Management Accounting: Systems, Reporting, Cost Calculation, Planning Tools and Comparison with Other Organizations

Management Accounting

INTRODUCTION
Management Accounting refers to the use of methods and techniques through which a
proper management of the financial data, facts and information which is available can be done in
the right manner so that the appropriate decisions can be taken in the future quite effectively and
efficiently (Ciambotti and et.al., 2020). Therefore, in this way the proper attainment of the goals
and objectives in the future can be done which will be quite helpful in ensuring that the overall
level of efficiency and effectiveness can be enhanced. This report is based on Jeloa Ltd. It is a
manufacturing company which manufactures a product and provides it to the customers in the
market. In this assignment, a detailed and specific focus will be made on the use of Management
Accounting in a proper manner.
TASK 1
P1: Management accounting systems
There are a wide range of Management accounting systems which are used by an
organization (Hutaibat and Alhatabat, 2020). An explanation about them is provided as follows-
Cost accounting system- It is a system which is quite important as it leads towards a
proper and accurate assessment of the various types of costs (Johnstone, 2020). Therefore, it
becomes quite important that an organization like Jeloa Ltd. Is able to make its use to accurately
determine the level of costs effectively and efficiently so that the ascertainment of the costs can
be made.
Essential requirements-
 In it, there is a requirement of ensuring that the use of methods and techniques is made
for accurately determining a range of costs within the organization in a proper manner.
 In this system, there is a use of proper way of ensuring that a reduction in the overall
costs can be carried out.
Inventory management system- In this particular system, it is quite important that the
the right assessment of the inventory level can be made in a proper manner. In this way, it can be
particularly helpful in ensuring that the management of a wide variety of stock items can be done
in quite a proper way which will be very useful. For Jeloa Ltd., it is therefore quite important to
make sure that the use of this particular system can be made effectively and efficiently.
Essential requirements-
1