond thefinancial problems.P1.Management accounting and its different types of management accounting system:Management Accounting is a tool of preparing and presenting the available data andinformation in such a way that may assist the management in planning and decision making. Itinvolves presentation of professional skills in order to estimate different costs, prepare budgetsand evaluate performance of the workforce. Management accounting is necessary to operatedaily internal activities and transactions in order to achieve the objectives of an organization(Abdelmoneim Mohamed and Jones, 2014).Management Accounting System is a framework that records, summarise, analyse andpresent an overall picture of activities and operations which may take place in the organizationwithin a specific time period. Further this system includes process of internal check and controlso that efficiency and productivity may be achieved. There are so many types of managementaccounting system used by various organizations for effective internal system. Different types ofmanagement accounting systems which are used by the Vispring Plcare as follows:1
Management Accounting Systems: Doc_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
UNIT 5 - Management Accounting System Assignment
|17
|5943
|49

Management Accounting INTRODUCTION 1: Essential Needs of Different Kinds of Management Accounting Systems
|15
|4226
|170

Management Accounting Assignment - Jupiter PLC
|12
|2900
|235

(solved) Management Accounting System: PDF
|16
|4170
|172

Management Accounting (Assignment)
|20
|5553
|392

Management Accounting : Renishaw Plc
|29
|6079
|49